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As software and health care converge to form digital therapeutics, this latest breed of life sciences technology is aiding to transform patient care and deliver enhanced clinical outcomes.
FREMONT, CA: With healthcare becoming digital, patients today are more empowered. As a result, digital health tools have become the need of the hour to keep pace with the increasing number of patients participating in their treatment process. Digital health encompasses several platforms and systems that apply technological solutions to improve healthcare delivery. Digital therapeutics (DTx) is one such type of digital health solutions that offers evidence-based software-driven therapeutic interventions to prevent and manage diseases. As a result, more and more patients and health care providers are deploying DTx.
DTx is an opportunity for growth, as reflected in the total investment in digital therapeutics, which has reached $600 million to date. Digital therapeutics can address unmet patient demands that legacy treatments and therapies have been unable to offer. Companies that can harness life sciences technology to fill these gaps, combined with faster product development timelines, could significantly benefit conventional life sciences companies. For pharmaceutical and medtech companies, digital therapeutics provide a way to differentiate products with relatively low capital investment, compared to the R&D costs associated with a drug or medical device. Digital therapeutics also presents an opportunity to widen product life cycles, differentiate products in development, and cement gaps in the conventional medicine market.
The ability of digital therapeutics has inspired firms across industries to explore innovative options. Technology leaders are looking to enter and change the healthcare landscape; payers want to see how digital therapeutics impact reimbursement models while exploring how the patient data gathered through such products can inform coverage. Firms are introducing innovative ideas to attract investors. Emerging research and cutting-edge therapies shows promising use of digital therapeutics for digital diagnosis and treatment.
Digital therapeutics are poised to alter medicine’s emphasis on physically-dosed treatment methods to end-to-end disease management formed upon behavioral change. While non-traditional competitors are coming to the market, pharmaceutical, biopharma, and medtech firms can respond by combining their health care expertise with software technology know-how to revamp the healthcare sector and capitalize on the growth potential of digital therapeutics.