Collaboration for Value Creation
Collaboration for Value Creation
The competitive landscape for life science companies around the world is changing rapidly. In today’s New Health Economy, drug pricing pressures, scientific breakthroughs, expanding global demand for healthcare access, and emerging digital and analytical capabilities, are all serving to push the healthcare industry towards an ecosystem defined by collaboration, quality and consumer value.
There are two megatrends in particular that are impacting pharma: the broadening demand for healthcare products and services, and severe cost pressures. Aging populations, urbanisation and growth in emerging markets are all putting a greater strain on healthcare systems around the globe. For pharma, this means a huge influx of new customers and greater demand for medicine. However, spending increases for drugs are triggering public and private efforts to reduce prices and tightly manage utilisation. In particular, for chronic diseases, governments are also seeking more comprehensive treatment programs, including wellness and prevention, along with more advancedapproaches to population management. Digitalisation and the explosion of data are further rewriting the playbook for pharma. New technology – including cloud, mobile technology, analytics and social media – can drive better patient education, engagement, and results. Wearables, biosensors, regulator-approved mobile apps and devices, and remote monitoring engage patients by providing the tools they need to receive treatment, and the feedback necessary to maximise drug effectiveness. Electronic health records (EHRs) and emerging digital technologies on the provider side are catalysing new partnerships between healthcare systems and pharma companies, with the goal of leveraging patient data to demonstrate health outcomes and differentiate products in a realworld setting. Such technology can also transform the drug development process by improving patient recruiting and enhancing clinical trials.
