Tech is enabling incredible advancements in the Healthcare and Life Science sectors, but these opportunities also bring new risks and exposures for patients, and the physicians and organisations that support the sector.
An ageing population & increasing life expectancy, a rise in cardiovascular disease, cancer and respiratory illness, and sedentary life styles means the global spend on healthcare is expected to reach $8.7 Trillion in the coming years.
So, how does the healthcare sector respond to these challenges and rising costs?
Technology is the great disruptor
Technology is seen as the solution for healthcare organisations, thanks to its ability to cut costs, streamline existing or new processes & operations and innovate in ways we didn’t think were possible just a few years ago, such as digital health, wearable devices, DNA & genomics.
But tech advancements bring new risks; risks that we still need to understand:
- Remote Medicine & Digital Health:
The remote diagnosis and treatment of patients across regions, countries and even continents has massive benefits for patient care; it increases access to isolated, rural or vulnerable populations, and help reduces costs, like missed appointments and also fixed overheads. But consider the risks it brings. What impact does it have on informed consent? Does simply clicking OK on a webpage full of text ensure true understanding for the patient?
Next, consider the quality of the patient care and also the accuracy of the diagnosis when the physician may not have access to patient medical records and isn’t actually face-to-face to read all the verbal and non-verbal signs. Finally, how are local regulations enforced when advice or treatment is given across borders – is the treatment or physician licensed in the country of residence of the patient?
Mapping a person’s DNA helps personalise patient care, and can result in the early identification of genetic diseases. However this revolution in diagnostics brings significant new exposures and liability issues. Patients must now make a decision on what may, or may not happen in the future, based on genetic profile. Knowing about a potential genetic disease and the preventative operations, such as prostate or breast removal, could impact social relationships, employment status, insurance & lending arrangements. Businesses must consider how this sensitive data is stored and used.
- Where’s the data and is it protected?
With an increase of cloud computing and AI, data on human health can now be captured and analysed at an unprecedented level and scale. This level of analysis will continue to increase as more businesses move to cloud based solutions and the Internet of Things expands.
Data privacy and storage is rightly under the microscope due several recent high profile cases of data misuse. In response, Healthcare organisations, apps and developers now have the additional role of data guardian and must work hard to build trust and retain transparency if they want to collect, use and store data. If patients refuse to share their data, then the insight, innovation and development that stems from patient data analysis will simply grind to a halt.
On top of all of this, cyber breaches have doubled in the last five years. The NHS was a victim of the 2017 WannaCry virus which cancelled appointments and operations, and fuelling distrust. The heightened regulatory environment (like GDPR) also increases responsibility and liability at board level to ensure patient data is collected, stored and protected correctly.
Summary:
The impact of technology is sweeping across all businesses. The insurance industry along with risk management, legal team, brokers and the clients themselves must intertwine and build a common culture of togetherness in order to better understand these rapidly evolving risks and create products and services to support these businesses.
David Legassick, Head of Life Science, Tech & Cyber
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