Trends Briefs

Monitoring the Pulse of Precision Medicine

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Trend Brief Digital transformation was already underway in precision medicine before 2020, as the technologies that underpin health care have been evolving rapidly. However, the year's events have pushed even the slow adopters to embrace digitization, including telemedicine/telehealth applications and mobile medical apps, or the integration of smartphones and tablets into health care. The COVID-19 pandemic has brought to light the importance of digitization and flexibility, particularly in environments where harnessing new technologies can help life sciences companies quickly and affordably create complex, patient-specific devices and accelerate time to market. For example, a growing number of biopharmaceutical and medical technology companies are starting to use artificial intelligence (AI) to streamline and optimize their drug discovery and development functions. According to Accenture, approximately 86% of life sciences companies are experimenting with new technologies, including AI, to drive innovation and better patient outcomes, and 84% of health care organizations have adopted at least one cloud- based digital health solution using clinical data. 1,2 Health care technology also provides various opportunities for collecting long-term patient information, including real-time data on how a product or service performs in the market, ranging from remote patient monitoring to cloud- based electronic medical records.³ As medical technology and pharmaceutical organizations have re-evaluated and adjusted their processes to help address the global health crisis — and to prepare for the next normal — the future of precision medicine will see organizations accelerating innovation and digital transformation efforts to enable mass-customized products and more precise treatments in health care. 2 1 Harnessing Digital Transformation to Drive Medical Innovation

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