The use of cloud-based applications, embedded analytics and integrated systems is cutting costs and improving patient outcomes, according to a new report.
The IMS Institute for Healthcare Informatics also found life sciences companies are ‘aggressively embracing’ new technology-driven approaches.
This technology wave has the potential to drive transformational change over the next three years in overall healthcare system efficiency and the effectiveness of treatments, said the organisation.
The study, Riding the Information Technology Wave in Life Sciences: Priorities, Pitfalls and Promise, found life sciences companies shifting their technology-based approaches to align cross-functional activities, optimise their organisations and improve the effectiveness and agility of commercial teams.
The study asked decision makers in IT, marketing, sales, operations and management from 70 life sciences organisations about their current and planned use of new IT solutions and among its conclusions were that new investment is focusing on enabling greater patient engagement.
Overall, respondents expect continued cost reductions across the industry, and 40 per cent pointed to planned cuts of more than 10 per cent over the next three years. In addition, 74 per cent of participants want greater value from healthcare information such as electronic medical records (EMR) and other real-world data.
