We are nearing two years since the onset of the COVID-19 pandemic and while new variants are keeping us unaware of a potential end, what is clear is that the healthcare industry has never had to evolve at the pace it has since March 2020.
 
Healthcare providers have had to adopt new technologies to ensure that vaccine roll out occurred as efficiently as possible while also balancing the surge in telemedicine and virtual healthcare.
 
Throughout these months, Ireland has kept healthcare innovation at the forefront, ranking 5th in the world for COVID-19 product or service exports according to the OECD. Through Enterprise Ireland, the Irish State agency that partners with businesses to develop Ireland's international trade and innovation, Irish businesses have been able to pivot and become leaders in the healthcare field. As the world’s number 1 V.C. investor by deal count, Enterprise Ireland has a long history of supporting health technology startups, entrepreneurs, and emerging Irish multinationals positioning the country as a leading incubator for medtech innovation.
 
In 2022, we can expect further changes in healthcare with the following trends continuing to transform the industry.

Trend 1: The Digitization of Healthcare

Perhaps the most prevalent trend we’re seeing in the healthcare industry is the growth of telemedicine. In early 2019, telemedicine was only used by around 11% of patients and healthcare providers, fast forward to the end of 2020 and that number quadrupled to 46%. The investment community noticed and over $3 billion of venture capital went into digital health in the first three quarters of the pandemic. We are currently seeing the innovation coming from this investment, particularly in the realm of cybersecurity targeted towards healthcare systems and medication management. In 2022, we can expect to see a further amalgamation of digital technologies in the healthcare space.
 
This uptake in the use of telemedicine directly resulted in an increased need of cybersecurity to protect electronic health records (EHRs). In order to ensure that EHRs are safe throughout the upload, storage, and access points, an amalgamation of cybersecurity and healthcare must be created. We’ve already seen examples of this happening, such as with Nova Leah, an Irish cybersecurity medtech company whose real-time threat monitoring products have been incorporated into many of the world’s leading medical device manufacturers. The company has recently received investment from the venture arm of Northwell Health, to apply its product IP to the healthcare delivery market.
 
Another Irish company leading the way in digital healthcare innovation is HealthBeacon. Through their partnership with Hamilton Beach, they were able to bring a smart Injection Care Management System (ICMS) to provide medication management reminders and track adherence in a secure way. This system includes a new Smart Sharps Bin, the world’s first and only FDA cleared smart sharps bin, for the safe and convenient disposal of used sharps through the U.S. Postal Service's approved mail-back program.

Trend 2: The Decentralization of Clinical Trials

Clinical trials went from being an industry topic to a household conversation piece since the advent of COVID-19. The volume of clinical trials required to bring COVID-19 vaccines to market, as well as the need to maintain patient safety has significantly catalyzed the adoption of decentralized clinical trials (DCT). Decentralized trials allow for clinical trials to be brought to the patient, rather than bringing the patient to the trial. As a result, there was an uptick in immutability and in trial participation. While this may not be the norm forever, as it is widely supported by regulators, we can expect decentralized trials to continue into 2022 and further.
 
Ireland based ICON, a world leading Contract Research Organization and global provider of outsourced development and commercialization services helps organizations maximize clinical trial efficiency by reducing time to market and costs while increasing quality.

Trend 3: Re-envisioning of Supply Chain Security

One topic that keeps coming up across all sectors has been supply chain stability. From the blocking of the Suez canal, to the logjam in the Port of Los Angeles, to the lack of PPE, ventilators, and other necessary equipment at the advent of the pandemic, the ramifications of the pandemic cannot be discussed without mentioning securing supply chains. With the economic ramifications of a clogged supply chain, from inflation, to the lack of resources necessary for medical professionals to give patients the treatment they need, we can expect a proactive approach to supply chain security to continue to be top of mind in the healthcare industry in 2022.
 
As such, companies are shifting towards risk mitigation in order to identify the bottlenecks and incorporate proactive prevention through  AI solutions. The use of AI to identify potential problems is critical to ensuring that medical supply chain disruptions are minimized.
 
Irish company Keelvar has taken the complexity out of supplier sourcing.  As the leading global provider of intelligent sourcing optimization, global brands such as Novartis trust Keelvar with developing a proactive approach to supply chain security.
 

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Jennie Lynch is a senior market advisor and Healthcare lead for Enterprise Ireland in the United States. Lynch is based out of Enterprise Ireland’s Boston office, and manages a portfolio of more than 100 innovative Irish Life Sciences companies with a focus on MedTech, Pharmaceuticals, and Digital Health sectors. Prior to joining Enterprise Ireland in 2018, Lynch was a senior client engagement manager for Lux Research in Boston.