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Winning in Connected Health
The document discusses the transformation and impact of connected health technologies, predicting a significant growth in the connected health market to nearly $61 billion by 2020. It outlines key principles for overcoming challenges in healthcare, emphasizing the importance of reducing complexity, thinking in terms of service rather than products, leveraging data, and exploring innovative business models. The document highlights the need for real-time patient monitoring, improved treatment adherence, and the integration of health services to enhance patient outcomes and reduce inefficiency.
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Winning in Connected Health
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- 3. The future isconnected Connected Cities Connected Offices Connected Cars Connected Homes In 2020, there will be up to 70 billion connected devices(Morgan Stanley, 2014) NOTES: By connected we mean hardware devices and software applications that are connected to other devices and applications via the Internet, and use those connections to collect or deliver data between users or third parties.
- 4. The future isconnected Connected Cities Connected Offices Connected Cars Connected Homes Samsung claim that all of their products will be connected in 5 years. They recently purchased the open platform SmartThings.
- 5. The future isconnected Connected Cities Connected Offices Connected Cars Connected Homes Two thirds of consumers will have purchased an in-home Internet of Things device by 2019 (Acquity group, Internet of Things study, 2014) Internet of things: everyday objects embedded with microchips giving them network connectivity, allowing them to send and receive data.
- 6. The pace ofchange is rapid executives worry about being left behind as technology evolves faster than they can adapt, creating this “fear of becoming obsolete” (General Electric’s Global Innovation Barometer, 2016) 81%
- 7. Healthcare is notimmune to this progress Easy-to-read dashboard of your health and fitness data. HealthKit, developers can make all the incredible health and fitness apps on your device work together, and work harder, for you. “ Sources: Apple Healthkit is an open source ‘hub’ designed to create an ecosystem of connected health services
- 8. And this spaceis set to boom The connected health market will be worth almost $61bn globally by 2020, representing 33% average annual growth PWC My health, connected, 2015
- 9. Novartis has recently formeda $100m digital health investment company to back 'beyond-the-pill' innovations And this space is set to boom
- 10. But the biggest opportunitiesemerge when we apply technology against some of our biggest challenges Diagnosis Compliance Efficiency Trust Over 50% of 1 million undiagnosed diabetes suffers in the UK may die prematurely due to preventable complications Poor medical adherence is estimated to cost the US $100 BN each year Only 6% of patients strongly agree that healthcare companies are on their side Sources: 1. Diabetes UK 2001 2. Osterberg and Blaseke, Adherence to medication 2005 3. Carter review dept of health 2016 4. Clear, the patient survey 2014 Estimates cost of inefficiency in the NHS along is £5BN each year
- 11. Diagnosis Compliance Efficiency Trust More accurate andearly identification of disease with real time, in home diagnostics for patients and alerts for HCP’s Reminders, alerts and tools designed around the patient experience to promote greater treatment adherence Real time patient monitoring & remote management for improved outcomes delivered at lower cost Increased transparency around treatment journey and patient records with improved access to support services
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- 13. Guiding principles 1Reduce complexity 2 4Thinkservice not product Think laterally about the model 3Data is king
- 14. #1 Reduce complexity Technologyis there to make our lives easier but too often it does the opposite. Best in class insight around the needs and pain points of a consumer provide the platforms to design the service around. The technology acts as the enabler to reduce complexity and make consumers lives easier. Google Now alerts users with upcoming appointments, journey times, traffic issues and weather before they even request it.
- 15. #2 Think servicenot product Consumers buy products but in reality they need service. This is a mind-set shift for manufacturers. But the shift needs to happen because delivering a service gives an opportunity to create a deeper, more meaningful relationship. Technology is enabling product brands to deliver value- add services to their customers Petnet is a VC-backed, app- activated, remote pet food dispenser. Beyond the product benefits, Petnet offer services including automatic refills through the app.
- 16. #3 Data isking Better service comes from better understanding of your consumer. While the connected ecosystem needs to be designed around the customer, it also needs to be designed to collect data that connects, informs and directs better and more seamless service. A connected ecosystem is the opportunity for the big talk of big data to be realised. Citymapper aggregates public and privately owned data sets (e.g. TFL & Uber) to provide the most accurate, convenient and helpful experience to its users.
- 17. #4 Think laterallyabout the model It’s a race to build the ecosystem and provide a joined up experience for the consumer. The old way of flexing scale to build the solution might take too long. This means we have opportunity to explore new models of getting ahead including technology acquisition, business partnership, and integrating into existing ecosystems. Apple HealthKit allows third-party developers, device manufacturers, research organisations and healthcare companies to integrate directly with the platform
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- 19. THE JOURNEY TOCONNECTED HEALTH SCOPING OPPORTUNITY STRATEGY REALISATION Align on our strategic direction / purpose Map the customer experience to identify pain points and moments of delight Design the experience and ecosystem to unlock it Decide on models to pursue, business case, resource plan and responsibility
Editor's Notes
- #2 Only way for innovation to stick is to tap into a genuine consumer need. Need to think beyond the tech…
- #4 In 2020, there will be up to 70 billion connected devices (Morgan Stanley, 2014) Two thirds of consumers will have purchased an in-home Internet of Things device by 2019 (Acquity group, Internet of Things study, 2014) Samsung claim that all of their devices will be connected in 5 years. They recently purchased the open platform SmartThings.
- #5 In 2020, there will be up to 70 billion connected devices (Morgan Stanley, 2014) Two thirds of consumers will have purchased an in-home Internet of Things device by 2019 (Acquity group, Internet of Things study, 2014) Samsung claim that all of their devices will be connected in 5 years. They recently purchased the open platform SmartThings.
- #6 In 2020, there will be up to 70 billion connected devices (Morgan Stanley, 2014) Two thirds of consumers will have purchased an in-home Internet of Things device by 2019 (Acquity group, Internet of Things study, 2014) Samsung claim that all of their devices will be connected in 5 years. They recently purchased the open platform SmartThings.
- #7 New phenomenon - FOBO, or fear of becoming obsolete More than four in five executives (81%) worry about being left behind as technology evolves faster than they can adapt, creating this “fear of becoming obsolete.” (General Electric’s Global Innovation Barometer, 2016)
- #8 New phenomenon - FOBO, or fear of becoming obsolete More than four in five executives (81%) worry about being left behind as technology evolves faster than they can adapt, creating this “fear of becoming obsolete.” (General Electric’s Global Innovation Barometer, 2016)
- #9 CONNECTED HEALTH SPACE IS SET TO BOOM Connected health solutions will become the norm = Within 5 years the majority of clinically relevant data will be collected outside of clinical settings (American Medical Informatics Association, 2015) Major pharma companies are investing heavily in this area = Novartis has recently formed a $100m digital health investment company to back 'beyond-the-pill' innovations EXTRA FACTS Mobile Health market predicted to grow at 55% a year to 2018 (Deloitte Connected Health report, April 2015) Tech-enabled health & fitness monitoring has grown by 65% in the last 2 years alone Monitoring of physical and mental health chronic conditions has nearly doubled in the same time period (Deloitte centre for Health Solutions, 2015)
- #10 CONNECTED HEALTH SPACE IS SET TO BOOM Connected health solutions will become the norm = Within 5 years the majority of clinically relevant data will be collected outside of clinical settings (American Medical Informatics Association, 2015) Major pharma companies are investing heavily in this area = Novartis has recently formed a $100m digital health investment company to back 'beyond-the-pill' innovations EXTRA FACTS Mobile Health market predicted to grow at 55% a year to 2018 (Deloitte Connected Health report, April 2015) Tech-enabled health & fitness monitoring has grown by 65% in the last 2 years alone Monitoring of physical and mental health chronic conditions has nearly doubled in the same time period (Deloitte centre for Health Solutions, 2015)
- #11 New phenomenon - FOBO, or fear of becoming obsolete More than four in five executives (81%) worry about being left behind as technology evolves faster than they can adapt, creating this “fear of becoming obsolete.” (General Electric’s Global Innovation Barometer, 2016)
- #12 New phenomenon - FOBO, or fear of becoming obsolete More than four in five executives (81%) worry about being left behind as technology evolves faster than they can adapt, creating this “fear of becoming obsolete.” (General Electric’s Global Innovation Barometer, 2016)
- #13 How do we do this? Some guiding principles…
- #15 Innovations need to make consumers lives easier If a problem can be solved more quickly and easily by creating a non-connected solution – then you should do that Don’t make processes harder than they need to be – otherwise they will not be adopted.
- #16 Reflects this point about ‘systems not destinations’. People are overrun with products, and are moving away from an ‘ownership’ model. Need to think beyond the product and add value through a service, and forge a deeper relationship.
- #17 The best connected innovations understand the power of the data Shouldn’t pass up the opportunity to gather rich information about consumer behaviour from whatever solution we design This data has value in itself (capturing of consumer behaviours) but also helps directly to deliver a better service
- #19 No shortage of innovation in this space – new technology capabilities being developed every day, but it is characterised by more failures than successes Solutions are often technology driven, often without reference to what consumers actually need… ELLA WILL TALK ABOUT MORE ABOUT WHAT MAKES A SUCCESSFUL CONSUMER INNOVATION
- #21 Examples: 2. Can’t just be an advert for a brand – must really help people. First Response Pregnancy app – why is this better than simply reading result of the stick? Sounds more complex and slower. Better example – L’Oreal’s My UV Patch which measures level of UV exposure throughout the day. Consumers don’t currently have an accurate (and easy) way of measuring this 3. Reference apps – like Tide Stain Brain, which is info on how to treat stains. This info is freely available on Google within seconds. And not so biased… 4. Coca Cola Movement is Happiness (at odds with their ‘unhealthy’ product) 8. Tesla car