Companies that have never before exerted influence in this sector are swiftly becoming its major power-brokers. Business models are being redesigned to adapt to the growing influence of data-fueled customers. Unique partnerships are being forged between agile start-ups and established brands to capitalize on this new digital-first world.
Much of this change is the result of the revolution in data which is empowering people to live healthier lives by using connected devices such as tablets, wearables and hand-held devices. This ‘Internet of Things’ means that consumers now have the power to take control of their own health in a highly personalized manner.
The advances in cloud-based technology have also been key. For example, a unique strategic partnership between Philips and Salesforce.com has created a platform that enables medical devices to operate in conjunction with deep sets of data.
The analysis of this data – amassed through electronic medical records, diagnostic information gathered through imaging equipment, monitors and hand-held personal devices – enhances the decision-making powers of professionals and enables patients to take a more active role in managing their personal health.