Throughout all walks of life, CIOs (CIOs) play a vital role in the wave of digital transformation, and even the role of the leader.
In the past, CIOs have focused on internal IT systems such as e-mail and customer relationship management. Now, CIOs are leading the digital transformation, and more and more are responsible for a broader corporate strategy. For the medical and life sciences industries, the industry is full of importance and challenge, and CIOs need to lead the industry in change.
Today, consumer technology has become one of the key competitive drivers for pharmaceutical companies and healthcare providers. For example, according to a study conducted by Deloitte, the number of applications developed by pharmaceutical companies increased more than threefold from 2013 to 2016, from 305 in 2013 to 988 in 2016.
In addition, patients are also tech-savvy consumers. They expect the medical experience to be seamlessly connected like a Uber. They are looking for connected medical devices and applications to help track medications, optimize management of potential risks to lifestyles and lifestyles, automatically titrate drug doses, and guide complex treatment options.
However, interaction on a hand-held touch screen consisting of millions of lines 1 and 0 is a competitive area that is not quite the same as the traditional business of a pharmaceutical company. Most companies have not yet developed a breakthrough application that is inseparable from patients. According to a study conducted by Deloitte, the total number of mobile health application downloads reached 3.2 billion in 2016, of which pharmaceutical company application downloads were 5.6 million.
To be a leader in a competitive environment, CIOs must place higher demands on their applications: defining their company's digital strategy and driving the development of tools that can effectively implement this strategy.
Needless to say, any digital transformation strategy must be data-centric. For the medical industry , relevant practitioners have access to unprecedented data such as medical records, lifestyles, biometrics, genetics, and more. For patients, doctors or medical providers, the benefits can be greatly benefited by better integration and utilization of these data.
Still, data integration in the healthcare industry is more challenging than in any other industry. Most of these data are sealed, unique to cases, disease management programs, payment personnel, clinical trial systems, etc., and are protected by laws and regulations and strict data management agreements.
Not only do CIOs need to optimize their own strategies, but they also need to work with other vendors and third-party entities to create open systems that can interoperate. Only by working together can companies establish shared data management protocols that break down the barriers to developing the most innovative and profitable applications. However, success in this area is only the first step.
The more data, the greater the responsibility. CIOs need to not only drive the digital strategy of a healthcare company, but also develop their overall security and compliance strategies. With the introduction of new regulations such as the European Union's General Data Protection Regulations (GDPR), companies will face a fine equal to 4% of the company's global revenue if they fail to protect the data or fail to maintain compliance.
In addition to privacy requirements, there are serious security challenges and regulatory barriers. The life cycle of a molecular drug is usually ten to fifteen years. In stark contrast to the traditional products of pharmaceutical companies, software that is regulated as a medical device must be updated every few months or even every few weeks.
From a regulatory compliance perspective, it is difficult to balance these diverse development and regulatory submission timelines each time an update is made, including requirements, design, testing, processes, and article details for development use.
As with interoperable open systems, the key to coping with the challenges in deploying digital health solutions is collaboration. By working with technical experts in hosting, deploying, and maintaining infrastructure for digital health applications, CIOs can focus their team's time and ideas, launch innovations based on each company's fundamental strengths, and create truly differentiated digital strategies.
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