Trends & Current Innovations

N Chandramouli, CEO, TRA ResearchA part of the Comniscient Group, TRA Research is a Brand Intelligence & Data Insights company offering competitive intelligence reports mined from more than 15 million data-points to assist brands make better & informed decisions.

On the current scenario, the only aspect in discussion is the global crisis of Covid19; so I will focus on the trends and current innovations with regards to the epidemic. In more than one way, the world economic and health order has changed after the rise of the pandemic. While there have been pandemics before, the ease and frequency of modern day travel has made this a catastrophe of unprecedented proportions. Never before has the world seen such a common enemy, and never before has the world come together as one to fight any adversary.

This is not just a battle for the health and safety of mankind, but it is also a parallel social and economic pandemic that will be equally debilitating. However, what is heartening to see is that the race to find solutions for various problems arising out of these complex malaises is also as unprecedented. Some of the current trends and innovations are discussed below, keeping the Covid challenges in mind.

1. Healthcare: The coronavirus issue has inundated the healthcare system, and hospitals are overflowing. While patients with symptoms similar to that of the disease are unable to go to doctors and hospitals, other health conditions that need medical attention are also left unattended. This has led to a surge in technology adoption in healthcare, with healthtech companies filling a huge void. This is the trend globally as well as in India, where health-tech companies, the likes of Practo becoming the alternative to the existing healthcare system.

2. Health Data: When the globe is in a lockdown, with everyone incarcerated in their homes, health data and its analysis has become of prime importance to get authentic
information to the people at large. Collaborative health analytics is likely to also see a dramatic improvement from the experiences of global collaboration of data on Covid19.

3. Big Data: Big data usage in healthcare will also go through an orbital shift, and there may be global collaborations to monitor and predict health pandemics. It would be the need of the hour that global patient data is analyzed on a central level to predict disease outcomes and possible interventions. Currently, there is more Big Data analytics about the weather than there is about global health.

4. Artificial Intelligence: We will see a rise in the adoption of AI in health outcome predictions using common data available from the Big Data. Doctors will no longer only depend on their own experience and expertise, but instead consult AI based models before prescribing interventions.

It would be the need of the hour that global patient data is analyzed on a central level to predict disease outcomes and possible interventions

5. Global Pandemic Fund: I would ideally expect the response of Covid to create a global pandemic fund, which releases funding at a global level to prevent similar future outbreaks. This global pandemic fund should also be the central monitoring agency for the Big Data analysis.

6. Speed of Drug/Vaccine Approvals: The speed of drug/vaccine to market, while still keeping patient safety paramount, is likely to go through an overhaul. The long process of safety trials will improve to ensure quicker, yet safer, drugs that will reach patients. Also, technologies for creation of vaccines will improve dramatically, and solutions will be expected in months rather than years.

7. Logistics: As we experiment with human-less, contactless and smart deliveries due to the health crisis which has arisen, there has been a global endeavour to bring quick technologies and solutions to meet the current problem due to the urgent nature of it. Several of them have also seen tremendous success, and as this problem subsides, we will see these logistics technologies sharpen and also become better accepted.

8. Health Budgets Rise: All countries will increase their health spends to significant levels, as the Covid issue has blown holes in even the countries with the most advanced healthcare. This crisis has stretched the system at its seams and all the cracks are glaringly visible. Spends will be directed to healthcare, emergency healthcare and R&D to help them become more robust.

These are the eight big trends and innovations that can be expected as a result of the world’s fight against the coronavirus. However, the problem is still in its infancy, and maybe with the changes and innovations, the world may not have to face such a pandemic ever again.