In 2021, real-world data collected by digital sensors, mobile applications, patient portals, speech, electronic diaries, and other means, as well as cloud computing and artificial intelligence/machine learning techniques, will take center stage.
FREMONT, CA:The global coronavirus pandemic will have lingering positive and negative impacts on the medTech industry in 2021. COVID-19 will have significant impacts on businesses, owing to the virus's revival and the emergence of new, more infectious strains, but with the benefit of insights gained from the historic year and its unparalleled market climate.
The following are major business developments to watch in 2021.
Promotion and marketing of pharmaceuticals will change. Pharmaceutical companies will depend more heavily on digital and omnichannel solutions to engage with physicians, informing and educating their patients about new treatments on the market.
Clinical trials that are hybrid or interactive will become more popular. Because of the increased risk of patient dropout, it was once a concern if a clinical trial participant lived more than 50 miles from a location. Sponsors are also concentrating more on the right ways to help clinical trial patients at home, thanks to today's hybrid and virtual clinical trial approach, which reduces the stigma and pressure. Many sponsors will focus their efforts in 2021 on ensuring that data is correctly and safely collected.
In 2021, real-world data collected by digital sensors, mobile applications, patient portals, speech, electronic diaries, and other means, as well as cloud computing and artificial intelligence/machine learning techniques, will take center stage. These will reveal new information about patient results. Suppose more HCPs and life science stakeholders adopt digital technology. In that case, they will seek out new and creative ways to use the data collected through AI/ML to understand better diseases, the importance of drug therapies, and the emerging role of digital therapeutics. Although data can be overwhelming, the ability to use technology to harness the data that makes a difference is critical.
Telemedicine and virtual healthcare are not going anywhere anytime soon. The emphasis on telemedicine intensified in the previous year, and although there were several positive developments, there is still room for growth. Expect providers to invest in these new touchpoints to improve the patient experience.