Content thumbnail Are you Ready for the Empowered Consumer?

Impact of a changing environment More than 20,000 Seizing the opportunity presented by the evolution of patient- smartphone apps are centric technology, nontraditional competitors with new business models have entered the fray including telecommunications already available, with companies working to empower patients in managing their own more on the way. care, IT companies bringing the power of analytics to help improve patient outcomes, and large retail chains offering health care options to customers. Through social media and “mHealth” — smart mobile applications and devices, including wearable devices — patient self-management is moving closer to a daily reality. These apps and devices allow for remote monitoring and rapid access to clinicians when questions arise. A recent telehealth trial in the UK showed the promise of new technology: it reported a 15% reduction in doctor’s office visits, a 20% reduction in emergency admissions, a 14% reduction in the need for planned admissions and a striking 45% 3 reduction in mortality rates. More than 20,000 smartphone apps are already available, 4 with more on the way, and more than 45 million wearable devices are scheduled to ship in 5 2015, rising to an estimated 126 million units in 2019. And around the world, social media sites are connecting patients and providers in new ways. 3 “Whole system demonstrator programme: Headline findings — December 2011,” UK Department of Health, 5 December 2014. 4 Robert J. Szcerba, “Why Mobile Health Technologies Haven’t Taken Off (Yet),” Forbes website, 16 July 2014. 5 “Worldwide Wearables Market Forecast to Reach 45.7 Million Units Shipped in 2015 and 126.1 Million Units in 2019,” according to International Data Corporation website, 30 March 2015. 2 | How Internal Audit can help life sciences companies change with the times How Internal Audit can help life sciences companies change with the times | 3

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