Despite quantum computing's slow start, LSHC organisations need to prepare now!
By Karen Taylor, Director, Centre for Health Solutions
At a recent presentation of our Life Sciences and Healthcare (LSHC) Predictions 2030 report, I fielded a question about quantum computing on when we might expect it to become a reality. My initial response based on research for the predictions report was that the quantum computing market is expected to grow significantly over the next five years as recent quantum breakthroughs have increased its potential to solve problems currently considered insurmountable. Indeed, our prediction ‘Interdependent innovations in science and technology reshaping treatment paradigms’ suggests that quantum computing together with advances in neurotechnology, will revolutionise neurology over the next five years. Another use case in LSHC is turbo charging early-stage drug discovery to bring innovation to the market sooner. But I also admitted I didn’t know enough about it and promised to do some further research and share our findings via our weekly blog. I therefore tapped into Deloitte’s and other secondary research to derive some insights.
Demystifying the technology
Quantum computers leverage the unique properties of quantum mechanics(a branch of physics that describes the behaviour of particles such as atoms, photons and electrons), to challenge our understanding of how the world works and identify innovative solutions to intractable problems, in a fraction of the time today’s supercomputers can. From modelling at the subatomic level to analytical machine learning capabilities, quantum computing has the potential to reshape all our industries, especially data driven industries like LSHC.1
‘At the heart of the quantum revolution, that was initially predicted in the 1980s, lies the ‘delicate ‘qubit, the quantum equivalent of the classical computer ‘bit’. While bits increase computing power linearly, each additional qubit doubles a quantum computer's computational capacity’. However, qubits are notoriously unstable and difficult to manage and require extremely controlled environments, often very low temperatures or ultra-high vacuum chambers, to maintain their delicate quantum states. Currently, significant engineering, technology, power and cost challenges mean quantum computers are not expected to replace classical computers but act as specialised tools for tackling specific types of problems.2
Quantum breakthroughs fuelled by massive investments
Fuelled by investments from technology giants, governments, and ambitious startups racing to achieve quantum breakthrough, the quantum future is now within touching distance. In 2023, quantum computing attracted US$1.2 billion from venture capitalists, underscoring investor confidence in its future. Public sector support is likely to exceed US$10 billion over the next three to five years, giving the technology scope to scale.3 For example, the UK government’s National Quantum Strategy pledged to invest £2.5 billion in quantum technologies in 10 years starting from 2024.4
Consequently, the global quantum computing market is predicted to reach US$65 billion by 2030, growing at a compound annual growth rate (CAGR) of 56 per cent from 2024 to 2030. This growth is driven by increasing demand for quantum computing solutions across various industries, including finance, healthcare, and material science.5
Recently, in late autumn 2024, both Google and a team of Chinese researchers, have demonstrated ‘quantum advantage’, which shows that with the right error-correction techniques, quantum computers can perform calculations with increasing accuracy as they are scaled up — increasing their relevance for commercial and scientific applications. This research shows that quantum computers can outperform even the most advanced supercomputers on specific tasks.6
Application in LSHC creating a paradigm shift
The long-term forecast in LSHC remains bright. Here are a few areas where quantum computing is expected to have a profound impact:
- Data science and mathematical modelling: in the age of big data, quantum computers offer unparalleled speed in processing and analysing massive datasets. Healthcare providers can leverage quantum computing to analyse complex medical images and develop personalised treatment plans. For example, quantum magnetic resonance imaging could provide higher resolution and sensitivity, leading to earlier and more accurate diagnoses. Quantum algorithms can analyse medical images more efficiently, improving the accuracy and speed of disease detection.
- Quantum chemistry and materials science: simulating molecular interactions with high accuracy is crucial for drug discovery and materials science. By simulating molecular interactions, quantum computers can identify potential drug candidates and predict their efficacy, significantly speeding up the drug discovery process potentially leading to the development of new drugs, advanced materials, and more efficient manufacturing processes, reducing the time and cost of bringing new treatments to market.
- Clinical trial optimisation: quantum algorithms can analyse patient data to identify ideal and representative candidates for clinical trials, improving efficiency and reducing costs. It can also optimise trial design by simulating different scenarios and predicting outcomes, leading to faster and more successful trials.
- Genomics and personalised medicine: quantum computing can accelerate the analysis of massive genomic datasets, enabling faster diagnosis, personalised treatment plans, and the development of targeted therapies. By analysing individual patient data, including genomic information, lifestyle factors, and environmental exposures, quantum computers can deliver more personalised medicine, tailoring treatments to each patient's unique needs.7,8
Challenges and considerations
While the potential of quantum computing in LSHC is vast, several challenges remain including the still relatively immature technology and widespread adoption in healthcare is likely to take a few years. A crucial consideration given the need for large patient datasets is data security and privacy. Handling sensitive patient data already requires robust security measures to ensure data privacy and comply with regulations, but the speed and complexity of quantum computing will require new and more sophisticated cyber security approaches. As with any transformative technology, ethical considerations surrounding data use, access to treatments, and potential biases will need to be addressed carefully.
A critical challenge is the looming threat of cyber criminals harvesting now to decrypt later with, malicious actors gathering encrypted data today, patiently waiting for the day when sufficiently powerful quantum computers can unlock the secrets they hold.9 Consequently, as Deloitte’s 4th Edition of its Global Future of Cyber Survey found, quantum cybersecurity readiness is becoming a bigger focus for many organisations, as quantum computing gets closer to reality it also provides a powerful new tool for cyber attackers to use in breaking cryptography.10
The potential risk that a cryptographically relevant quantum computer (CRQC) will someday be able to break much of the current public-key cryptography that businesses rely upon is something that organisations need to take seriously now. Reassuringly, the survey data shows almost 83 per cent of respondents across industries are assessing quantum-related risks or taking some kind of action, whether developing strategies, implementing pilot solutions, or implementing solutions at scale; although the majority (52 per cent) are still assessing their exposure and developing quantum strategies.11
This threat is driving significant investment in defensive measures. Deloitte predicts that the number of companies and money spent on implementing post-quantum cryptography (PQC) standards will quadruple in 2025 compared to 2023. This surge in PQC adoption will touch every corner of the digital world, from large-scale enterprise systems and hyperscalers, to everyday consumer devices like smartphones and messaging services.12
The quantum future: preparing for disruption
As I said in the introduction, I’m no expert in quantum computing but I have plenty of colleagues who are, so I’ve used some of our most up-to-date cross industry research, alongside wider secondary research focussed more on LSHC to shine some light on the potential impact and risks for LSHC organisations. This research suggests that the quantum revolution is no longer a distant event but is happening now and the time to prepare is now.
The quantum revolution is not just about faster computers; it's about a fundamental shift in how we solve problems and process information. By embracing this change and preparing for the future, businesses can position themselves to thrive in the quantum era. Business leaders need to understand the potential impact of this technology on their industries and develop strategies to leverage its benefits while mitigating potential risks. Despite the challenges, quantum computing holds tremendous promise for revolutionising LSHC, with the potential, in particular, to provide significant advancement in disease prevention, diagnosis, and treatment.
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1 Quantum in Life Sciences and Health Care | Deloitte US
2 Quantum computing business applications | Deloitte Insights
3 Long-Term Forecast for Quantum Computing Still Looks Bright | BCG
4 Innovate-UK-Quantum-for-Life.pdf
5 The Future Of Quantum Computing: Trends And Predictions For 2024
6 ‘A truly remarkable breakthrough’: Google’s new quantum chip achieves accuracy milestone
8 Innovate-UK-Quantum-for-Life.pdf
9 Quantum computing and cybersecurity | Deloitte Insights
10 Deloitte Global Future of Cyber Survey, 4th Edition - Report
11 Ibid.
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