The enormous revenue opportunities from the recent success of GLP-1 drugs are not just for pharmaceutical companies. Is your healthcare organization ready to capture the patient care opportunities arising from GLP-1 drug innovation?
Revolutionizing healthcare with breakthrough advances in diabetes and obesity treatment
A new category of diabetes, weight loss, and obesity drugs called GLP-1 is predicted to be a game-changing innovation in health management for people with some chronic diseases. These drugs have had great success in treating target diseases such as diabetes and obesity, and patient adoption continues to increase. 42n.d. At JPMorgan’s annual healthcare conference in San Francisco this month, there was a lot of coverage on this topic and the group of pharmaceutical companies that are at the center of an unprecedented movement to reduce the nation’s health problems related to diabetes and weight. Ta. Drugs like Wegovy, Mounjaro, and Ozempic are currently in the highest demand and as adoption and approval for use accelerate, many patients are struggling to find supplies. But innovation in the pharmaceutical sector can create opportunities in other areas as well, and this company is already doing just that for hospitals, clinics, and ACOs in the healthcare industry.
Analysts predict significant growth
Chris Schott, JPMorgan’s senior analyst covering U.S. diversified biopharmaceuticals, said the revenue opportunity for the pharmaceutical sector could reach $100 billion as we approach 2030, more than the pharmaceutical sector has ever seen. It is predicted that this will become the largest therapeutic drug market in the world. He further predicts that GLP-1 production capacity will double in 2024 and further increase by 50% in 2025, reducing bottlenecks from a capacity perspective. (1)
Lisa Gill, JPMorgan’s senior analyst covering healthcare services, said the focus is on policies surrounding the coverage of these drugs. These are not currently covered by Medicaid or Medicare, so if this changes, sales volumes could be further impacted. (2)
Seize the opportunity with GLP-1
So what does this mean for healthcare provider organizations? This is where accelerating the digital transformation of healthcare becomes important. The opportunity for healthcare providers to recognize the significant increase in the volume of patients seeking primary care services to authorize, prescribe, and manage the use of these treatments is significant. These GLP-1 patients need to be evaluated and monitored throughout their use of these drugs, and current staffing levels within the U.S. health care system are such that patients have to wait for late appointments, or for scheduling appointments. It is already strained as we face long wait times and continued challenges in daily reporting. You can enter important information into your electronic health record without an in-person visit. In addition to tracking vitals, these patients are ideally monitored for lifestyle factors such as sleep, exercise, diet, mental health, and overall health. They benefit from coaching to keep them on track with the lifestyle changes that come with a successful program.
Maximize patient engagement for financial growth and innovation
Providers that invest in digital-first engagement technologies, such as messaging, chat, bots, voice, and efficient patient orchestration processes using integrated contact centers, are best positioned to serve the high volume of patients seeking care. You will be able to reap the economic benefits of engagement and services. These patient needs.
Healthcare providers are overwhelmingly facing financial challenges due to a decline in billable visits and procedures during the coronavirus era, and are looking for ways to expand into new types of care and new sources of patient supply. There is. The innovation and success of drugs in the GLP-1 category could represent an opportunity to both deliver and accelerate new care models, digital workflow redesign, and remote patient monitoring. Providers must assess the readiness of their infrastructure for some of these new engagement models and quickly deploy technology to capture this new business opportunity. The good news is that Cisco healthcare teams are already deploying next-generation collaboration systems to hospital systems, including messaging, video conferencing, virtual care, and devices interoperable with other collaboration systems to affordably replace existing We help make systems and processes easier to use.
Experts predict further innovation in the drug pipeline will also bring significant benefits to other disease types. Is your hospital system ready for a digital health infrastructure that seamlessly engages patients, extends valuable clinical resources, and operates securely? The time to start is now!
References:
1). Key opportunity spaces for the pharmaceutical sector in 2024
2). Key themes shaping medical services in 2024
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