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Clinical research partnerships bolster healthcare to novel strategies to increase investment returns: Dr Shrutin Ulman

Nandita Vijay, Bengaluru
Saturday, August 14, 2021, 08:00 Hrs  [IST]

Clinical research partnerships help healthcare companies to access to new strategies to increase their investment returns. It enables a shift from transactional business to shared accountability models, where the quality, efficiency and costs are shared with providers to create value for patients, said Dr Shrutin Ulman, head clinical research board, Philips APAC.

To identify the true value in the new healthcare economy, transactional business models must evolve wherein both the provider and the vendor embrace a shared definition of success and apply the full force of their combined talents to achieve it.

Partnerships often provide leadership perspectives and domain expertise to co-create bold solutions that would not be feasible under traditional model. Novel partnerships can help address long-standing challenges such as physician burnout, accessing and deploying health data effectively, and addressing social determinants of health, he added.

Furthermore, such partnerships provide access to additional markets that may have synergies with one of the partners and can help unlock access to new strategies to leverage data through tools such as clinical informatics, patient monitoring and population health programs. Hospitals can bring in the visibility through advanced data and analytics with the help of medical equipment. Co-creators can utilize open, cloud-based platform of services, capabilities, and tools to support next-gen innovations, said Dr Ulman.

Over the years, healthcare needs have evolved significantly. From the change in lifestyle, food habits, climate change to a change in demographic profiles globally. Addressing such complex needs require a holistic and innovative approach to ensure that the solution is not only deployable at scale but also affordable, and accessible by all kinds of people for their wide-ranging medical needs.

As healthcare needs become complex and diversified, leveraging such partnerships allows solutions and services to be designed and implemented in a manner that are acceptable and affordable to both medical fraternity and the consumers.

Many traditional approaches adopted by healthcare partners earlier to plan, deploy, fund, and manage their technology resources are inadequate to address current healthcare gaps and challenges. In order to adapt to new value-based models, co-creators must focus on creating value for patients and collaborating with the right strategic partners who have an understanding of how health systems operate.

In healthcare, the best solutions are the ones that we arrive at together. An innovative partnership model involves design, strategy, planning and clinical experts draw up an integrated framework to share accountability, manage complexity, reduce costs and promote innovation. In strength, one can create sustained but life-changing value for the medical community and patients alike, said Dr Ulman.

The pandemic has demonstrated how healthcare providers can rapidly expand their capacity and respond well to adopting flexible approaches in times of crisis. It has accelerated digital transformation in healthcare and is undergoing a transformational change with democratization of healthcare facilitated by the rapid growth of healthcare digital platforms and the Internet of Medical Things (IoMT).

Healthcare delivery in the Covid-19 era has shifted from a physical visit to a healthcare provider to a virtual teleconsulting framework. The improvement of delivery via telehealth initiatives has also been complemented by initiatives of changing workflows to focus more on vital signs monitoring in hitherto unconventional settings like the home.

Traditional healthcare is changing, and it is not about how one organization innovates but how such novel partnerships can help create meaningful solutions together, said Dr Ulman.

 

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