As healthcare industry gets competitive, pharma players are trying various strategies to differentiate themselves in market. While various marketing strategies take huge cash from their financial books, there is new spend area that is getting added ; spend in the form of investment on start-ups that are working on novel delivery tech.
Traditional syringes and inhalers though continue to command drug delivery devices market , the future will be driven by smart devices. As the need of more recorded data along with analytical tools via apps or other portal grow across the globe , need of smart devices turns into necessity. This has been well served by start-ups including Propeller Health, Adherium and Others.
Last couple of years have given a new face to drug delivery portals , new entrants are closing funding rounds, inking deals with whose who of medtech, further some of them have also been able to host IPOs.
Products from the likes of Propeller Health, Adherium have leveraged three important aspects of technology to bring this revolution. These platforms are sensors, cloud and analytical tools. Sensors help record the data flawlessly, cloud shares the data to various candidates of healthcare ecosystem; and analytical tools provide with more actionable insights to its users. When the trio is in synergy it takes delivery to different levels.
The sudden surge in these developments is mainly because there is greater need of data from patients and users now than ever. As various sector imbibe the bigger role that data can play in their product functionality and success, healthcare do not want to miss on any of the innovation.
Though these technologies stand at the inception, pharma giants such as Astra Zeneca, GSK and Boehringer have established strings with one or other pioneers. While AZ has invested and partnered with Adherium, GSK inked deal with Propeller Health in order to explore any sort of opportunity that could help them take healthcare solution to new heights.
Key takeaway: Healthcare ecosystem can not just deliver on present issues and stand still. Demand of users is far surpassing growth of providers. Only way of harmonizing the two would be leveraging the big data that exists out there. Data which is captured every second , every minute by various portals. Also algorithms that each of medtech focused start-ups are embedding in their device types are likely to be important part of this drive.