Using data for better health outcomes
The data revolution is helping every industry take giant leaps forward, with healthcare as a prime example. Digitalization is rapidly changing the healthcare industry. With proliferation of data becoming available, analytics of medical information is allowing improved diagnostics, therapy, development of personalized medicines, and overall better experiences delivered by pharma, retail, and various other industries. While there is still much work to be done, this could potentially help provide unprecedented treatment and care, leading to better patient outcomes and lower health costs.
During this time of pandemic, the ability to understand, collate, and bring together various forms of data on a global basis, is essential to both the overall health and economic wellness of society. Our culture’s current transformation represents a new and lasting shift in how society will approach health. Both healthcare and other connected industries will need to figure out how to function, adapt, and thrive in a virtual world. This will determine how effective we will be in responding to and managing crises.
The altruistic implications from data provide an excellent opportunity to transform an industry and have a revolutionary impact on both public health and the provider-customer relationship. Because healthcare is such a highly regulated industry, its digitalization has progressed much slower than other sectors, such as financial services. Further, most medical information is currently only available in data silos. And privacy concerns are of the utmost importance. To address these rising concerns, brands need to focus on the experience and create trust with their customers.
There’s no question that data can help transform the world of healthcare. But numerous questions must be considered as we explore new ground in this industry.