The Life Sciences industry is changing dramatically, for many reasons. Not only patent expirations are a driving force behind this. The needs from patients and care providers are rapidly evolving. For example, patients are hyper-connected to the internet and to one another. According to a survey by McKinsey in 2014, more than 75% of all patients expect to use digital services in the future, as long as those services meet their needs and provide the level of quality they expect. At the same time, scientific complexity is also increasing. Chronic diseases will continue to be hard to tackle, and due to ageing populations and other factors, as per WHO deaths by chronic diseases are projected to reach 52 million annually 2030. Further, there are also other incurable diseases, populations are ageing, globalization is unstoppable, and more and more countries are moving towards healthcare reforms that pay per outcomes, i.e. they will start reimburse according to the efficacy of a therapy.
In the face of these trends, true transformation will not come from smaller incremental improvements, but rather from finding innovative ways to do things fundamentally differently. The game has already started. Here just a few of many possible examples of front-runners:
There are of course a lot of more life sciences companies that have developed astonishing innovation. Other examples than personalized medicine, precise manufacturing, or connected health include bionic 3D-printing, artificial intelligence built into medical devices, as well as much smarter collaboration across the life sciences value chain. Behind the scenes, market leaders not only in pharma, medical devices, and biotech, but also from consumer products, high tech and other industries are researching on the next breakthrough business model that could change the landscape in life sciences.
What are your competitive advantages today, and how could latest business and technology trends disrupt them? What major challenges are you currently facing, and how might new technologies help you solve them?
Join the conversation on Twitter on @Sap_Healthcare and watch out for the hashtag #SAPDigital-LS-Enterprise. Last not least, read the blog by accenture which summarizes the SAP Digital Life Sciences Enterprise event which took place on September 22, 2015 in Princeton, New Jersey.
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