In 2013, Gartner introduced the concept of the business moment — a transient opportunity that is exploited dynamically. Moments are very short in duration (even seconds), depending on the nature of the opportunity. They are interconnected with an enterprise’s business model and business processes, all of which are being disrupted by digital technologies. They not only are customer “moments of truth” but also impact the entire organization. When this concept was introduced the life science and healthcare team (myself and Tom Handler) collaborated and defined a business moment envisioning the impact of wearable technology in the healthcare ecosystem. The note was widely read by our clients and opened minds to new approaches to delivering healthcare services and products.
The rapid pace of change in wearable technology is increasing, and according to Gartner, the forecast number of wearables will grow from 274.59 million devices in 2016 to 323 million in 2017. Many of these devices are related to healthcare; more lifestyle grade and not classified as medical devices – but the impact and relevance is significant. Recent public events claiming that wearable heart rate tracking devices are not accurate demonstrate a consumer (and patient) expectation of accuracy. Does this mean consumers will pay more for a medical grade device that is proven to be accurate and reliable? Will payers cover the cost for these devices? Will these devices support improved tracking of health outcomes? The FDA certainly thinks so as it is hiring additional scientists focused on digital health to handle increased applications for medical devices. Bakul Patel, FDA’s associate director for digital health shared this information with Reuters in the fall of last year in “Why the FDA Wants More Health Wearables on the Market“.
A few days ago, we published an updated version of Business Moment: Wearable Technology Predicts and Prevents a Diabetic Crisis. We added another collaborator (Richard Gibson) to deepen the content relevance. A key element is a list of “Digital Health Developments” aligned with needed products and services necessary to truly deliver the value defined in the business moment. I find the amount of progress in two years to be fascinating. Here are few of the categories discussed:
- Mobile physician services (Doctors On Demand, Pager, Heal)
- Digital Health Platforms (Philips Healthsuite, Qualcomm 2net)
- Disease Monitoring (Novartis and Google collaborating on smart contact lens for glucose monitoring)
I wonder how much more progress will occur in the next two years!
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