How does GLP-1 Drug Success Change Healthcare Income-Well Your Organization Is Ready?
The huge revenue opportunities brought by recent success of GLP-1 drugs are not only pharmaceutical companies. Is your healthcare organization ready to draw patient care opportunities from GLP-1 drug innovation?
Breakthrough innovation in healthcare treatment in diabetes and obesity
New categories of diabetes, weight loss and obesity medications are expected to be considered a game-changing innovation in population health management for certain chronic disease types. These drugs have shown great success in treating their target diseases of diabetes and obesity, and the adoption of patients continues to grow. 42ND The topic was heavily covered at the annual JP Morgan Healthcare conference in San Francisco this month, and at the heart of this unparalleled exercise to reduce the population health problems around diabetes and weight. Drugs such as Wegovy, Mounjaro and Ozempic are currently in the highest demand, and many patients have difficulty finding supplies due to adoption and approval. But Pharma’s innovation can create opportunities in other areas, which is already done for hospitals, clinics and ACOs in the healthcare industry.
Analysts forecast large-scale growth
Chris Schott, JP Morgan Sr. analysts cover the U.S.’s diversified biopharmaceuticals said revenue opportunities in the drug sector could be close to $100B of 2030, which would make it the largest therapeutic market they have ever seen. He further predicts that GLP-1 will double in 2024 and increase by 50% in 2025, thereby alleviating bottlenecks from a capacity perspective. (1)
JP Morgan Sr. Lisa Gill reported on health care services analysts, said the things that were watching were policies surrounding these drug coverage. They are not currently covered by Medicaid or Medicare, and if such changes occur, they may further affect the amount. (2)
Seize the opportunity of GLP-1
So, what does this mean for healthcare provider organizations? This is where the digital transformation of healthcare is accelerated into the equation. For providers, this opportunity is enormous, and a massive increase in patients seeking primary care services can be achieved to authorize, prescribe and manage the use of these medical treatments. These GLP-1 patients need to be evaluated and monitored during the use of these drugs, and the current staffing levels within the U.S. healthcare system are already tight, patients suffer from delays in appointments, longer waiting times for appointments, and ongoing challenges when reporting the daily health of electronic health to electronic health records without in-person visits. In addition to tracking health, these patients can also be monitored based on lifestyles such as sleep, exercise, diet, mental health, and overall health. They benefit from coaching to help them step into lifestyle changes in successful programs.
Maximize patient participation in financial growth and innovation
Providers who invest in digital-first engagement technologies, such as using integrated contact center messaging, chat, bots, voice and effective patient orchestration processes, can best handle patients seeking care and see the financial benefits of participating and meeting these patient needs.
The overwhelming financial challenges healthcare providers face in billable access and procedures have been exploring ways to expand to new care and new patient sources. Innovation and success in the GLP-1 drug category may be one of the opportunities that it offers and drives to accelerate new care models, digital workflow redesigns and remote patient monitoring. Providers will need to evaluate their infrastructure’s preparation for some of these new engagement models and quickly deploy technology to capture this new business opportunity. The good news is that Cisco’s healthcare team is already helping hospital systems deploy next-generation collaboration systems, including messaging, video conferencing, virtual care, and devices interoperable with other collaboration systems to enable affordability and ease of use with existing systems and processes.
Experts predict that more innovations in the drug pipeline will also bring huge benefits to other disease types. Is your hospital system ready to use digital health infrastructure to seamlessly attract patients, expand your valuable clinical resources and ensure operations? Now is the time to start!
refer to:
1). Key Opportunity Space in Pharmaceuticals in 2024
2). Main themes shape healthcare services in 2024
share:
