Modern healthcare innovations span AI, devices, software, images, and regulatory frameworks, all requiring stringent coordination. Generative AI arguably has the strongest transformative potential in healthcare technology programmes, with it already being applied across various domains, such as R&D, commercial operations, and supply chain management.
Traditional models for medical appointments, like face-to-face appointments, and paper-based processes may not be sufficient to meet the fast-paced, data-driven medical landscape of today. Therefore, healthcare professionals and patients are seeking more convenient and efficient ways to access and share information, meeting the complex standards of modern medical science.
According to , Medtech companies are at the forefront of healthcare innovation, estimating they could capture between $14 billion and $55 billion annually in productivity gains. Through GenAI adoption, an additional $50 billion plus in revenue is estimated from products and service innovations.
A McKinsey 2024 survey revealed around two thirds of Medtech executives have already implemented Gen AI, with approximately 20% scaling their solutions up and reporting substantial benefits to productivity.
While advanced technology implementation is growing across the medical industry, challenges persist. Organisations face hurdles like data integration issues, decentralised strategies, and skill gaps. Together, these highlight a need for a more streamlined approach to Gen AI deployment.
Of all the Medtech domains, R&D is leading the way in Gen AI adoption. Being the most comfortable with new technologies, R&D departments use Gen AI tools to streamline work processes, such as summarising research papers or scientific articles, highlighting a grassroots adoption trend. Individual researchers are using AI to enhance productivity, even when no formal company-wide strategies are in place.
While AI tools automate and accelerate R&D tasks, human review is still required to ensure final submissions are correct and satisfactory. Gen AI is proving to reduce time spent on administrative tasks for teams and improve research accuracy and depth, with some companies experiencing 20% to 30% gains in research productivity.
KPIs for success in healthcare product programmes
Measuring business performance is essential in the healthcare sector. The number one goal is, of course, to deliver high-quality care, yet simultaneously maintain efficient operations.
By measuring and analysing KPIs, healthcare providers are in a better position to improve patient outcomes through their data-based considerations. KPIs can also improve resource allocation, and encourage continuous improvement in all areas of care.
In terms of healthcare product programmes, these structured initiatives prioritise the development, delivery, and continual optimisation of medical products. But to be a success, they require cross-functional coordination of clinical, technical, regulatory, and business teams.
Time to market is critical, ensuring a product moves from the concept stage to launch as quickly as possible.
Of particular note is the emphasis needing to be placed on labelling and documentation. McKinsey notes that AI-assisted labelling has resulted in a 20%-30% improvement in operational efficiency. Resource utilisation rates are also important, showing how efficiently time, budget, and/or headcount are used during the developmental stage of products.
In the healthcare sector, KPIs ought to focus on several factors, including operational efficiency, patient outcomes, financial health of the business, and patient satisfaction. To achieve a comprehensive view of performance, these can be categorised into financial, operational, clinical quality, and patient experience.
Bridging user experience with technical precision – design awards
Innovation is no longer solely judged by technical performance with user experience (UX) being equally important.
Some of the latest innovations in healthcare are recognised at the , products that exemplify the best in user experience as well as technical precision. Top products prioritise the needs and experiences of both patients and healthcare professionals, also ensuring each product meets the rigorous clinical and regulatory standards of the sector.
One example is the , a self-driving 3D C-arm imaging system that lets surgeons operate, controlling the device wirelessly in a sterile field.
Computer hardware company has also received accolades for its , showcasing the fusion of AIoT-driven smart healthcare solutions with user-friendly interfaces – sometimes in what are essentially consumer devices. This demonstrates how technical innovation is being made accessible and becoming increasingly intuitive as patients gain technical fluency.
Navigating regulatory and product development pathways simultaneously
The establishing of clinical and regulatory paths is important, as this enables healthcare teams to feed a twin stream of findings back into development. Gen AI adoption has become a transformative approach, automating the production and refining of complex documents, mixed data sets, and structured and unstructured data.
By integrating regulatory considerations early and adopting technologies like Gen AI as part of agile practices, healthcare product programmes help teams navigate a regulatory landscape that can often shift. Baking a regulatory mindset into a team early helps ensure compliance and continued innovation.
(Image source: “IBM Achieves New Deep Learning Breakthrough” by IBM Research is licensed under CC BY-ND 2.0.)
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