Understanding the Health-Care Industry in the Technological Age

health

Healthcare and technology combined can be extremely beneficial to humankind. Improving people’s lives has been the primary force of health-related technological innovations. The present is, of course, no exception to this. More and more exciting technological findings are coming to light, and their implementation can improve the global state of health care. 

One only needs to take a look at the marriage between technology and health care to see all the good things it can bring. Let’s, for example, observe the Internet of Things (also known as IoT). Its applications around the world are so numerous than this simple article cannot cover all instances, but IoT has already shown to be prosperous in the medical realm.

For example, the power of IoT has been used to make the lives of people with diabetes much easier. OpenAPS (APS being short for Artificial Pancreas System) helps those who have diabetes manage their condition by taking the brunt of the measuring and monitoring responsibilities. It does so by combining several devices that track the users’ glucose levels, as well as determining the optimal insulin dosage for them.

That is just one example out of many, but it aptly illustrates the fact that health care is in a constant state of improvement thanks to technology. The latter accounts for much of the former’s growth, but there are more things to consider when discussing the state of health care today.

To learn more about the health-care industry, this excellent infographic, created by the experts at PolicyAdvice, will help. I have been extensively writing on Healthcare & Technology over the past couple of years and you can refer this rich content here.

Considering that health care is a very broad topic, such an infographic, and the content will provide you with straightforward information. It may not be lengthy, but it will definitely offer more insight into the subject of health care. As a visual learning piece, the graphs can store much more information in a significantly smaller format. Not only that, but its deft visual designs makes it easy for you to absorb the necessary content. 

So feel free to take a look at what makes today’s health-care industry exciting!!

Products-People-Digital Equilibrium

With Prof. Michael Porter

With Dr. Michael Porter

I am writing this blog post to bring out the essence of our discussions that occurred during the”FT-PTC Future of Industrial Innovation Global Series” organized in New York yesterday. Manufacturing industry thinktank and senior leadership personas have come together to exchange ideas on how manufacturers are adopting new-age technologies to compete.

A joint keynote address from Dr. Michael Porter and James Heppelmann (Jim), CEO of PTC, was an excellent “confluence of thought” that brought together strategic mindset and technology acumen.

While the siloed productivity of human and machine/product has been evolving over decades, the Digital technologies are offering capabilities that can enable progress to the global optima and excellence creating Human-Machine/Products-Digital Advantage. Machine and Products are interchangeably used from now on in the context of manufacturing.  The connection between Products/Machine and Digital (Cloud, Digital Twin, etc.) has been established for some time. This connection enables sensing of a product’s data by digital technologies (edge/embedded) or digital controlling through the optimization of products/machines. But there is a lag between the human-machine and the human-digital connection compared to the digital-machine connection. This lag is causing the “discontinuity” of humans in human-machine-digital ecosystems.

Prof. Porter elaborated on the manufacturing evolution to date as shown below. His vision of the next phase in the evolution is “Smart Connected People”. He emphasized that this phenomenon is happening now with progress from connected products (IIoT) to Smart Connected People with the advent of Augmented Reality (AR) on occasions combined with Virtual Reality (VR) and Xtreme Reality (XR).

ft-ptc1

Today’s interfaces separate the physical and digital worlds. A prime example being the GPS system in the car. The 2D display on the GPS shows directions, but human cognizance has to take that input, process it, and finally execute it. This 2D to the 3D gap is what Dr. Porter referred to as “Cognitive Distance” which results in “Cognitive Load”. Imagine a “Heads Up” display leveraging AR that minimizes and eliminates the cognitive distance and cognitive load. AR narrows the cognitive distance by integrating the Digital world into the Physical world, seamlessly.

Digital transformation is leapfrogging the industrial and manufacturing progress continuum from Monitor -> Control -> Optimize to “Autonomy”. AR technology is uplifting the human connection by enabling visualization and collecting the instruction to pass on to the machine. Technologies like computer vision are promoting the human-machine interaction such that the embedded software & systems are allowing humans to diagnose the inner workings of products which were an earlier limitation. In scenarios where AR gets dangerous, VR can fill the gap with simulations and move forward. Thus, the Human-Machine-Digital equilibrium is being established to drive the next-level of industrial innovation.

ft-ptc2

Prof. Porter’s strategic foresight was well complemented by Jim’s real-world technology development and use cases. New-age digital technologies are expanding industry boundaries through precision agriculture and smart city solutions. In the past, products progressed to smart products and then became connected smart products but the present and future of industrial evolution revolve around “product System” and “System of Systems”. All-in-all it was great mindshare on today’s manufacturing excellence. I am parking the detailed description of use cases to my next blog post.

P4 I summarize this post with two important closing thoughts from Dr. Porter and Jim.

  1. AR enables People as IoT enables Assets/Products
    • Enabling more effective training and guidance to address the shortage of skilled front-line workers
    • Enhancing worker productivity through better collaboration with machines
    • Counterbalancing the shift to automation by empowering human workers
  2. Both IoT and AR combined to change the competitive environment, requiring new strategic choices and organizational models. For example,
    • Technology development: internal or outsource?
    • Disintermediate distribution or service channels?
    • change the business model?

In the end, I interacted with Prof. Porter to reflect on the discussions of the day and sought his expert comments on the man-machine inflection point. Here is the gist of my discussion. Over the past decades, the industry experienced a gradual reduction in annual work hours, resulting in the gradual improvement of productivity and output. One key attribute of productivity is man-machine collaboration. With digital technologies, the man-machine inflection further uplifted the productivity to 2X, 4X and in the panel discussion yesterday, one company executive was mentioning about 9X productivity gains. In view of this, my questions were,

  • Where does the productivity multiplication (constant uplift of human-machine combined productivity/inflection point) lead next?
  • In the near future, is it going to be survival of the fittest between a human vs machine as the trend line of annual working hours continue to decline?
  • In the long term, would machine constantly chase & replace the humans or the cognitive distance prevail in the foreseen future?

I will follow up with Dr. Porter on this and share further learnings. Stay tuned!!