Life sciences companies are moving from volume-based business models to value-based ones.
The leaders of the future will be the ones that disrupt traditional modes of care, embracing digital and analytic-driven insights and putting improved patient and economic outcomes front and center of their business models, operating models and culture.
Are you going to disrupt or be disrupted in this new healthcare world?
Creating programs that are outcome-based, with a set of services directed to provider systems, physicians and patients, will require significant changes to current operational models. There are three approaches to patient services that life sciences players are adopting in order to up their game in patient services and move from volume to value:
Patient Engagement – It has become standard for patient engagement and patient services entities provide critical reminders and support for patients while on a therapy.
Patient Services – Mobile apps and provider-facing tools enhance the ability to identify high-responder patients and collect patient outcomes in a real-world data registry.
Patient Care Management – A fully integrated approach where a company partners with a provider system or multiple systems to advance the status of a population and individual patients within the population, usually as part of a service-based revenue model.
Life sciences companies will increasingly move towards the use of real-world data, advanced analytics, and focused sets of services as the basis for their contracting. Not because they are required to do so, but because they have a higher likelihood of receiving fair reimbursement for their novel therapies and devices where they are linked to value creation. However, moving from volume to value will require investments in new areas and collaborative operating approaches for commercial and medical comparable to what R&D is going through.
Pivoting to the patient
Leaders in this space will become value innovators by shifting their current operating models from volume based to value based. Companies are already coming together to create new ecosystems to make this a reality, creating a wave of disruption to bring forth improved patient outcomes. The coming months will see the transition from pilots to full-scale deployment of highly targeted solutions and entirely new business models, increasingly more reliable and robust digital infrastructure connecting devices and across settings (e.g., home, clinic, car, etc.). creating previously unseen differentiating and distinctive partnerships.
Jeff Elton is a managing director of Accenture Life Sciences, with broad responsibilities for the strategy and partnerships for new solutions enabled by clinical data and analytics. Elton has more than 20 years of experience as a global executive and consultant in the biopharmaceutical and healthcare sectors. Prior to joining Accenture in 2011, Elton was founding CEO, board member and senior advisor to five early stage companies and has held senior positions at Novartis Institutes of BioMedical Research and McKinsey & Company.