The convergence of the tech and healthcare sectors

Technology continues to revolutionize every industry, with the COVID-19 pandemic being the most recent catalyst and accelerator in healthcare and life sciences. In this report, KPMG’s Mark Gibson (U.S. national sector leader, Technology, Media & Telecommunications) and Ash Shehata (U.S. national sector leader, Healthcare & Life Sciences) discuss how technology, non-fungible tokens (NFTs), cyber security, and talent are impacting the healthcare sector. Insights include the following:

• Technology has accelerated certain healthcare trends by five to ten years, such as convenient, digital health access and innovation in developing drugs and vaccines. These new, permanent trends are changing the research & 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 that might carry unique genome, 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 from a “sickness treatment” focus to a “wellness” focus that emphasizes longevity and mental health.
• Technology is modernizing and automating healthcare front office and back office systems. This will both improve the customer experience and alleviate burnout in clinical professionals.

For additional insights, read the report.