As healthcare challenges become increasingly complex, it is necessary for pharma companies to work more closely with medical devices and telemedicine providers. Partnerships are proving to be the only way to achieve an integrated healthcare system that is both affordable, accessible, and personal.
The Contribution of Pharma to Healthcare Today
Pharmaceutical companies have been pioneers in health care innovation for a long time, developing medications and treatments that save lives. It has moved to a collaborative approach in care that includes partnerships between pharma and organisations focused on prevention and detection. We are now seeing more pharma companies working alongside diagnostic platforms to monitor in real-time the health of patients, which allows them to personalise treatment.
Pfizer and Bayer, for example, have partnered to create digital health solutions that work with smartphones for patients needing assistance in managing their diabetes or hypertension. According to the World Health Organisation (WHO), one in four people experience a clinical disorder requiring medication, making them chronic patients and ideal candidates for preventive solutions with medications. The partnerships ensure patients get the right care at the right time with input from real-time data.
Medical Devices: The Key to Real-Time Monitoring
Great strides have also been made on the diagnostic front, with self-monitoring and home diagnostics evolving to their end-state, where we predict that the patient will be diagnosed even before they become symptomatic. This is because of the wearable health tech and mobile diagnostic kits that are helping us, letting us know more about our health at home.
The global market of remote patient monitoring is expected to grow from USD 24.0 billion in 2020 to USD 117.1 billion by 2027, as per the MarketsandMarkets report. The trend is being fueled, in part, by the rise of digital health tools, such as patient-facing monitoring devices or medical instruments that help patients monitor their vital signs like blood pressure, heart rate, and blood glucose. In digital health, the convergence of medical devices with digital platforms enables monitoring patients’ conditions remotely, improves patient outcomes, and contains costs for healthcare.
A breakthrough has been the incorporation of artificial intelligence (AI) into medical devices. AI technology can trigger an early response from patients and healthcare professionals about abnormal readings for cardiac monitoring. It is a great leap in preventative healthcare to move to smart health devices that can monitor our health round-the-clock- helping us detect issues before it’s too late.
Telemedicine: A Step in Healthcare Accessibility
In the modern healthcare landscape, telemedicine has become a crucial tool — something demonstrated through its utilisation during the COVID-19 pandemic and use in emergency federal action to scale national care. Its telehealth platforms have connected people in remote and underserved areas with healthcare, in cases where medical assistance is not readily available to these populations.
The National Epidemiology Telemedicine Seva in India is seeing a robust number of visits, largely from remote areas where patients were forced to travel very long distances for specialist consultations. A Deloitte report shows that there has been a 1000% spike in the use of telemedicine in India during the initial months of the pandemic. This is not only limited to consultation, but the platforms can also be integrated with clinical equipment to monitor in real-time and provide virtual diagnosis as well.
The global telemedicine market had a CAGR of 15.1% from 2021 to 2026, and is expected to reach USD 185.6 billion, according to research done by Fortune Business Insights. The development is blamed for the surge in demand for distance health services and the advancement of telecom technology. Telemedicine is an efficient, cost-effective solution for healthcare providers and patients seeking to save time.
Sustainability and Affordability: Balancing Innovation with Access
That sentiment is one reason why, as healthcare partnerships evolve, many believe innovation must be equally balanced by stability and strength. Just as more entities are making AI and digital platforms a priority, they also need to be vigilant about these techniques being accessible to everyone in all socio-economic strata.
In drug and medical equipment areas, this balance is particularly important, as innovative health techniques or innovations in AI diagnosis can be expensive. However, companies such as Philips and Siemens Healthineers are looking for ways to reduce the cost of this advanced equipment, making it more accessible to the public.
Similarly, telemedicine platforms are focused on rapidly offering affordable counselling, often at a fraction of the cost of in-person visits. These platforms are partnered with insurance companies and government health initiatives to make their services more accessible to people from all areas of life.
Future of Healthcare Partnership
Looking at the future, the role of data-driven health solutions and cross-industry cooperations will continue to increase. We are looking at the convergence of pharma, medical devices, and telemedicine in an integrated, personal healthcare ecosystem. In the coming years, the partnership between AI-powered diagnostics and telemedicine will become even stronger, allowing real-time monitoring, initial identity, and personal care on an unprecedented scale.
Taking advantage of these partnerships, the future of healthcare will become more decentralised and accessible, making sure that no one is left behind. As we continue to embrace innovative technologies and cross-industry cooperations, we are creating a more inclusive, durable, and efficient healthcare system for all.
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