Technology is revolutionizing the healthcare industry, bringing forth transformative changes that enhance patient outcomes and improve overall efficiency. From electronic health records to telemedicine, modern apps, and smart devices, technology has enabled seamless tracking of vital health parameters, remote consultations, and efficient sharing of patient information among healthcare providers. By automating routine tasks, healthcare professionals can devote more time to patient care, leading to improved treatment outcomes. While challenges exist in adopting new technologies, the benefits are undeniable, and healthcare providers are increasingly embracing these tools to provide better care, reduce costs, and enhance overall efficiency in the delivery of healthcare services. In the same vein, Navdeep Chadha, Co-founder, and CTO, Axtria recently spoke to Dataquest.
DQ: How pervasive is technology in industries like healthcare?
Navdeep Chadha: Technology is the heartbeat of a future-ready business! With the increasing pace of urbanization, we see a sharp increase in the usage of tech-based health applications. How doctor appointments are booked, and consultations are looked for remotely indicates the successful penetration of technology in healthcare and for good!
From electronic health records to telemedicine, technology is transforming how healthcare is delivered and managed. Today smart devices and modern apps are used to track vital health parameters like sugar, pulse, etc., or to seek consultation on suggested food patterns or seasonal ailments. Technology has improved the accuracy and speed of diagnosis, enabled remote consultations, and eased the sharing of patient information between healthcare providers.
The significant benefit of the growing use of technology in healthcare is its ability to improve patient outcomes. Effective use of new-age technologies has led to a significant reduction in treatment costs for patients. By automating routine tasks, healthcare providers can focus more on patient care and spend less time on administrative tasks. While challenges are associated with adopting modern technologies, the benefits are clear, and healthcare providers are likely to continue to embrace these tools to improve patient outcomes and efficiency.
DQ: What is the role played by data analytics in healthcare?
Navdeep Chadha: Data analytics plays a crucial role in healthcare by allowing providers to identify patterns and insights in patient data. This can help identify health risks, predict the likelihood of future illnesses, and enable personalized treatment plans. By leveraging data analytics, healthcare providers can improve clinical outcomes, reduce costs, and enhance patient experience.
Every industry undergoes an evolution cycle, and healthcare is currently experiencing one. Data analytics and insights derived from large quantum of data have revolutionized the healthcare industry. Actionable insights allow healthcare providers to make informed decisions. With the introduction of data analytics, healthcare professionals can access and analyze large volumes of patient data in real time, enabling them to identify patterns and trends that would have gone unnoticed. Cloud computing has further enhanced data analytics capabilities by providing a cost-effective and scalable approach to managing large datasets.
The integration of AI and ML technologies has enabled healthcare providers to leverage predictive analytics, a powerful tool for the early detection and prevention of diseases, and is showing remarkable results. With the help of data analytics, healthcare providers can now personalize treatment plans for individual patients based on their medical history and other relevant factors.
DQ: In healthcare, data privacy is given extreme importance. How can new age technologies be applied here, considering the Data Protection and Privacy regulations?
Navdeep Chadha: Let me quote Geoffrey Moore, management consultant and author of Crossing the Chasm, “Without big data analytics, companies are blind and deaf, wandering out onto the web like deer on a freeway.” If there is enormous potential with data, there is a big responsibility on the shoulder of those who use this data.
For healthcare companies, successfully competing in today’s environment requires a deep understanding of the patient’s journey and their ever-changing needs. This is only possible when the best data is combined with the best analytics and offer seamless delivery of insights in real-time.
Axtria recently entered a strategic partnership with HealthVerity. The partnership brings us closer to our commitment to transform patients’ lives by committing ourselves to scientific rigor, reaching new frontiers in healthcare by providing access to innovative technology and delivering value to all stakeholders. The development will give life sciences organizations the data, analytics, and infrastructure required to enable comprehensive and privacy-compliant views of patient journeys across all engagement channels.
If you see the drift, ‘data’ is the operating energy. It is critical to the functioning of any industry, even healthcare. That said, we understand that data privacy and security are personal and emotional subjects for everyone involved. We acknowledge this and respect the regulations. We do not begin any process without ensuring privacy and security protocols. Data can be anonymized, and security systems can be implemented to protect sensitive patient data. Furthermore, healthcare providers can use privacy-preserving analytics to derive insights from data without compromising data privacy.
DQ: What are the reasons and challenges behind the ‘lack of technology adoption in critical sectors like healthcare’?
Navdeep Chadha: The life sciences industry has been slow to adopt emerging technologies. Instead, they tend to be more cautious due to the industry’s highly regulated nature. However, tremendous progress has been made in the recent past few years. While other sectors may be ahead in technology adoption, innovation is happening within pharmaceuticals. Ultimately, the timing of adoption is less important than the progress being made. It is expected that the industry will eventually catch up, and with the adoption of AI and emerging technologies, it is hoped that there will be a positive impact on healthcare outcomes.
However, with proper safeguards, we will see faster adoption and increased use, leading to better patient outcomes. This will create winning models for all the stakeholders – patients, healthcare service providers, and pharmaceutical companies.
DQ: How is Axtria impacting the patient’s journey? From getting the right diagnosis to timely treatment?
Navdeep Chadha: Axtria impacts the patient’s journey by leveraging technology to provide personalized, data-driven solutions to the manufacturers who deliver them. From getting the right diagnosis to timely treatment, Axtria’s solutions help the healthcare industry improve clinical outcomes, reduce costs, and enhance the patient’s experience. By leveraging data analytics, machine learning, and artificial intelligence, Axtria can provide personalized treatment plans tailored to each patient’s specific needs. This helps healthcare providers deliver better care, improve outcomes, and ultimately enhance the quality of life for patients.
Axtria came into existence in 2010 in the US, and its India operations began in 2011. We are transforming healthcare via an AI-driven approach with the most advanced, personalized content and message delivery for healthcare companies. The proven and scalable software helps the industry improve patient engagement, grow their businesses, and reduce the product lifecycle journey even before coming to the market. As a result of our innovative products and services, a recent report on the top 100 healthcare technologies companies ranked Axtria amongst the Top 10.
In addition, Axtria offers commercial operations optimization services that can help pharma companies improve their sales and marketing efforts. This can include developing targeted marketing campaigns that reach the right patients at the right time and optimizing sales force deployment to ensure reps focus on the most promising opportunities. Overall, by providing these services, Axtria helps pharma companies better understand and engage with patients, ultimately leading to better health outcomes for patients and improved business performance for the pharma companies.