Data, digital technology to power ‘Lifesciences 4.0’: EY report

The healthcare sector is in for a transformation, as data and digital technologies are changing the traditional model of healthcare. Advisory services firm EY calls it ‘Lifesciences 4.0’, which is marked by accelerated technology and scientific advancements.

“As Indian pharma companies prepare to shift from supplying commodities to supplying innovations, technology is altering the way health care is imagined and delivered,” EY has said.

It discussed the broad contours of “Lifesciences 4.0” in its new report – “Today for tomorrow: Realizing the potential of Life Sciences 4.0”. The report was released at the inaugural of BioAsia 2020, a life sciences and health tech convention.

‘Bridge the gap’

The report felt that Indian companies might be behind their global peers, but they can learn from global failures and successes.

Digital technologies, such as artificial intelligence, augmented reality/virtual reality (AR/VR), wearables and sensors, blockchain, have the potential to transform all business functions.

The good news is that most Indian companies are already beyond the digital-inertia stage. They understand the necessity to adopt digital technologies to remain relevant and competent in the future.

EY conducted a survey to find out the opinion of industry leaders and stakeholders on where the country stood.

“As organisations plan their digital agendas, it is important to bridge the gap between a technology’s potential and its successful delivery,” it said.

The combination of smart devices and sophisticated AI-based algorithms has made it possible to remotely diagnose, monitor and treat disease. “People are now comfortable using wearables and sensors to track their health and fitness. The data generated from these devices lets individuals to make their own health choices,” it pointed out.

The survey also revealed that stringent regulatory environment, change management and unavailability of usable data are the top challenges in going digital.