Conference Presentation, Panel, Fireside Chat
Transforming Healthcare with Technology
Milken InstituteAndrew von Eschenbach, Michael Acton Smith OBE, Alex Beauvais, Sarah Haywood, Prasanth Manghat, Ben Maruthappu
- The global economy faces missed opportunities if health issues are unaddressed, while technological discovery is projected to explode with disruptive innovations in molecular drugs, stem cells, and immune manipulation over the next five to seven years.
- The population aged 65 and older is expected to reach roughly 2 billion in 25 years, creating funding pressure that will drive a shift from hospital to home settings and necessitate preventative digital tools within accountable care organizations.
- Digital innovations, including smartphone diagnostics and machine learning, are projected to rival physician accuracy for conditions like skin cancer and enable seniors to remain at home through remote monitoring.
- Mental health issues such as anxiety and depression are anticipated to grow alarmingly, potentially exacerbated by the smartphone revolution, though audio mindfulness tools are expected to help users intervene early.
- In the fertility sector, treatment volume is expected to rise from 30,000 to 100,000 cycles within the next three years via e-commerce models that save patient travel costs and transform the market into a global retail-style industry.
- Cost-reduction strategies include using digital tools for mental health and rehabilitation to achieve immediate within-year savings compared to face-to-face visits, as well as reconfiguring care delivery to strip costs from human-capital-heavy activities.
- High-cost advanced therapies like gene therapy are expected to initially serve small populations, requiring new economic paradigms to become mainstream, while connected pills could address the 50% non-adherence rate for chronic disease medications.
- Data collection via smart home sensors and IoT devices will increase, yet a data paradox may persist where the most vulnerable are least likely to use technology, requiring vicarious data solutions.
- Regulatory frameworks are expected to evolve to scrutinize proliferating health apps and prevent unsafe sales, balancing consumerization with the need for safety and efficacy standards.
- Successful technology adoption depends on health systems and technology companies aligning payment structures over five-to-ten-year horizons, though initial cost reductions may be seen within a year in specific cases.
- Governments and insurers are expected to nudge consumers toward lower-cost digital interventions, with the UK government planning to invest £300 million in training teachers to foster mental health resilience in the next generation.
- While massive data processing from smart toilets and sinks may identify when medical intervention is needed, foundational infrastructure investments will be required in systems like those in the US and UK to support effective analytics.
- Providers face uncertainty regarding technology adoption based on payer risk shifts, while consumers may require significant support to manage the overwhelming volume of healthcare choices and information available.
- Precision medicine is projected to evolve into precision prevention, tailoring plans to individuals, while genomic data and pattern recognition may predict disease likelihood and mortality if value to the individual is clearly demonstrated.
- Telemedicine and remote ICU capabilities are expected to expand into remote regions, such as the Gulf, reducing mortality rates and bringing care to doorsteps in large countries like Saudi Arabia.