“The only way we can do that is by enabling them to have technology at their fingertips, have access to their own healthcare data like personal health records, and let them actually cultivate it and try to push for preventive as opposed to reactive care.” Explained Mr. Al-Siddiq.
New technology allows patients to do exactly that. Personalization of care management by providing higher access to patient data is possible due to tech that is based on big data including cloud computing, mobile applications, and real-time analytics of constantly generated data.
“Because as you get more and more data on a patient or an individual, you’ll be able to personalize it better. In order to have personalization you need a lot of data. You get better and better with data over time because you have so much data on the individual.” Mr. Al-Siddiq added.
Funding to the medical device sector has been quite steady at $3.3B or more over the last four years and it includes several segments, including cardiology, surgery, diagnostics, and opthamology. Key players and investors in this field believe that the future of medical device will be built data gathering, connectivity, personalized care, and wearable portable devices.
Miles White, CEO, Abbott Laboratories (NYSE: ABT), thinks highly on the development of not only more precise diagnostics, but portable “point-of-care” (POC) diagnostics, and the gain in momentum in the industry. “Demand for point-of-care testing is accelerating as health-care providers and consumers look for better ways to get fast, accurate, and actionable information.” Miles White said in a statement.