The world of life sciences continuously evolves, and experts in this field often have the best insights into the less talked about happenings. Reflecting on 2024, it is evident that certain crucial topics were skipped or underrepresented. With an in-depth look to the future, certain areas require our attention, ranging from policy changes to the escalating expenses of medical care.
A case in point is the independent caregivers, many of whom are immigrants and underpaid, working arduously on the front lines of care. Their efforts and demands are usually underscored, and a more systematic advocacy approach is pertinent. Besides, the thriving fascination with Artificial Intelligence must not overshadow the need to foster trust through humane and efficient communication systems in medicine and healthcare innovation.
Following the recent election, a dialogue with a Medicaid-insured individual in an overlooked community sprang a surprising insight. Despite being aware of the alleged lies, the individual voted for Donald Trump due to his straightforward and relatable messaging. He was not aware of Trump and his party’s attempts to abolish the Affordable Care Act, something that he was worried about when informed.
This reveals an alarming communication gap that continues to compromise faith in healthcare systems. It’s important to emphasize human connection and trust for any significant adjustments to happen, considering the unstable healthcare costs, the escalating or persistently high rates of chronic ailments everywhere, and the inadequately supported aging demographic.
In 2024, a concerning overlooked theme was the lax enforcement of a 2023 U.S. District Court for the District of Columbia verdict disapproving a regulation that allows insurers to instigate ‘copay accumulator’ programs. These programs burden patients inordinately by excluding drug manufacturer copay contributions toward a patient’s deductible or out-of-pocket maximum. The administration’s action on this issue is long overdue.
Another underrepresented topic in 2024 was the lack of open conversation about accountability for AI errors in the healthcare sector. Companies were hasty to introduce raw models without reliable or transparent measures. Impatiently pitting AI chatbots between patients and clinicians without answering basic questions of medical liability demonstrates a recklessness that endangers patients’ safety.
As we assessed the presidential election of 2024, there was much focus on the price hikes of basic goods and housing. However, the skyrocketing cost of healthcare and its impact on the larger economy went broadly disregarded. For the 150 million Americans relying on employer-sponsored insurance, it is essential to understand how healthcare costs are seeping into the cost of commodities, acting as an invisible tax and hurting our economy.
To strengthen the economy, the first order of business for the Congress and new administration should be to attend to the malfunctioning commercial healthcare marketplace and its colossal effect on the future of employer-sponsored insurance. Healthcare pricing transparency for PBMs, health plans, providers needs more attention, as does the enforcement of antitrust laws, data accessibility, investing in primary care, and transiting from fee-for-service to outcomes-based payment models.
While the fascination with AI grew in 2024, it is critical not to lose sight of the primary sources of data on which it is formulated. The data are often flawed, having been collected via outdated manual processes, making the data inconsistent, incomplete, and often inaccurate. Harnessing the power of the Internet of Things sensors and automated data collection systems could be the gateway to creating dependable datasets for AI applications in healthcare.
The cybersecurity crisis in the healthcare industry in 2024 left Chief Information Security Officers with daunting challenges. Lack of adequate resources and leadership support accentuated by ongoing cyber threats have created significant security gaps. There’s an urgent call for investment in cybersecurity resources and empowering CISOs with executive support, thereby protecting them from undue legal liabilities.
Clinical research represents one of the few industries wherein regulators actively urge the industry to keep pace with technology rather than vice versa. The tendency of sponsors and clinical research organizations to resist change despite strident guidance from regulators regarding approaches like decentralized trials and remote monitoring is indeed baffling.
The dwindling cognitive health of approximately 9 million seniors did not receive adequate attention in 2024. Rapid advancements in technology enabling early detection and intervention through digital cognitive assessments and blood-based biomarkers present a potent opportunity. We need swift adoption of these innovations to empower millions in their fight against dementia.
Lastly, the digital health sphere saw significant progress in 2024 with clear evidence of improved patient outcomes linked to digital health tools. However, the industry needs to make bigger strides to help patients navigate digital health options more easily. This necessitates collective efforts from medtech, consumer tech, and public-private stakeholders to address challenges in regulatory and reimbursement pathways. Additionally, it is essential that access to the most cutting-edge tools and treatment options is universal.