“Real progress” in MedTech could see connected health solutions account for a fifth of pharma revenue

According to a Capgemini report, the pharmaceutical and biotech industries expect more than a fifth of their revenue to come from connected health in the next five years.

The report “The Connected Health Revolution” finds a sixfold increase in market-ready connected health products since 2021, with three in four MedTech organisations already offering such products.

Preventive care and fitness remain top priorities for most biopharma organisations, followed by diagnosis and monitoring.

Most biopharma companies are focusing on oncology, immunology, and cardiology, with areas such as mental health, diabetes, obesity, and dermatology now showing growth since 2021.

The report says the anticipated revenue will only be realised in the UK if organisations upgrade their data management capabilities.

It reveals that while nine in ten (92%) of UK organisations are developing a roadmap, only about a third have achieved maturity in connected health adoption.

It also finds that nearly 70% of organisations report having low maturity levels in ensuring security.

Further, while virtual and augmented reality solutions are ready for industry training, only 20% have an adequate supply of skills in the AR/VR area and even fewer (16%) for generative AI.

In addition, just over a third (36%) of UK industry players feel prepared for regularity compliance and complexities in cyber security. Over half (56%) feel prepared for data protection regulations and almost 50% for regulations related to quality control.

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“Life sciences organisations, across biopharma and MedTech, are making real progress towards realising the potential of connected health,” says Thorsten Rall, global life sciences industry leader at Capgemini.

“Establishing robust data-driven frameworks will be key in ensuring that data is accessible and reliable, laying the groundwork for advanced AI analytics and insights generation required to reinvent healthcare,” he adds.