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Lifesciences landscape for 2023 presents new generation wearables, HIPAA, big data & blockchain as game changers

Nandita Vijay, Bengaluru
Monday, January 2, 2023, 08:00 Hrs  [IST]

Lifesciences landscape for 2023 presents new generation wearables, HIPAA (Health Insurance Portability and Accountability Act), big data and blockchain as game changers, according to industry experts.
"In 2023, the pharmaceutical industry's digital transformation is expected to take centre-stage, with technologies like artificial intelligence (AI), augmented reality (AR/VR), and machine learning (ML) helping to conduct clinical trials faster, improve the R&D process, add innovation to product development, improve compliance and manufacturing efficiency. Given that automation and quality are mutually exclusive, an additional element impacting this trend is the growing demand for high-quality products. Automation enables procedures that are secure and error-free, as opposed to manual processes,” said Mahesh Wagle, founder & CEO, Cybernetik, an industrial automation company. 
Pharma industry is re-organising its business model, improving financial decisions, reducing human error, boosting performance, and speeding up time-to-market with AI and big data.  In 2022, there was an increase in alliances and collaborations between major pharmaceutical companies and suppliers of AI technology, he added.
Additionally, as companies decentralise manufacture in 2023, blockchain will be extensively implemented. This is because blockchain has a huge impact on, tracking and verifying supply chain logistics to prevent fraud, noted Wagle.
Sachin Alug, CEO, NLB Services, which is an international staffing & recruitment company, observed that this year many companies invested immensely in advanced technology tools to treat patients. New-generation wearables helped practitioners treat patients from the convenience of a device. Advanced technology, including AI & ML, cloud computing, coupled with IoT, helped to deliver new treatments.
As for 2023, we will definitely see a rise in technology adoption. In this regard, telehealth will continue to be in the limelight because this came into existence during the Covid pandemic and its ease of use will let it gain more attention in the next few years. Also, as technology is digitalizing the healthcare sector, a more systematic and centralized healthcare system will take place to minimize the redundancy in operations. Coming to pharmaceutical manufacturing, AI will help come up with new treatment modalities, stated Alug.
For Uthaman Bakthikrishnan, executive vice president, ClearTouch, an omni-channel contact centre platform, the pandemic outbreak saw health systems realize the importance of providing excellent medical care for a favourable patient experience and failing in either would negatively affect the success of the other. Patient experience is usually marred by long wait times, difficulty in scheduling appointments and confusion over billing, among others. Now more than ever, healthcare providers need to find a way to efficiently and effectively manage relationships and provide excellent patient experience while still maintaining regulatory compliance like HIPAA.
Since the healthcare industry serves a diverse population, it must support customers using multiple channels. Here healthcare providers are turning to automation like voice recognition to strengthen efficiencies, improve performance, reduce costs, to meet high service demands. Features like natural language processing and Vocal Rx have gained prominence and will continue to rise in use in the upcoming year, said Bakthikrishnan.


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