THE DIGITAL HEALTH ECOSYSTEM: The most important players, tech, and trends propelling the digital transformation of the $3.7 trillion healthcare industry (AAPL, IBM, ANTM, GOOGL, MSFT, AMZN, PFE, GE, MCK, TMUS, WMT, WBA, MRK, CVS)
Healthcare stakeholders can no longer lag on digital transformation, and tapping into innovation can sate convenience-hungry consumers and tackle some massive challenges compressing their bottom lines.
Personalization and convenience have become table stakes in nearly every industry, and consumers are extending demands for these digital-powered experiences to healthcare — US consumers have expressed a willingness to jump ship to care services that can provide them with better digital experiences.
Not only do healthcare incumbents that embrace digitization stand to attract mindshare with consumers demanding hyper-convenient care, but they can also leverage innovation to attract business and avoid overspending. For instance, payers are incorporating digital tools into their benefits packages to boost health outcomes and slash care costs, while health systems are turning to telemedicine and AI to combat labor shortages and ease the transition to new reimbursement models. And in the background, pharma companies and medical device makers are betting on digital tech to branch into new revenue streams, and distributors are tapping blockchain to clog cash-draining holes in supply chains.
Incumbents that don’t react risk losing business to new entrants stocked with digital prowess to cut costs and remain nimble. Big tech companies — including Alphabet, Amazon, Apple, and …continued .
[Source: Business Insider]