Life Sciences companies can capture $100 billion of commercial value in the US by embracing digital holistically to improve patients’ quality of life.
The Accenture Technology Vision 2015 surveyed the opinions of more than 1000 C- and D-suite executives across industries around the world, including more than 100 senior life sciences executives, about key digital trends. Our research reveals five trends that prove digital is dramatically influencing the industry today, and well into tomorrow.
The Internet of Me: Healthcare personalized means we are in an era of highly personalized care, monitoring and treatment, building trust through meaningful patient experiences. In the US branded pharmaceutical market, customer experience could drive $4.6 billion in incremental revenue, according to our analysis.
Outcome Economy: Hardware producing health results addresses how new intelligence in embedded hardware and sensors is leading to better health outcomes for patients and healthcare providers—85 percent of life sciences respondents believe that more intelligent hardware, sensors and devices will result in an industry shift from selling products to selling outcomes. One company is integrating a tiny, inert sensor in the pills it produces to track patient adherence for providers and payers, and to help patients remember to take the appropriate dose of the medicine.
The Platform (R)evolution: Defining ecosystems, redefining life sciences is about capturing data from a variety of sources and connecting that data for more personalized treatment and innovative patient services. By using digitally accessed intermediaries and remote monitoring for diagnosis and treatment, at least $697 per year could be saved for each type 2 diabetes patient—resulting in a total annual savings of $19.2 billion.
Intelligent Enterprise: Huge data, smarter systems, better healthcare solutions describes the software intelligence fueling recognition of potential patient issues and providing professionals with the ability to respond faster. Using treatment algorithms and automation to replace routine diabetes-related decisions could help to prevent the misdiagnoses that lead to higher costs and could save $1.9 billion annually.
Workforce Reimagined: Collaboration at the intersection of humans and healthcare means humans and machines need to do more together. There will be a shift from the labor-driven, technology-enabled paradigm to a digital-driven, human-enabled model with advances in natural interfaces, wearable devices and smart machines presenting new opportunities for companies to empower their workers through technology. Accenture and Philips demonstrated how a doctor wearing Google Glass in an operating room could use the display to monitor a patient’s vital signs while performing surgical procedures, all without turning away from the patient.
To succeed in the “We Economy,” companies both inside and outside the life sciences industry will have to go beyond the confines of the traditional industry, product and customer boundaries, to find entirely new ways to meet customer needs.
To see more life sciences examples and research results, view the infographic: Accenture Technology Vision 2015 for Life Sciences