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A digital revolution in patient care: Life sciences technology vision 2014

A new digitally enabled life sciences business model is powering a revolution in patient care.

Overview

To adapt their businesses to a digital operating model, life sciences companies need to challenge their own organizational structures, capabilities and performance metrics to ensure they can not only compete but thrive in a healthcare environment that is focused on patient outcomes and value to the health system.

This new patient-centered paradigm personalizes therapeutic approaches, engages patients more broadly in their treatment and optimizes the combination of products and services that deliver improved health outcomes at lower cost to payers and healthcare providers.

This paper shares four critical digital trends that are shaping this pivot to the patient.

Background
Every year, Accenture Technology Labs conducts extensive research into technology trends that will have the greatest impact for our clients in the years ahead.

Our 2014 analysis is the third year we have researched the technology issues specific to the life sciences industry. This research identifies the most important future trends that will shape the technology and business models of the future for life companies around the globe.

Key Findings

Digital technology is about to disrupt life sciences as it has in industries such as retail, financial services, media and entertainment.

Digital technology has a profound ability to enhance and prolong lives that is just beginning to be tapped. To harness these opportunities, digital needs to be embedded into the DNA of life sciences companies’ business models, with a focus on four areas:

  • Collaboration

  • Real-world patient data

  • Value analytics

  • Patient and healthcare professional services

Digital expertise is becoming a potent differentiator in the industry, enabling companies to deliver innovative treatments and services that provide benefits for all the players in the healthcare ecosystem: themselves, payers, providers and healthcare professionals.

Recommendations

Life sciences leaders will need to carefully define their vision and the role they will play in the digital revolution. They must restructure their operating models to operate in an “outside-in” manner that is focused on patients’ needs and health system outcomes and re-think the organizational silos that limit collaboration and sharing of data.

Throughout every level of organizations, Accenture anticipates a reevaluation of the skills that will be most valuable. Success will require companies to establish partnerships across the ecosystem, and life sciences companies will need to proactively invest in their partners to achieve their vision.

The opportunity now exists for every executive to be a digital disrupter — to recreate and redefine their business to create lasting competitive advantage.


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