What are the future opportunities in healthcare?

What are the future opportunities in healthcare?

Healthcare is one of the most dynamic and vital sectors of the global economy, affecting the lives and well-being of billions of people. However, it also faces many challenges, such as rising costs, aging populations, chronic diseases, pandemics, and health inequities. How can healthcare providers, policymakers, innovators, and consumers seize the opportunities that lie ahead and overcome the obstacles that hinder progress? Here are some of the key trends and opportunities that will shape the future of healthcare in the next decade.

 

1. Expanding precision medicine

Healthcare will see an increased focus on medicine that is more precise and affordable. Precision medicine is an approach that tailors prevention, diagnosis, and treatment to the individual characteristics of each patient, such as their genes, environment, and lifestyle. By using advanced technologies such as genomics, proteomics, artificial intelligence, and big data analytics, precision medicine can improve outcomes, reduce side effects, and lower costs. For example, precision medicine can help identify patients who are at high risk of developing certain diseases, such as cancer or Alzheimer's, and offer them personalized interventions to prevent or delay the onset of symptoms. Precision medicine can also help match patients with the most effective drugs or therapies for their condition, avoiding trial and error and reducing waste. According to a report by McKinsey & Company, precision medicine could create up to $1.5 trillion in value for the US healthcare system by 2029.

2. Transforming care delivery

As we work on improving value, we need to make certain that the care delivery model ensures positive patient outcomes without an increase in costs. One way to achieve this is by transforming care delivery from a reactive and fragmented system to a proactive and integrated one. This means shifting from hospital-centric to patient-centric care, from episodic to continuous care, and from siloed to coordinated care. To enable this transformation, healthcare providers will need to leverage digital technologies, such as telehealth, remote monitoring, mobile apps, wearable devices, and cloud computing. These technologies can help extend the reach of healthcare services, improve access and convenience for patients, enhance quality and safety of care, and reduce operational costs. According to a report by EY, digital health solutions could save up to $10 billion for the Indian healthcare system by 2022.

3. Improving patient experience

Another key opportunity for healthcare is to improve the experience of patients throughout their journey of care. Patient experience is not only about satisfaction and loyalty, but also about engagement and empowerment. Patients today expect more from their healthcare providers than ever before. They want more choice, transparency, personalization, convenience, and control over their health data and decisions. To meet these expectations, healthcare providers will need to adopt a human-centered design approach that puts patients at the center of everything they do. This means understanding the needs, preferences, emotions, and behaviors of patients; designing services and solutions that address their pain points and delight them; and measuring and improving their outcomes and feedback. According to a report by The Best Health Degrees, improving patient experience could lead to higher retention rates, better clinical outcomes, lower costs, and increased revenues for healthcare providers.

4. Digitalising healthcare

The fourth opportunity for healthcare is to digitalise its core functions and processes, such as research and development (R&D), supply chain management (SCM), clinical operations (CO), and administration (AD). Digitalisation is not only about adopting new technologies but also about transforming the culture, mindset, skills, and capabilities of the healthcare workforce. By digitalising healthcare functions and processes,
healthcare providers can improve efficiency,
innovation,
quality,
and agility.
For example,
digitalisation can help accelerate R&D cycles,
optimise SCM flows,
enhance CO performance,
and automate AD tasks.
According to a report by Forbes,
digitalisation could create up to $410 billion in value for the US healthcare industry by 2025.

5. Conclusion

The future of healthcare is full of opportunities for those who are willing to embrace change,
innovation,
and collaboration.
By expanding precision medicine,
transforming care delivery,
improving patient experience,
and digitalising healthcare functions and processes,
healthcare providers can deliver better value for patients,
society,
and themselves.
However,
these opportunities also come with challenges,
such as regulatory uncertainty,
cybersecurity risks,
ethical dilemmas,
and talent shortages.
Therefore,
healthcare providers will need to adopt a strategic,
holistic,
and agile approach to navigate the future of healthcare successfully.

References:
: https://www.mckinsey.com/industries/healthcare/our-insights/the-future-of-healthcare-finding-the-opportunities-that-lie-beneath-the-uncertainty
: https://www.ey.com/en_in/health/healthcare-in-india-2022-and-beyond
: https://healthmanagement.org/c/hospital/issuearticle/the-future-of-healthcare-turning-challenges-into-opportunities
: https://www.besthealthdegrees.com/lists/top-10-healthcare-careers-for-the-future
: https://www.betterup.com/blog/best-careers-for-the-next-ten-years
: https://www.forbes.com/sites/forbesbusinesscouncil/2021/12/14/the-future-of-health-three-healthcare-trends-for-2022/