Wearing your data on your sleeve
Accelerating wearables development for life sciences
The nascent wearables market offers a rich opportunity for companies to become early adopters and leaders. Within Life Sciences, many companies are identifying the benefits of wearable adoption in both their direct to consumer marketing efforts as well as enhanced drug interactions. To help this industry need, Deloitte has developed a wearable device application accelerator, D.Wear.
- Accelerating the clinical trial life cycle
- Technical and business challenge
- D.Wear solves common wearables challenges
- D.Wear pill tracker use case
- D.Wear diabetes treatment use case
Accelerating the clinical trial life cycle
Incorporating wearables intro clinical trials can help companies obtain quicker objective results than traditional methods, enabling them either to stop ineffective trials earlier or to accumulate data needed for approval at a faster pace. Through wearable applications, life sciences companies can not only interact directly with their customers, but also digest the data captured in those interactions. Read this paper to learn more.
Technical and business challenge
There is a rapid growth technology opportunity with limited knowledge and potentially high risk due to the sensitivity and government regulations around life sciences direct customer interactions and data. The D.Wear approach address challenges often faced by Life Sciences companies interested in wearable technology. These challenges are the following:
Time: To stay competitive, life sciences companies should quickly react to the growing focus on wearable devices to gain and maintain an advantage in the marketplace in both drug to patient relationship innovation as well as innovating new ways to interact with customers and foster brand recognition. “Brand plays the most important role in marketing. As a result, big pharma now operates in many segments such as consumer healthcare, medical devices, and diagnostic products. This allows these companies to heighten brand awareness.”1
In adopting any new technology, numerous iterations of development and extensive testing is involved, which greatly impact time to adoption.
Quality: Life sciences companies often work with sensitive personal data; there can be a huge risk to consumer relations and regulatory protocols if security precautions are not deployed properly. Additionally, the potential risk with wearables security is generally higher—the technology is still new and has not been tested as extensively as with smartphone applications.
Costs: There is a multitude of wearable vendors, each with a distinct set of APIs (application program interfaces). Having multiple development platforms requires numerous experienced developers with deep knowledge of each vendor (e.g., iOS, Android) in order to create applications.
1 Market Realist What it takes to be called ‘big pharma’ By Mike Benson, Feb 20, 2015