The latest healthcare innovations span AI, devices, software, imaging and regulatory frameworks, all require stringent adjustments. Generated AI has perhaps the most powerful transformational potential in healthcare technology programs and has already been applied to a variety of domains, including R&D, commercial operations, supply chain management, and more.
Traditional models of medical appointments, such as in-person bookings and paper-based processes, may not be sufficient to meet today’s fast-paced, data-driven healthcare environment. Therefore, healthcare professionals and patients are looking for more convenient and efficient ways to meet the complex criteria of modern medicine and to access and share information.
McKinsey says MedTech companies are at the forefront of healthcare innovation, estimated to be able to win between $14 billion and $55 billion a year in productivity gains. Through the adoption of Genai, we estimate an additional $50 billion in revenue from product and service innovation.
In a survey at McKinsey 2024, about two-thirds of MedTech executives have already implemented Gen AI, with about 20% reporting significant benefits for productivity by expanding their solutions.
The implementation of advanced technology is growing across the healthcare industry, but the challenges continue. Organizations face hurdles such as data integration issues, distributed strategies, and skill gaps. Together, these highlight the need for a more streamlined approach to the deployment of Gen AI.
Of all MedTech domains, R&D leads the path to Gen AI adoption. As R&D departments are most familiar with new technologies, they use GEN AI tools to streamline work processes that highlight grassroots adoption trends, such as research papers and science articles summaries. Individual researchers use AI to increase productivity even when there is no formal company-wide strategy in place.
AI tools automate and accelerate R&D tasks, but human reviews are still needed to ensure that the final submission is correct and satisfying. Gen AI has proven that it reduces the time spent on team management tasks and improves research accuracy and depth, with some companies benefiting from research productivity of 20% to 30%.
KPIs for success in your healthcare product program
In the health sector, measuring business performance is essential. The number one goal is, of course, to provide high quality care and maintain efficient operation at the same time.
By measuring and analyzing KPIs, providers are in a better position to improve patient outcomes through database considerations. KPIs can also improve resource allocation and promote continuous improvement in all areas of care.
From a healthcare product program perspective, these structured initiatives prioritize the development, delivery and continuous optimization of medical products. However, successful requires sensual coordination of clinical, technical, regulatory, and business teams.
Time to the market is important, ensuring that the product is released as soon as possible from the concept stage.
Of particular note is that it needs to be labeled and placed in the documentation. McKinsey says that AI-assisted labeling has improved operational efficiency by 20%-30%. Resource utilization is also important, indicating how efficiently time, budget, and/or personnel are used during product development.
In the healthcare sector, KPIs should focus on several factors, including operational efficiency, patient outcomes, business financial health, and patient satisfaction. To achieve a comprehensive view of performance, these can be categorized into finance, operations, clinical quality, and patient experience.
Bridge the user experience with technical accuracy – Design Award
Innovation is no longer judged by technical performance alone, as user experience (UX) is equally important.
Some of the latest innovations in healthcare are recognized for UX Design Awards, products that illustrate the best and technical accuracy of the user experience. Top products prioritize the needs and experience of both patients and healthcare professionals, ensuring that each product meets the sector’s strict clinical and regulatory standards.
One example is the CIARTIC move by Siemens Healthineers. This is an automated 3D C-Arm imaging system that runs the surgeon, allowing the device to be controlled wirelessly in a sterile field.
Computer hardware company ASUS has also received praise for its HealthConnect app and Vivowatch series, showing the fusion of AIOT-driven smart healthcare solutions with a user-friendly interface. This shows how technological innovations become more accessible and more intuitive as patients gain technical flow.
Navigate regulations and product development pathways simultaneously
Establishing clinical practice and This allows healthcare teams to develop twin streams of their findings, so regulatory paths are important. The adoption of Gen AI has become a transformative approach to automate the production and improvement of complex documents, mixed datasets, and structured and unstructured data.
By quickly integrating regulatory considerations and adopting technologies like Gen AI as part of agile practices, healthcare product programs can help teams navigate regulatory environments that are often changing. Burning regulatory mindset into your team early will help ensure compliance and continuous innovation.
(Image Source: “IBM Achieves a New Deep Learning Breakthrough” IBM Research is licensed under CC BY-ND 2.0.))
reference: Gustistral: Mistral AI challenges Big Tech with inference models
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