The convergence of tech and healthcare sectors

Technology continues to revolutionise every industry, with the COVID-19 pandemic catalysing and accelerating its application in healthcare and life sciences. In this report, KPMG explores how new technologies, non-fungible tokens (NFTs), cyber security, and talent are impacting the healthcare sector. 

• Technology has accelerated certain healthcare trends by five to 10 years, such as digital health access and innovation in drug and vaccine development. These new permanent trends are changing the research and development roadmaps of healthcare and life sciences companies. 

• NFTs are already starting to disrupt the healthcare industry. In the future, they could become an individual’s secure profile in the healthcare world carrying unique genome and medical footprint and payment information.

• Boards of directors are going to demand better technology and cyber security solutions for their companies. This represents an opportunity for private equity and tech innovators to enter the industry either with solutions or as board members themselves. 

• Healthcare companies are seeking tech talent to improve cyber security, create health equity solutions, develop emerging areas like 5G, and transition the industry's focus from “sickness treatment” to “wellness” to emphasise longevity and mental health.

• Technology is modernising and automating healthcare front office and back office systems. This will improve the customer experience and alleviate burnout in clinical professionals.