The healthcare industry has evolved considerably in all things digital, creating vital offerings that allow consumers to take charge of their health with maximum convenience and ease. So, what’s next for digital commerce in the health sector?
While patient care is the primary mission of every health and life sciences organization, buying and selling healthcare products and services is at the very heart of this industry. From digital therapeutics to remote patient monitoring and online pharmacies popping up across the globe, digital adoption in the sector continues to rise.
What’s fuelling this rapid growth? A significant factor is the increased spending on personal care and wellness, driven by the growing availability of products and services that empower consumers to manage their health. This shift toward consumerism, coupled with higher expectations for seamless online shopping experiences from both consumers and B2B buyers, is now having a major impact on the healthcare market. In fact, a survey by McKinsey revealed that 90% of healthcare provider executives and 100% of chief marketing officers identified “healthcare consumerism” as a top priority for their companies.
With an increasingly evident consumer-centric focus, the healthcare industry is digitizing faster than ever, with digital therapeutics, remote patient monitoring and online pharmacies popping up across the globe.
That said, let’s make sense of the latest advancements in digital adoption with the four megatrends shaping the future of healthcare commerce.
1. Consumers take charge of their health and wellness with technology
With healthcare providers and public health programs under strain in North America, Europe and beyond, consumers spend more on out-of-pocket expenses and preventive care, driving growth in made-at-home diagnostic kits, biomonitoring and wearables, femtech, healthy aging and behavioral medicine.
More consumer-centric solutions are expected to hit the market to fulfill unmet needs, with a record number of providers embracing D2C sales, a trend that sees no signs of slowing down. As a matter of fact, 58% of US consumers prioritize their health and wellness more in 2024 than the previous year.
Consumers are more likely today to embrace digital tools to consult with doctors and monitor their own health. The rise of telemedicine to eliminate nonessential doctor visits, especially in rural areas or where transportation is difficult, not only democratizes access to healthcare but also opens up opportunities for new ways to monitor chronic diseases remotely, refill prescriptions and order medical devices.
2. Systems data interoperability for automation, personalization and more
For decades, patient data has been trapped in siloed systems that don’t speak to each other, requiring physicians and caregivers to search through multiple sources to piece together a complete picture of a patient’s health. This lack of data interoperability slows down caregivers and hinders their ability to provide the best possible care.
In an ideal world, data interoperability would allow a seamless transfer of medical and health-related records between various care systems and providers, improving the patient experience with streamlined care coordination, reducing the risk of errors and providing personalized care. For instance, 95% of physicians working at organizations with data interoperability measures believe it has helped them provide higher-quality patient care.
Data interoperability plays a key role in automation and personalization, as well as in streamlining operations by leveraging the latest technologies — artificial intelligence, the Internet of Things (IoT), integrated EHRs, etc. — for predictive maintenance on medical devices as well as utilizing data from medical device usage for patient health monitoring.
The good news is that the healthcare industry is taking steps to address the challenge posed by data interoperability. Moving forward, Gartner HCLS Total Experience report noted that, “Interoperability is foundational in HCLS TX [Total Experience], to access data and position data to refine the experience, and we have observed accelerated investment worldwide.”
A great example of how data interoperability is evolving is how Google Cloud is finding new ways to make healthcare data interoperable. With a Healthcare Data Engine, a solution that helps organizations harmonize disparate healthcare datasets with pre-configured data maps and pipelines, healthcare professionals can make more sense of their data and access a comprehensive, unified view of information.
3. Advancements in eCommerce for B2B, B2C and everything in between
The advancements in health technology that are still taking shape today, from mobile health apps and digital therapeutics to telemedicine, are made available to increasingly health-aware consumers through the scale of digital commerce.
For instance, leading marketplaces such as Amazon and Alibaba have wasted no time pouncing on the increasingly large digital healthcare market. Costco announced a partnership with Sesame, a healthcare marketplace that provides a subscription model for virtual primary care, online mental health counseling visits and health checkups in the US. Such partnerships showcase the growing potential of digital commerce in healthcare. Meanwhile, Amazon continues to build an ecosystem of primary care, pharmacy distribution and consumer wellness tools.
There’s no denying that, by enabling customers to find, purchase and engage with businesses online, a wide range of providers — insurance companies, medical device manufacturers, pharmaceuticals, hospitals and care facilities — are better able to deliver improved patient experiences. With data interoperability enhanced over time, creating truly exceptional digital buying journeys for patients as well as B2B buyers isn’t a distant reality any longer.
4. Investments in data security and health-specific compliance measures
The immense potential that digital commerce brings needs to be balanced with investments in security for sensitive data. According to Forrester, cyber attacks will continue to increase and impact patient safety, which can put digital transformation projects at risk.
The consulting firm EY states that regulated health companies selling online must invest in cybersecurity measures to stay protected, with safeguarding PHI as a cornerstone of digital commerce. “One of the main reasons health care companies haven’t ventured further into this space is because without the right platform or services, doing so creates significant risks,” the report acknowledges.
Digitizing commerce for businesses that must process sensitive data for health transactions, such as prescription medications and eyecare, must leverage commerce solutions that come with built-in security and protection, including HIPAA compliance for the US and HDS certification for France. This way, health organizations can truly capitalize on digital opportunities with confidence.
A clean slate for your digital commerce, starting now
More than ever, a consumer-led approach is gaining momentum, with patients taking the reins of their health and B2B buyers expecting an ease of doing business powered by digital technologies.
Whether your customer is a patient or a procurement manager representing a hospital, delivering an exceptional experience that prioritizes convenience, information transparency, ease of doing business and personalization is now essential.
Your business can open a world of digital possibilities powered by commercetools for Healthcare, a solution that enables healthcare organizations to digitize their commerce operations with exceptional flexibility while maintaining regulatory compliance and ensuring the security for sensitive and protected health data at scale.
Turn trends into opportunities! Download our new white paper, The Digital Pulse for the Healthcare, MedTech and Life Sciences Industry in collaboration with Google Cloud, and get in-depth insights for your healthcare digital commerce strategy.
Manuela Marques Tchoe is a Content Writer at commercetools. She was a Content and Product Marketing Director at conversational commerce provider tyntec. She has written content in partnership with Facebook, Rakuten Viber and other social media platforms.