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Accomplishing more with technology in life sciences

Pharmaceutical, medical device and health services companies are assessing their readiness to help succeed in a digital first, people first world. Digital can deliver flexibility, simplicity, value and a decisive pivot to the patient and the answer does not lie in simply investing in more technology. Success depends on combining people and technology to differentiate and outperform.

According to our annual review of technology trends, future industry leaders are rethinking the critical role of people when harnessing advances in digital technologies.

We’ve identified four themes where we expect changes will be particularly profound over the next 12 months:

Volume to Value

  • Technology and digital disruption means patients expect more from life sciences companies than ever before.

  • Patient services are the only way to meaningfully differentiate existing products and demonstrate meaningful outcomes…but only if you measure them!

  • Services don’t need to be complicated; they need to add value and this can often be done by curating other services and partnering with new companies.

  • If a service doesn’t make users healthier and their lives "better" and/or "easier," then it’s unlikely to be adopted long term.

Intelligent Enterprise

  • The availability of new data sources is finally creating real opportunities for companies to create new products and services that benefit clinicians, healthcare systems and patients.

  • When combined with the mainstream use of artificial intelligence, this creates opportunities for Life Sciences companies to simplify business processes and reimagine their product offerings.

  • Simple internal applications of advanced analytics and artificial intelligence provide an opportunity to build internal core capabilities that will lift future products and services to a new level.

The Platform Business

  • Life sciences leaders are accelerating their uptake of digital technologies as a first step in breaking into the platform world, with a bold vision to reinvent healthcare and be able to support an entire ecosystem of interconnected patients, providers and partners.

  • The new business rules of the platform economy provide different paths to growth that will not only generate high margins but will help rapidly scale up to hundreds of millions of patients, devices and sensors processing an endless flow of data, aiming to improve the quality and cost of patient care.

  • Whether a company "owns" a platform ecosystem or is plugging into another’s, it is essential that they have a platform strategy and the business know-how to exploit it.

Liquid Workforce

  • Advances in digital technologies, combined with the increased investment and activity in digital health, create an environment in which developing the right talent becomes critical for both customer-facing as well as enabling roles.

  • With new skills and digital tools, the sales force will address the needs of a broader network of buyers and influencers and deliver innovative solutions that help doctors deliver better service to their patients.

  • Life science companies in particular are at risk of losing competiveness in the war for digital talent based on the changing nature of their workforce and new digital health competitors.

Every business will be starting from a different point in the critical journey that lies before them. Access the report to review the questions that can help companies gauge their readiness for the road ahead.

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