Welldoc’s Chief Strategy Officer, Anand Iyer, PhD, MBA, was interviewed by EY for Pulse of the Industry 2018, their annual EY publication focused on advances in life sciences and medtech. Pulse of the Industry 2018 featured guest perspectives from digital health industry thought leaders with responses to this overarching question: When the human body is the biggest data platform, how will medtech companies capture value? Dr. Iyer also shared his expertise with EY global lead partners during an interview with Pamela Spence, EY Global Life Sciences Industry Leader.
Here’s a recap of Dr. Iyer’s key points:
- Digital health in the future: While there’s lots of hype today about digital health and therapeutics, in the future these tools will just be elements of mainstream health and health care. Successful digital health solutions will have to fit naturally into peoples’ daily routines as well as into the clinical workflows of health care providers. They must meet the same standards and as traditional drugs and medical devices. Among these standards are: positive clinical outcomes data, demonstration of patient safety and protected health information using the latest cybersecurity practices. This is the scientifically rigorous approach that Welldoc has taken to develop BlueStar, our digital health solution for diabetes. For more read how Dr. Iyer redefines the digital health industry.
- Making the case for economic savings and reimbursement: To gain adoption, developers of digital health tools, also referred to today as digital therapeutics, must make the case for cost savings and coverage by employers or other health care payers. Iyer describes how Welldoc quantified the economic value of shifts in A1C values with BlueStar. Learn more about this cost analysis Welldoc conducted with Truven Health Analytics, an IBM Watson Health Company from Iyer.
- How to win in a crowded market: Iyer acknowledges that we’re currently in a crowded digital health market. This marketplace is fragmented in several ways including by disease condition and integration into the clinical workflow of health care providers and systems. He believes that people want one experience that holistically allows them to manage their specific health conditions. To win requires judicious partnering with entities that offer needed expertise from different domains. This requires collaboration for Welldoc and other developers of digital health solutions.
- Interoperability is critical to success: Looking to other industries we’ve learned that interoperability has been crucial to advancement. However, in health care to achieve success we must think about interoperability more broadly. Its principles must be applied across the product implementation continuum including patient and health care provider experiences and workflow.
The Pulse of the Industry 2018 report is well worth the read. Access it here.