From Accenture Strategy for Life Sciences
As the healthcare industry shifts its focus toward patient outcomes and outcome-based results, companies wanting to get ahead of the competition will need to expand their role and develop mutually beneficial collaborative partnerships. At Accenture, we call companies taking on this new role “value innovators.” Value innovators must have a deep and profound understanding of the problem they are addressing—not just the biological problem, but the entire context for the therapeutic solution—including knowledge of the current standard of care, what it’s delivering, its current shortcomings and all the facets affecting patient care. To reach this level of understanding, value innovators excel in the following areas:
Insight is the first critical component for value innovators. Real-world data and analytics help innovators understand what is happening with a patient along their care journey, both from a clinical perspective and an emotional perspective.
Analytics can also help innovators identify both the individual patients and patient populations most likely to benefit from particular therapies or therapeutic management approaches. According to American Family Physician, up to 95 percent of the variability in patient drug response may be due to genetics. Tailoring treatments based on biomarkers that indicate whether a given drug will be effective for a particular patient can significantly enhance outcomes while reducing the costs associated with unnecessary or ineffective treatments.
Partnerships and services
By identifying gaps in the delivery system and barriers to adherence, and predicting those patients most likely not to adhere to therapies, value innovators are able to form partnerships and syndicate services, proactively engaging remote monitoring, day-to-day support, counseling and peer support to help patients manage their disease. The result is:
Improved patient engagement
Increased therapeutic adherence
A greater number of positive patient outcomes
More predictable outcomes
New technology can help value innovators address major care challenges—including compliance and chronic disease management. It can also validate the patient outcomes delivered and demonstrate the value achieved. This ability to track outcomes is hugely important when a therapy is transformative and ultimately curative.
For value innovators in the life sciences industry, the future offers wide ranging opportunities for partnerships and different therapeutic approaches. But it also means making substantial investments in enabling infrastructure and new business models to support the use of predictive analytics, the latest tools and technologies (including wearables and other consumer devices), and the growing volume of communication between patients, providers and payers.
By embracing the role of value innovator, pharmaceutical and other life sciences companies can be assured that their innovative therapeutics and disease insights are delivered to patients as effectively as possible, boosting the numbers of positive patient outcomes and providing greater value to all stakeholders in the short and long term.