Tag: healthcare

BOT model

BOT model advantages for BioMedTech companies

Posted on | by TeresaPenafiel | 1 Comment on BOT model advantages for BioMedTech companies

BOT (Build-operate-transfer) contracting has grown to be developed into a decisive asset for companies and operators between borders. What initially began as an activity confined to multinational companies in the US has today developed into a broad based business platform backed by leading IT software and services organizations and other third party service providers. But this does not narrow down to only IT providers, great medtech companies such as Medtronic, Thermo Fisher, Johnson & Johnson, and Philips Healthcare can develop entirely independent new centers of excellence in a variety of new territories. And, what does this represent for all the BioMedTech companies?

The principal advantages of a BOT model rely on the extent to which these efforts can translate into talent pool and operating capacity strengths for a Biomedical technology business. In order to do so, the first step is to assess your AI/KM Culture and build the necessary abilities. In a BioMedTech environment, the goal of being customer-focused is on the top priorities, moreover developing outcomes that are efficiently delivered to customers. As a result, repetitive work requiring staff may now be successfully relocated to the BOT channel, freeing up personnel for value-added work and transactions with more complicated exceptions.

To know more about how companies are expanding in these pandemic times, visit BOT Model: How Global Companies Are Expanding in this Pandemic Times. 

Now, such an expanding industry requires more efficient processes and equipment on which they can rely. Through BOT, a company reallocates the risks and rewards in the development of software development projects. How?

A BOT is a business model that consists on a contractual relationship in which an organization hires a service provider to set up, optimize, and run a business. A BOT model might be very useful for healthcare organizations if they wish to outsource software operations related to the manufacture of a medical device to a much broader skill pool. This way you can begin to set up an operation unit which can encompass everything from selecting the buildings, as well as the setup and installation of infrastructures such as IT devices, internet, and computers. Afterwards focus on project or product creation, management, improvements, maintenance, and product support, with all the necessary audit. And for all these processes there are companies that can enhance your strategy.

So, why is it important to leverage BOT as a strategy for accelerating digital transformation?

A strong BOT partner for IT services will access high-quality personnel in many global locations. This can favor a BioMedTech company looking for the right talent and know-how experience in operations. To achieve successful financing for the proposed project, capital structuring skills for software development and financial engineering techniques are required to find the proper debt and equity economic mix. The open-source community will enable increasingly possible ‘rental’ expertise to continue to grow together, with the right engineers and medical tech specialists. 

One great example of a company whose case scenario represents the BOT model facilitator is ITJ. ITJ is a fast-growing IT partner that enables companies to create world-class software engineering centers of excellence in Tijuana, México. Furthermore, by partnering with California businesses (and now expanding), we help develop an innovative economy. As a plus in our operation model, we have the nearness in location between Tijuana and San Diego in our favor. Nowadays, ITJ is currently the perfect partner for BioMedTech companies, thanks to our experience.

About ITJ

ITJ is devoted to serving fast-growing and high-value market sectors, particularly the Internet of Medical Things (IoMT), working with innovative medical device companies looking to improve people’s lives. With a unique BOT (build, operate, and transfer) model that sources only the best digital talent available, ITJ enables companies in the US to create technology centers of excellence in Mexico. For more information, visit www.itj.com.

IoMT technology

How to secure the IoMT?

Posted on | by TeresaPenafiel | 1 Comment on How to secure the IoMT?

The IoMT security is of extreme relevance when it comes to the Healthcare and life sciences industry.

According to HealthITSecurity, 34% of healthcare organizations globally reported being hit by IoT ransomware through November 2020, and the sector has seen a 45% increase since then. Also, according to the IoT Security Report 2021, 71% of IT decision-makers in the survey consider the IoT “not very secure”. In these circumstances is relevant to say that for small vulnerabilities there are big consequences. A single exposure in an IoT device can have far-reaching consequences: Attackers can exploit the flaw to access the company’s system from where they can temporarily or permanently shut down the entire network. However, cybercriminals frequently seek to collect ransom money with this, as was the case at the University Hospital in Düsseldorf in the fall of 2020.

For avoiding such increasing attacks on your business, you can take into consideration the following factors to secure the IoMT:

First, you need a wholly profiled, dynamically risk-scored inventory of all managed and uncontrolled endpoints. Clearly, visibility entails tracking each device’s security posture, network status, location, and device consumption. On a per-asset basis, this may imply as many as 100 unique and generic identities, supplemented by photos, maps, Manufacturer Disclosure Statements for Medical Device Security (MDS2s), and other specialized descriptions. Because detecting unlawful asset activity requires extensive knowledge of allowed behavior, each device type’s operational needs and processes must be factored into profile information. This is what comprehensive visibility entails.

To know more about the cybersecurity of medical devices, go visit IoMT and Medical Device Cybersecurity. 

Afterward, make the relevant cuts of the right data instantly available to the suitable systems and workflows is referred to as data orchestration. There needs to be this orchestrated visibility to make the underlying processes continuous. This way, departments can share the same information referenced by cross-functional workflows, and the outcomes can be synchronized.

 The next step is considering endpoint detection and response (EDR). Connected health demands security policies that adapt to care delivery, regardless of location, rather than the other way around. Security must facilitate rather than limit. CrowdStrike has spent the previous decade building EDR capabilities by providing network visibility and telemetry from all workloads. Combining this data with network and endpoint information enables users to determine which information is critical, when it is critical, and where it is vital. CrowdStrike’s 2021 Global Threat Report review of Common Vulnerabilities and Exposures (CVEs) (https://www.crowdstrike.com/resources/reports/global-threat-report-latam/) affecting IoT devices in the healthcare business identifies the following CVEs as the most serious: BlueKeep, DejaBlue, Netlogon.

Another factor for making sure you are securing your IoMT is data-in-transit encryption. The IoMT sends electronic protected health information (ePHI) to a linked application. A linked insulin pump, for example, sends data to the app, allowing the patient and clinician to keep track of glucose levels. The application, however, is connected to the public internet.

At the network level, data-in-transit encryption decreases the effect of eavesdropping and man-in-the-middle attacks. Without the necessary decryption technology, encryption scrambles data, rendering it unintelligible. Even if bad actors gained access to the network, they would not be able to access the data. 

By addressing these long-standing data gaps and incorporating capabilities that directly deal with the realities of current threats, the performance of existing infrastructure may be greatly enhanced. However, to the IoMT extent, there are several areas of risk regarding security; therefore, health delivery organizations must find ways to control damage and rationalize recovery costs. 

About ITJ

ITJ is a trusted partner in building the finest software engineering teams in the Americas. For more information, visit www.itj.com.

Top 3 industry sectors with the highest revenues during COVID-19

Posted on | by Paula Diaz | 1 Comment on Top 3 industry sectors with the highest revenues during COVID-19

Not all industries experienced a decline during the pandemic. Why? Consumer habits changed during 2020. The lifestyle suffered a compelling shift that affected each sector differently. The monetary global GDP loss in the best covid-19 scenario was USD 76.69 billion, and the forecasted GDP loss in the U.S. was -2.4%. 

In 2021, vertical markets carried the lead with insurance, real estate, hospitals, heavy manufacturing, retail, and transportation organizations. According to the Global 2021 Forecast by Fortune 500, GDP growth was expected to accelerate up to 5.6% only this year. Despite the setbacks, the heft of the Global 500 remains formidable: The combined sales of the top 10 companies with the highest revenues in 2021 are equal to more than one-third of the global GDP of the same year.

But, what were the top 3 sectors with thriving revenues in 2021?

According to the Quarterly Services Survey (QSS) by the U.S. Census Bureau, these are the following industries with the highest reported revenues:

1. Software System, IT Services, Application  The software industry has the highest revenue during 2021. The gross profit for the application software industry stands strong at USD 244.29 billion. This industry will continue to dominate with a net income of USD 81.3 billion and capital returns of 32.07%. 

Software (Entertainment)

There is a subcategory in the software sector: The entertainment software industry primarily encompasses video-game companies, which we all know to be profitable. The entertainment software industry has a net income of USD 83.5 billion and an 18.32% return on capital investment, making it relevant to our revenue scale.

2. Computer services 

The computer service sector is growing at exponential rates. With the increase in demand for computer services, tech companies are bound to generate large profits, contributing to a net income of USD 12.22 billion and a return of 21.92% on capital. It is anticipated that the industry will grow up to USD 20.05 billion in revenue for 2028.

Computer Peripherals 

Working from home has become a common practice for everyone; computers and their accessories have become more of a necessity than a luxury. As a result, the computer peripherals industry grows, accumulating more and more profits as time passes. 

3. Healthcare & Life Sciences

The life sciences sector has played a pivotal role amid the COVID-19 pandemic. To cope with the global crisis, traditional competitors partnered to accelerate research. In addition, governments, health systems, payers, retail pharmacies, and nonprofits are now working collaboratively with the sector to provide widespread distribution and administration.

Global life science analytics was valued at USD 7.7 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.8% from 2021 to 2028. Increasing penetration of analytics in the life science industry using reporting and descriptive analysis to build databases and predictive and prescriptive analysis to estimate future trends and outcomes are expected to drive the growth.

As essential and fundamental as it is, the healthcare support and services industry does not come as a surprise to see it make it to our list of the three most profitable industries in the world in 2021.

At ITJ, we know the industry’s rapid growth, and we are committed to pushing it even further through nearshoring. You can find more information about the nearshoring processes and the establishment of centers of excellence in 5 Reasons to Nearshore with ITJ.

Drugs and Pharmaceuticals 

The drug industry is notorious for high-priced products as people realize their current needs plus a robust preventive line of biopharmaceutical medications. Currently, these companies employ approximately 5.5 million experts on the matter; as innovation in therapies reaches more countries, there are significant gains in mean life expectancy and quality of life.

About ITJ

ITJ is a trusted partner in building the finest software engineering teams in the Americas. For more information, visit www.itj.com.