Maria Shepherd, President and Founder, Medi-Vantage07.20.23
The Fourth Industrial Revolution, often referred to as Industry 4.0, is reshaping industries across the globe. With advancements in technologies such as artificial intelligence (AI), robotics, the Internet of Things (IoT), and big data analytics, this revolution holds tremendous potential to transform the field of medical technology.
Connected Healthcare Ecosystem: Industry 4.0 has brought about a connected healthcare ecosystem, integrating various stakeholders such as patients, healthcare providers, and medical devices. The proliferation of IoT devices has allowed for real-time monitoring of patient health, enabling remote care and reducing hospital visits. Wearable devices can monitor vital signs, track activity levels, and transmit data to healthcare professionals, promoting preventive care and early detection of medical conditions.
Cloud-Based Technology: This technology offers numerous operational investment opportunities for healthcare organizations. Key areas where healthcare organizations can leverage cloud-based technology to enhance their operations are electronic health records (EHR), telehealth and remote patient monitoring, and data analytics and insights to harness the power of big data for informed decision-making.
Real-Time Location Services (RTLS): RTLS includes services and technologies that improve the capability to rapidly find medical devices, location tracking that automatically alerts security teams, and products that help visitors navigate their way through complex hospital grounds.
Other Industry 4.0 operations tools include collaboration/communication tools, disaster recovery and business continuity solutions, cloud infrastructure and scalability, regulatory compliance, and security cloud service providers, among others.
AI/ML: AI and ML algorithms have already begun to revolutionize medtech. In radiology, AI-powered systems are analyzing medical images—such as X-rays and MRIs—with remarkable precision, aiding in early detection of diseases like cancer. ML algorithms can learn from vast datasets to develop predictive models for patient outcomes, enabling personalized treatment plans. Moreover, AI-powered chatbots and virtual assistants can provide 24/7 support, answering patient queries and triaging cases, enhancing efficiency.
Big Data and Analytics: The massive amounts of data generated by healthcare systems can be collected, analyzed, and transformed into actionable insights. A remarkable example of this was given at The Medtech Conference when Mick Farrell, CEO of ResMed, told the audience his team pivoted from thinking of patient data using the decade old “How do we monetize patient data?” model to one that gives back important data to patients.2 This is done through myAir—an exclusive app available to ResMed AirSense and AirCurve CPAP users. If ever there was a space that needed disrupting, it's the CPAP space, and Farrel calls this his “competitive moat” for ResMed’s share in this highly competitive market.
In the process of gamifying patient sleep scores, ResMed gets to keep patient data and use it for analytical purposes, which could yield improved patient outcomes and reduce costs. This is big data, where advanced analytics algorithms can identify patterns, predict disease progression, and optimize treatment plans.
Cloud Solutions: Cloud-based technology offers several clinical investment opportunities for healthcare organizations. Following are several key areas where healthcare organizations can consider making investments in cloud-based technologies to enhance clinical operations.
Clinical Decision Support Systems (CDSS)—Investing in cloud-based CDSS empowers healthcare providers with evidence-based clinical decision support at the point of care. These systems leverage medical databases and algorithms to provide recommendations and alerts based on patient data. Cloud-based CDSS can assist with diagnosis, treatment planning, medication management, and monitoring, ultimately improving clinical outcomes.
Clinical Analytics and Insights—Cloud-based clinical analytics platforms enable healthcare organizations to leverage large datasets for advanced analysis and insights. Investing in these solutions allows organizations to identify trends, patterns, and correlations in patient populations, supporting evidence-based care delivery and population health management. Cloud-based analytics platforms provide:
Genomics and Precision Medicine: Cloud-based genomics platforms enable healthcare organizations to manage and analyze genomic data for personalized medicine applications. Investing in these solutions supports genetic testing, variant analysis, and interpretation of genomic information. Cloud-based genomics platforms provide the computing power and storage necessary for analyzing large genomic datasets and integrating them with clinical data.
Clinical Trials and Research: Cloud-based platforms for clinical trials and research management streamline study coordination, data collection, and participant engagement. Investing in these solutions enhances the efficiency and accuracy of clinical research, accelerates trial timelines, and improves collaboration among investigators and sponsors. Cloud-based clinical research platforms provide secure data storage, participant management, and regulatory compliance features.
Medication Management and Pharmacy Systems: Investing in cloud-based medication management and pharmacy systems optimizes medication processes, enhances medication safety, and improves medication adherence. These solutions offer real-time access to patient medication records, drug interaction alerts, and inventory management features. Cloud-based pharmacy systems support electronic prescribing, medication reconciliation, and seamless integration with EHRs.
Mobile Health Applications: Investing in cloud-based mobile health (mHealth) applications allows healthcare organizations to deliver services, monitor patient health, and facilitate patient engagement through mobile devices. These applications can provide features such as appointment scheduling, medication reminders, remote monitoring, and patient education.
Health Information Exchange (HIE): Investing in cloud-based HIE solutions facilitates the secure sharing of patient health information across different healthcare organizations and systems. These investments support care coordination, interoperability, and the exchange of clinical data among healthcare providers.
References
Maria Shepherd has more than 20 years of experience in marketing in small startups and top-tier companies. She founded Medi-Vantage, which provides marketing and business strategy for the medtech industry. She can be reached at mshepherd@medi-vantage.com.
Why This Is Important
In April 2023, a survey of U.S. hospital executives was performed to gauge their perceptions and future adoption of smart hospital trends and technologies.1 We all know how difficult the past years have been for hospital capex sales and are intrigued by new strategies to compete successfully in this space.2Operations Investments
Key findings from the survey highlighted how U.S. hospitals intend to invest during the next two years from an operational point of view (Table 1).Connected Healthcare Ecosystem: Industry 4.0 has brought about a connected healthcare ecosystem, integrating various stakeholders such as patients, healthcare providers, and medical devices. The proliferation of IoT devices has allowed for real-time monitoring of patient health, enabling remote care and reducing hospital visits. Wearable devices can monitor vital signs, track activity levels, and transmit data to healthcare professionals, promoting preventive care and early detection of medical conditions.
Cloud-Based Technology: This technology offers numerous operational investment opportunities for healthcare organizations. Key areas where healthcare organizations can leverage cloud-based technology to enhance their operations are electronic health records (EHR), telehealth and remote patient monitoring, and data analytics and insights to harness the power of big data for informed decision-making.
Real-Time Location Services (RTLS): RTLS includes services and technologies that improve the capability to rapidly find medical devices, location tracking that automatically alerts security teams, and products that help visitors navigate their way through complex hospital grounds.
Other Industry 4.0 operations tools include collaboration/communication tools, disaster recovery and business continuity solutions, cloud infrastructure and scalability, regulatory compliance, and security cloud service providers, among others.
Clinical Investments
Hospitals would be remiss if they did not have an AI strategy; unsurprisingly, AI and machine learning (ML) tools and virtual care platforms were most often cited as clinical investments being made during the same period (Table 2).AI/ML: AI and ML algorithms have already begun to revolutionize medtech. In radiology, AI-powered systems are analyzing medical images—such as X-rays and MRIs—with remarkable precision, aiding in early detection of diseases like cancer. ML algorithms can learn from vast datasets to develop predictive models for patient outcomes, enabling personalized treatment plans. Moreover, AI-powered chatbots and virtual assistants can provide 24/7 support, answering patient queries and triaging cases, enhancing efficiency.
Big Data and Analytics: The massive amounts of data generated by healthcare systems can be collected, analyzed, and transformed into actionable insights. A remarkable example of this was given at The Medtech Conference when Mick Farrell, CEO of ResMed, told the audience his team pivoted from thinking of patient data using the decade old “How do we monetize patient data?” model to one that gives back important data to patients.2 This is done through myAir—an exclusive app available to ResMed AirSense and AirCurve CPAP users. If ever there was a space that needed disrupting, it's the CPAP space, and Farrel calls this his “competitive moat” for ResMed’s share in this highly competitive market.
In the process of gamifying patient sleep scores, ResMed gets to keep patient data and use it for analytical purposes, which could yield improved patient outcomes and reduce costs. This is big data, where advanced analytics algorithms can identify patterns, predict disease progression, and optimize treatment plans.
Cloud Solutions: Cloud-based technology offers several clinical investment opportunities for healthcare organizations. Following are several key areas where healthcare organizations can consider making investments in cloud-based technologies to enhance clinical operations.
Clinical Decision Support Systems (CDSS)—Investing in cloud-based CDSS empowers healthcare providers with evidence-based clinical decision support at the point of care. These systems leverage medical databases and algorithms to provide recommendations and alerts based on patient data. Cloud-based CDSS can assist with diagnosis, treatment planning, medication management, and monitoring, ultimately improving clinical outcomes.
Clinical Analytics and Insights—Cloud-based clinical analytics platforms enable healthcare organizations to leverage large datasets for advanced analysis and insights. Investing in these solutions allows organizations to identify trends, patterns, and correlations in patient populations, supporting evidence-based care delivery and population health management. Cloud-based analytics platforms provide:
Genomics and Precision Medicine: Cloud-based genomics platforms enable healthcare organizations to manage and analyze genomic data for personalized medicine applications. Investing in these solutions supports genetic testing, variant analysis, and interpretation of genomic information. Cloud-based genomics platforms provide the computing power and storage necessary for analyzing large genomic datasets and integrating them with clinical data.
Clinical Trials and Research: Cloud-based platforms for clinical trials and research management streamline study coordination, data collection, and participant engagement. Investing in these solutions enhances the efficiency and accuracy of clinical research, accelerates trial timelines, and improves collaboration among investigators and sponsors. Cloud-based clinical research platforms provide secure data storage, participant management, and regulatory compliance features.
Medication Management and Pharmacy Systems: Investing in cloud-based medication management and pharmacy systems optimizes medication processes, enhances medication safety, and improves medication adherence. These solutions offer real-time access to patient medication records, drug interaction alerts, and inventory management features. Cloud-based pharmacy systems support electronic prescribing, medication reconciliation, and seamless integration with EHRs.
Mobile Health Applications: Investing in cloud-based mobile health (mHealth) applications allows healthcare organizations to deliver services, monitor patient health, and facilitate patient engagement through mobile devices. These applications can provide features such as appointment scheduling, medication reminders, remote monitoring, and patient education.
Health Information Exchange (HIE): Investing in cloud-based HIE solutions facilitates the secure sharing of patient health information across different healthcare organizations and systems. These investments support care coordination, interoperability, and the exchange of clinical data among healthcare providers.
The Medi-Vantage Perspective
Industry 4.0 is poised to revolutionize the field of medical technology. Connected healthcare ecosystems, big data analytics, AI, robotics, and telemedicine are transforming patient care, improving diagnostics, and revolutionizing treatment approaches. With precision medicine and remote monitoring, healthcare is becoming increasingly personalized and accessible. However, it is crucial to address cybersecurity and data privacy challenges to maintain the trust of patients and ensure the ethical use of technology in medtech. As the medical device ecosystem embraces Industry 4.0, we must collectively strive for responsible innovation to unlock the full potential of medtech in improving global healthcare outcomes.References
Maria Shepherd has more than 20 years of experience in marketing in small startups and top-tier companies. She founded Medi-Vantage, which provides marketing and business strategy for the medtech industry. She can be reached at mshepherd@medi-vantage.com.