healthcare and life sciences

Reasons why the Healthcare & Life Sciences sector is stronger than ever

Why does the healthcare & life sciences sector is stronger than ever? When governments worldwide began to tighten their belts two years ago, mired in lockdown with precedents, life sciences businesses might have chosen to reduce their risk, cut down on investments, and ride out the storm. Instead, they sailed right into the hurricane’s eye. Rather than cutting down, several of them increased their efforts in research and development to enhance both science and technology.

To know more about the Internet of Medical Things and other advances in the healthcare and life sciences industry, you can visit The Internet of Medical Things: The Healthcare Revolution.

The findings made by FTI Consulting suggest new advances for the healthcare and life sciences sector, building on the momentum from the previous year and looking ahead to 2022. The worldwide Life Science and Chemical Instrumentation market is expected to be worth USD 43,080 million by 2026, up from USD 40,760 million in 2020, at a CAGR of 5.3% between 2021 and 2026. And the worldwide biotechnology industry was predicted to be worth $449 billion in 2019 and is anticipated to be worth $727.1 billion by 2025. Not only do the numbers represent an increase in revenue (and, by default, investment) in the sector, but also the federal government aided in the reduction of regulatory hurdles and invested billions of dollars in R&D.

With all these in mind, the future of the Healthcare & Life Sciences sector stands in:

Paying attention to scientific breakthroughs that are likely to continue. For instance, if you are an investor or a former company leader, you might like to review the former healthcare logistics and know-how of today and the road life sciences organizations will be taking soon. Companies in the life sciences, for example, have totally altered the way vaccines are created. The speed with which the vaccinations were developed, authorized, and distributed has been nothing short of astounding. In addition, manufacturing, testing, logistics, digital supply chains, and virtual clinical trials have also experienced considerable developments.

You also will have to realize that companies will likely have access to a more diverse and varied talent pool. Over the last few months, many of us have become acclimated to working from home. While the pandemic altered how we worked, it also spurred many health sciences firms to reconsider their strategy for attracting and retaining talent. Geography is no longer an impediment to attracting the finest and brightest. Even if it is challenging, the capacity to conduct a task online might help corporations balance their access to talent and science. This is a neutralizing factor that may assist put all organizations on an equal footing in terms of finding the proper personnel for every element of their business.

Finally, have present that AI has come to stay. AI is now beginning to be integrated into the company mix and transitioning from experimentation and pilots to complete integration—from R&D to accounts payable. To yet, firms have not seen a return on investment from AI that is commensurate with the hype. However, life sciences organizations will not realize the full potential of AI until it is integrated into an enterprise-wide strategy. Every time a process is digitized, there is a potential to acquire new information and increase efficiency by incorporating some amount of artificial intelligence and data science. COVID-19 has hastened the acceptance of this potential, which has been building for some years.

IoMT technology

How to secure the IoMT?

The IoMT security is of extreme relevance when it comes to the Healthcare and life sciences industry.

According to HealthITSecurity, 34% of healthcare organizations globally reported being hit by IoT ransomware through November 2020, and the sector has seen a 45% increase since then. Also, according to the IoT Security Report 2021, 71% of IT decision-makers in the survey consider the IoT “not very secure”. In these circumstances is relevant to say that for small vulnerabilities there are big consequences. A single exposure in an IoT device can have far-reaching consequences: Attackers can exploit the flaw to access the company’s system from where they can temporarily or permanently shut down the entire network. However, cybercriminals frequently seek to collect ransom money with this, as was the case at the University Hospital in Düsseldorf in the fall of 2020.

For avoiding such increasing attacks on your business, you can take into consideration the following factors to secure the IoMT:

First, you need a wholly profiled, dynamically risk-scored inventory of all managed and uncontrolled endpoints. Clearly, visibility entails tracking each device’s security posture, network status, location, and device consumption. On a per-asset basis, this may imply as many as 100 unique and generic identities, supplemented by photos, maps, Manufacturer Disclosure Statements for Medical Device Security (MDS2s), and other specialized descriptions. Because detecting unlawful asset activity requires extensive knowledge of allowed behavior, each device type’s operational needs and processes must be factored into profile information. This is what comprehensive visibility entails.

To know more about the cybersecurity of medical devices, go visit IoMT and Medical Device Cybersecurity

Afterward, make the relevant cuts of the right data instantly available to the suitable systems and workflows is referred to as data orchestration. There needs to be this orchestrated visibility to make the underlying processes continuous. This way, departments can share the same information referenced by cross-functional workflows, and the outcomes can be synchronized.

 The next step is considering endpoint detection and response (EDR). Connected health demands security policies that adapt to care delivery, regardless of location, rather than the other way around. Security must facilitate rather than limit. CrowdStrike has spent the previous decade building EDR capabilities by providing network visibility and telemetry from all workloads. Combining this data with network and endpoint information enables users to determine which information is critical, when it is critical, and where it is vital. CrowdStrike’s 2021 Global Threat Report review of Common Vulnerabilities and Exposures (CVEs) (https://www.crowdstrike.com/resources/reports/global-threat-report-latam/) affecting IoT devices in the healthcare business identifies the following CVEs as the most serious: BlueKeep, DejaBlue, Netlogon.

Another factor for making sure you are securing your IoMT is data-in-transit encryption. The IoMT sends electronic protected health information (ePHI) to a linked application. A linked insulin pump, for example, sends data to the app, allowing the patient and clinician to keep track of glucose levels. The application, however, is connected to the public internet.

At the network level, data-in-transit encryption decreases the effect of eavesdropping and man-in-the-middle attacks. Without the necessary decryption technology, encryption scrambles data, rendering it unintelligible. Even if bad actors gained access to the network, they would not be able to access the data. 

By addressing these long-standing data gaps and incorporating capabilities that directly deal with the realities of current threats, the performance of existing infrastructure may be greatly enhanced. However, to the IoMT extent, there are several areas of risk regarding security; therefore, health delivery organizations must find ways to control damage and rationalize recovery costs. 

About ITJ

ITJ is a trusted partner in building the finest software engineering teams in the Americas. For more information, visit www.itj.com.

New CoE in Tijuana

A new Software Center of Excellence settles in Tijuana, Mexico

Tijuana is once again honored with opening a new Center of Excellence in Tijuana’s bustling Zona Río. The new facilities that will welcome a market-leading medical device organization that focuses on the continuous development of its IoMT mobile and cloud-based software platform for insulin delivery and monitoring offer an energizing collaborative workspace filled with local flare. The space is equipped to host 140 full-time staff members with another 100 co-working stations for visitors and our growing hybrid team located across Mexico.

In recent years, San Diego and Tijuana have been in the eye of innovation and technological forecasters, including the Montreal-based World Design Organization. Recently the region has been chosen as the World Design Capital for 2024, beating Moscow. The award recognizes the region’s leadership in design across economic, technological, and cultural sectors. Two countries mean more room to grow and prosper. 

For companies creating revolutionary IoMT smart medical processes and devices, Tijuana has become a key partner that helps accomplish the IoMT company’s strategic goal of confidently and cost-effectively enhancing its highly skilled digital engineering capabilities without sacrificing quality and productivity. 

The nearshore approach encourages growth in many ways, allowing companies to establish world-class software engineering centers of excellence. With the help of the right partner, more organizations are currently flourishing with the right experts. 

To know more about the potential and fast-developing innovation hub Tijuana is, you can visit Tijuana Leads Innovation with Borderless Business Congress.