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Life Sciences industry expects 22 pc of revenue to come from connected health in 5 yrs
As the majority (63 per cent) of Life Sciences organisations, across biopharma and medtech, have connected health products already on the market or under development
New Delhi: As the majority (63 per cent) of Life Sciences organisations, across biopharma and medtech, have connected health products already on the market or under development, the industry anticipates that connected health will contribute more than one-fifth of their total revenue (22 per cent) in the next five years, a new report showed on Tuesday.
According to the IT firm Capgemini, three in five Life Sciences organisations are currently developing a roadmap for integrating Generative AI, and over half are already piloting genAI for interactions with patients and healthcare providers (HCPs).
"Unlocking the power of healthcare data and leveraging the possibilities posed by breakthrough technologies, such as Generative AI, will be at the heart of this connected health revolution," said Thorsten Rall, Global Life Sciences Industry Leader at Capgemini.
"They can accelerate drug development, enhance patient care, and have the potential to reshape what 'product' actually means for pharmaceuticals, especially medtech companies," he added.
The report surveyed 420 industry executives from various biotechnology, pharmaceutical (biopharma), and medtech organisations exploring connected health initiatives with annual revenues exceeding $500 million.
The report also found that there has been a six-fold increase in biopharma organisations with market-ready connected products since 2021.
Oncology, immunology, and cardiology are primary focuses for most biopharma companies, with emerging areas such as mental health, diabetes, obesity, and dermatology also showing huge growth since 2021.
According to the report, biopharma organisations have made significant progress in leveraging AI, Machine Learning (ML) and Cloud in the last three years.
Biopharma organisations using AI for predictive analysis of real-time data from connected health products have almost doubled since 2021 from 24 per cent to 46 per cent.
As per the report, over two-fifths (42 per cent) also have a Cloud platform in place for data integration from different sources.
However, only a minority of Life Sciences organisations mentioned that they had an adequate supply of technical skills such as AR/VR and Generative AI, according to the report.
