The healthcare and life sciences market is set to undergo a transformational shift over the next five years, with new solutions empowering individuals to take responsibility for their own personal healthcare.
As highlighted in Deloitte’s recent report, The future unmasked: Predicting the future of healthcare and life sciences in 2025, many of these shifts have been accelerated by the global Covid-19 pandemic. With capacity and resourcing pressures, the healthcare sector has had to shift to become more efficient and proactive – from rapidly implementing solutions that enable remote diagnosis to providing more personalised care, both virtually and in-person.
The last year has demonstrated the level of innovation that the healthcare market is capable of – and this is just the beginning. With the advent of 5G and greater use of technology across a wider range of demographics, the stage is set for rapid, exponential innovation.
The UK is perfectly placed to be a driving force of this health tech revolution, and we’ve already seen this in action in the Midlands. The Royal Wolverhampton NHS Trust is currently working with Babylon to create a world-first integrated digital health system for the city of Wolverhampton, providing patients with greater control over their own health through a single, free app. Meanwhile, the Birmingham Health Innovation Campus, set to open in 2023, will provide world-class research facilities and enable the region to build on its national reputation for healthcare innovation.
These projects highlight what can be achieved when networks come together to pursue a common goal – from local universities and businesses to NHS trusts and Local Enterprise Partnerships. This level of collaboration is essential in maintaining the pace of healthcare innovation by providing insight and education across the healthcare ecosystem, as well as providing access to funding. Our own Health Tech Catalyst is one example of how public and private sector organisations can work together to positively impact the health and wellbeing of individuals.
As health tech innovation thrives, tackling inequalities in healthcare will be more important than ever – it’s crucial to ensure that people from all backgrounds and of all ages can access and use new healthcare solutions. We’re already seeing a lot of solutions in place, from the development of health tech user experience, including greater use of voice recognition software, to using community hubs as physical spaces to provide access and training for new technology.
With this solution-oriented thinking and collaboration in place, we’re set to see patient care become more personalised, predictive and empowering in the coming years. The pandemic has highlighted both new opportunities and new solutions, and the pace of innovation shows no sign of slowing. Ultimately, this revolution in health tech shows what is possible when organisations come together to enable people to live longer, healthier and more independent lives.