Anne O’Riordan shares emerging healthcare themes and trends from JP Morgan.
Each year, JP Morgan hosts a global healthcare conference in San Francisco, California. Industry analysts and C-suite executives from around the world converge on the Westin St. Francis to share their strategies and results against previously communicated goals and to address open questions.
This year, the 34th annual session, the event buzzed with positive stories of new science and product launches. Medical technology companies were aligned with clear messages of strategically adding services alongside their products to drive new sources of revenue, and pharmaceutical company presentations focused on significant advances —both from a science and a launch perspective. A number of the speakers examined the importance of data and technology in driving the next generation of their business growth as well as the necessity to focus on “value” and patient outcomes as key drivers of the future of their operations.
With respect to cost control and business optimization, the presenters gave updates on programs under way already with the exception of one of the medical devices companies, which concentrated on their cost transformation agenda. Distributors commented on how their business models will need to shift as pharma gets increasingly connected to patients. Always a favorite of mine, genetics company 23andme reported that they are entering the business of drug discovery—with very interesting partnerships—positioning themselves as, perhaps, a new generation of pharma company.
We were also fortunate to have the opportunity to introduce the book that Jeff Elton and I have authored: Healthcare Disrupted: Next Generation Business Models and Strategies to a gathering of industry CEOs and CSOs over dinner. We had a stimulating debate over the core elements of the book in which we discuss a new economic reality, market shifts, and how the digital revolution will change the definition of what “healthcare” actually is and how it will be delivered and experienced.
The group unanimously agreed that we’re at a tremendous moment of change within our industry. One even likened life sciences today to the mobile device industry 10 years ago. I’m greatly looking forward to sharing more about the book, which is to be published by Wiley in mid-February.To learn more about the conference, or to watch on-demand webcasts of the keynote speeches and other presentations, visit the JP Morgan site and register. Recorded webcasts are only available for three months, so be sure to check them out soon!