The health care industry can be difficult for innovation. There are a whole host of challenges that make it difficult to drive change — and many who try quickly get discouraged. Some of these challenges result from necessary features of the industry, such as regulation, research and ethical standards. Others — like policy debates, outdated systems and an overwhelming amount of red tape — are problems that need to be solved as soon as possible.

While some of these issues are difficult to resolve quickly, innovators in all corners of the health care industry are working to try and make improvements for patients, practitioners and companies alike. And since health care spending increased by $3.3 trillion in 2016, the opportunities for growth are replete. The following are some of the top reasons that we need health care innovation now.

Faster Development Of Treatments

It takes far too long for new drugs to make it to market. Data from research firm PhRMA identified that it takes 10 years, on average, for a new drug to be available for use. About 60-70% of that time is taken up in clinical trials, but frequently, the remainder is due to outdated regulatory systems. 

Fortunately, through the use of technology, we can significantly speed up that process. Sophisticated AI can increase the effectiveness of researchers, helping them find useful compounds or relevant data that might have been too difficult to find without contextual search features. Pharmaceutical companies are beginning to appreciate the powerful ways in which AI can augment drug research and development. For example, Genentech and GNS Healthcare announced a partnership last year aimed at using AI technology to analyze massive amounts of cancer patient data in order to identify novel cancer therapies. 

Additionally, cloud platforms can help digitize many of the regulatory processes that are still on paper. Some people have even argued that the development process itself should be more customizable and that current FDA regulations are too one-size-fits-all for certain treatments.

Increased Access To Care

Health care systems are different all around the world, and unfortunately, in many regions, it can be difficult to connect people with care. Access is frequently tied to economic status. A CDC report detailed that in the U.S., over 23% of near-poor adults ages 18-64 don’t have access to health insurance, and that number rises to 26% within the poor category. This isn’t just a challenge in the U.S., either — even in countries with universal insurance, access to care can be limited by geography. Smaller communities may not be able to find the services they need locally.