Last week, our life sciences and healthcare solution practice was officially recognized as a Life Sciences Competency Partner by Amazon Web Services. We share this recognition with the seven original systems integration partners, announced with the launch of the program in October 2014. However, the small size of this expert group is not reflective of the amount of innovation in the health sector, but rather the complexity of issues subject matter expertise relevant for success with cloud infrastructure in this area.Indeed, digital health solutions, genomic medicine and modernizing traditional healthcare are areas that are at an inflection point from a variety of political, technical, legal/compliance and policy, and consumer-driven pressures. The sector is gaining significant attention from investors fuelling potential solutions to a variety of challenges, and spurring rapid rates of growth and change.
New business models and new innovations are pushing the boundaries of traditional life sciences and digital health, the convergence of the digital and genetics revolutions with health and healthcare, is transforming the way consumers and patients manage their health, prevent disease, and obtain healthcare services. This transformative thinking requires a new approach to infrastructure.
Juniper Research predicts that connected healthcare and fitness device services will produce $1.8 billion in annual revenues by 2019. According to Juniper’s new report, this is a sixfold increase from 2015, which has predicted revenues of $320 million. This area, driven by pressure from consumers, is just one example of where infrastructure is providing business advantage. The ability to rapidly scale a business while maintaining customer satisfaction is most efficiently managed using cloud-based infrastructure.
Pay-as-you-go usage and reduced CAPEX expenses are welcome reliefs for startups as well as larger, budget-conscious organizations. With an estimated $1B required to bring a new drug to market, pharmaceutical companies are embracing cost-savings and efficiencies from automation, zero-administration and self-healing environments that keep human resource investments at a minimum. At the heart of many of these businesses is software and they require efficient infrastructure to support frequent, rapid and high quality software and web services releases. Re-allocating focus from system administration toward innovation, quality and customer satisfaction is one of the strategic objectives of moving to the cloud.
Research, translational medicine and personalized or precision medicine using genomic sequencing is another area where innovators are building businesses that were previously not commercially viable. These new solutions have the potential to rewire the landscape of healthcare. A computationally intensive science, using cloud infrastructure strategically can help secure, speed, collect, analyze and automate research. Businesses are now solving some of the most difficult health problems and placing personalized medicine within reach of the average consumer.
R&D and delivery often take center-stage, but operations are a core business function that cannot be underestimated. Traditional healthcare and pharmaceutical businesses are taking steps toward cloud-based operations and these larger, more established organizations often have the complex task of moving existing workloads to the cloud and maintaining their HIPAA compliance standards in the face of changing processes. HIPAA compliance audits are expected to continue in 2015, providing hefty fines for organizations that cannot meet the bar for privacy and security and are never far from administrator’s minds as they consider public cloud infrastructure.
None of these undertakings are easy tasks. But the aim for cloud infrastructure ultimately should be to provide a self-service environment that enables IT to become a strategic department, enabling business efficiency and individual productivity instead of simply managing the system.
In our business at Flux7, the past six months has seen a rapid increase in the desire and urgency around cloud projects in many industries and life sciences is no exception. Cloud infrastructure for healthcare and life sciences organizations carries unique complexities, and this is why we are honored to be among the few recognized AWS Life Sciences Competency partners currently listed.
Read the press release here.
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