Rising costs, changing patients’ expectations and a need to improve R&D, service models and treatments are calling for businesses to adopt a modern transformation approach. A reinvention strategy that puts digital technology at its core will help drive future sustainable growth.
Facing biopharma’s new reality
Enabling powerful outcomes via R&D optimization
The rise of digital health in MedTech
Leveraging new paradigms for sustainable growth
Taking Life Sciences to the Metaverse Continuum
The COVID-19 pandemic sent the biopharma industry into unprecedented action and created an economic environment that demands change, especially as New Science grows prominently—an approach that will drive an estimated 81% of revenue growth by 2021 and 2026.
To thrive amid this new economic environment, the biopharma industry must consider embracing New Science as a growth source, face cost reduction pressures and become a future-fit enterprise that can shift how it creates, captures and shares value. Discover more of these three key findings and the five key levers our research identified to address this new industry reality.
After two years of disruption, the biopharma industry had to set new expectations for innovation and the pace and cost of bringing treatments to the market. Also, the rise in price pressures with a predicted affordability gap of $300 billion in developed markets by 2028 puts pressure on the productivity equation.
Now is the time to shift strategy and reimagine R&D with digitally powered and patient-centric design using data, advanced analytics and technology. Accenture research identified three plays powered by five enablers that can help businesses make this shift. Embracing these plays will reduce costs from billions to millions, aid in adopting New Science and radically change the pipelines to commercialization and access.
MedTech companies are best positioned to lead the transformation in Digital Health thanks to their unique understanding of therapeutics, patients and providers. Growth is being driven by the increasing popularity of digital devices, many of which are already in the hands of consumers. However, without the right digital foundation to support these companies internally, digital insights will be difficult to leverage to create a comprehensive Digital Health solution.
To understand key challenges facing life sciences professionals when expanding, we interviewed 30 Digital Health executives and C-Suite leaders from the MedTech and pharma sectors in AdvaMed’s Digital Health Center of Excellence. Additionally, we surveyed 150 MedTech executives globally, and analyzed over 100 M&A deals and 600 product launches from a subset of MedTech companies that took place between January 2019 and May 2022. We uncovered five key trends driving the future growth of MedTech.
Innovation in Life Sciences is at an all-time high, developing new capabilities powered by technology and science. But there's still a heavy reliance on mergers and acquisitions (M&A) for growth, with 60% of their marketed assets coming through acquisitions in the last 15 years.
This industry reality requires understanding how to shift to sustainable growth and the patterns behind it. Accenture researched four pathways companies are taking in this direction and how understanding these models will uncover trends for innovation and success. Companies must choose the right roadmaps combined with three key actions to determine future growth, lasting impacts and patient outcomes.
The metaverse is here, evolving at a fast pace, with some components already creating revolutions in the life sciences industry. Accenture research revealed that 85% of Biopharma and 91% of MedTech executives considering that it will have a positive impact on their organizations.
WebMe, the Programmable World, the Unreal and Computing the Impossible are four key technology trends shaping the industry’s future. These metaverse components will create truly humanized digital approaches that will bring us closer to meeting the unmet needs of patients, employees and healthcare professionals in previously unimagined ways. Explore our podcast and research to find out how technology continues to transform Biopharma and MedTech.
A new economic environment is demanding change in biopharma. Rising costs of New Science and patient care coupled with a slow embrace of technology has the industry at an inflection point where companies must do the impossible: Produce and deliver more effective, affordable, personalized treatments—all while adapting to new ways of working at crisis pace.
The answer? Novel technology, coupled with New Science, human ingenuity and an unwavering commitment to improving patient outcomes.
With 20,000+ life sciences professionals in more than 50 countries helping 90% of Fortune 500 life sciences companies in all 10 of the top therapeutic areas, we help our clients navigate change and make a meaningful impact on patients’ lives.