The idea of product analysis in healthcare involves assessing how relevant and efficient healthcare products and services are to patients who need them and the professionals who administer treatment. It covers pharmaceuticals down to medical devices and includes digital innovations in healthcare like telemedicine and Electronic Health Records (EHR).
With a focus on the healthcare system in the UAE, product analysis provides valuable insights into what the patients need, how product gaps in the healthcare system can be breached, and how stakeholders can be provided insights for better decision-making.
Unfortunately, product analysis is faced with certain challenges that hinder its full reliability and adoption throughout the scheme of some projects.
Why Product Analysis is Essential for the UAE Healthcare Market?
Understanding why product analysis matters in healthcare technology trends is relevant to its advancement. In 2021, US$44 billion was raised globally for healthcare and health innovation. This was double what was raised in 2020 and led to over 50% rise in the acquisition of health and health tech companies.
This is in line with the UAE’s vision to make the country’s healthcare system one of the best in the world. This cannot be achieved without carving a niche for product analysis in the industry. With emerging and innovative trends in personalized medicine, preventative care, etc., healthcare market analysis needs to be carried out to identify the gaps.
Data Analytics and Artificial Intelligence
Sometimes in October 2024, an Apple employee – Nikias Molina, posted on X (formerly Twitter) that “My Apple Watch Series 10 detected my grandmother’s atrial fibrillation today using the ECG feature. She’s now at the hospital and receiving the care she needs. I still can’t believe it.”
Now, while this may be linked to Artificial Intelligence (AI), it is worth knowing that AI is deeply rooted in advanced data, which can be connected to an analytical process of health data analytics. Drug discovery, early detection and diagnosis, personalized treatment plans, and healthcare data management are other ways AI is being used in healthcare. All of which have deep roots in product analysis.
Levels of Product Analytics in Healthcare
● Descriptive Analysis
Here, you are observing the data. What happened? Then you record it.
● Diagnostic Analysis
This level is where the data is questioned. You ask the WHY? Why did it happen? When did it happen?
● Predictive Analysis
This is where you have trained the data to make predictions. You are predicting the future with machine learning, large language models, and so on.
● Prescriptive Analysis
This is the last and most powerful stage. Here, the data says, this is what it should be and how it should be. You have moved past making predictions. You are now making recommendations.
Challenges Facing Healthcare Product Analysis in the UAE
1. Cost Constraints and Budget Allocation
Often, healthcare providers and administrators are constricted by budget limitations and this invariably reduces investment in the latest healthcare technologies and detailed product analyses.
2. Data Privacy and Quality
Healthcare records are sensitive. So sensitive that the medical conditions of a patient are not even disclosed to non-relatives regardless of how severe the patient’s condition is. Hence, why strict regulations are protecting every patient’s records. While these laws exist to safeguard people’s health data, they also pose a barrier for companies with good usage intentions.
Often, people’s health records might be needed to analyze a product’s performance but restrictions will make this impossible. For instance, the Apple watch series 10 is being used in other countries to detect health conditions in the wearer of such a device but such might hit an iceberg in the UAE as the watch providers will need a history of the patient’s medical record.
Access to pure data in a quality state is another challenge. Healthcare product analysis relies on heavy, accurate data to ensure effectiveness and how fit the product is to hit the market. Data privacy regulations in the UAE however, make it hard to access patient’s data.
3. Compliance with Regulatory Standards
There are a couple of strict regulations placed on some healthcare products to ensure patient safety, and getting clearance from the country’s Ministry of Health and Prevention (MOHAP) before they can be administered can often be time-consuming with rigorous stages to pass through.
What makes this a challenge is that these regulations are not fixed, they are always evolving to keep pace with global standards set by the World Health Organisation (WHO).
4. Rapid Technological Advancements
While rapid advancement in technology is always a joy to behold as it means access to easier and faster ways of getting things done, it could also pose a challenge when it becomes too fast-paced. For instance, the rapid rate at which, telemedicine, AI-driven diagnostics, and wearable technology are now advancing requires constant shifts in analytical processes and adaption.
5. Cultural Sensitivity
As a country with a wide range of cultural backgrounds, the UAE’s large population can influence the introduction of new treatment plans and methods. Hence, it is important to understand these various cultural differences to prevent introducing a product that will not be welcomed in the country.
For example, the UAE has a not-too-welcoming reception towards health issues like mental health, stress management, etc. This affects how they view their treatment products and even therapy sessions. Hence, when discussions pop up about mental health, it carries a degree of stigma especially within certain cultural groups and demographics. This makes it hard for the population in this region to openly discuss or engage with mental health tools. This in turn affects how data on these products is collected, analyzed, and presented.
Effects of these challenges
Cultural reluctance might lead to underreported usage and feedback.
Product analysis becomes skewed due to underreporting, making it hard to forecast demand and determine how effective a product is.
Updates in regulations can cause delays in product launches with non-compliance leading to product recall, reputation damage, etc.
When critical insights are ignored due to certain cultural restrictions, it will affect the effectiveness of product strategies in the UAE market.
Underinvestment in the healthcare system.
How Product Analysis in Healthcare Can Boost Growth
SWOT analysis is a systematic way of determining a product’s strengths, weaknesses, opportunities, and threats. This process involves a couple of processes that include;
● Market Analysis
Having adequate knowledge about the target market in the UAE healthcare ecosystem.
● Healthcare industry insights
Running an analysis of trends, regulations, and policies to ensure nothing shady happens and that all activities are within the purview of the UAE.
● Health Data Analytics
This involves using patients’ data to understand usage patterns and evaluate how effective the product is.
● Technology trends
Healthcare technology trends entail adopting different emerging technologies like AI, telemedicine, watches, etc. to enhance product functionality.
Frequently Asked Questions on Product Analysis in Healthcare
What is the role of product analysis in healthcare?
The major role product analysis plays in healthcare revolves around helping health professionals and healthcare providers make data-driven decisions that enhance operational efficiency in the healthcare industry.
What are some of the Healthcare Technology Trends Influencing Product Analysis?
Telemedicine, IoT for healthcare, Artificial Intelligence and Machine Learning, and so on.
How does data analytics support healthcare product analysis?
The correlation between both is that data analytics makes it possible for healthcare providers to have access to patient’s data (outcome and usage trends), to help them make informed decisions on which product to fund or phase out.
Conclusion
For a populated country like the UAE, Product Analysis in Healthcare is a powerful tool to boost their healthcare services. Hence, all impediments should be contained to ensure that the healthcare system in the UAE continues to thrive as the population increases.
By adopting health data analytics, investing in technology trends, and a guided market analysis, healthcare providers can make decisions that will improve the status of their healthcare outfit that will benefit the patients and them greatly.