Challenge Discussed : Healthcare and Life Science industry in particular has been slow to ride the wave of digital transformation.
But 2019 will be promising and witness a rapid transition with the wider acceptance of virtual care, value based care and disruptive technologies.
Speaker : Khushbu Jain
Key Findings- Personalized Medicine, Predictive Analytics, Decentralized Healthcare, Reimbursement Headwinds, Data – Driven Healthcare
Predictions- Drug Discovery, Clinical Development IT, Bio-analytical, cGMP, oncology, rare diseases, neuroscience, Liquid Biopsy, Big Data, EUIVDR, PAMA, Connected Lab
Technology to Watch - Digital- IIoT, big data and analytics, AI, and cloud systems
Growth Opportunity - CANCER IMMUNOTHERAPY; CELL BANKING; SINGLE USE IN BIOLOGICS MANUFACTURING; NGS; LIQUID BIOPSY; POINT-OF-CARE TESTS; GENOMICS
Pharmaceutical & Biotechnology; In-Vitro Diagnostics (IVD) & Research Tools, Healthcare IT, Life Sciences Business Trends,Life Sciences Technology Trends
Key Takeaways :
Well, It is true that it takes decades for complete transition and a trend to set in, for it to become the norm, but the foundational elements that signal the shift are taking shape today.
We are more cognizant of the rapidly declining return on investment on R&D and growing complexity with precision medicine catering to selected population groups.
We are more cognizant of the fact that healthcare is shifting from treatment to wellness and patients are increasingly becoming the pivotal decision makers.
We, within the industry are experiencing the huge impact of non-traditional competitors and how technology companies are upending the way we function.
Collectively, these trends create a mandate for life sciences companies to become more efficient, nimble, and patient-centric in 2019.
Acknowledging these challenges is not enough, we need to ask the next logical question- what next and how do we stay ahead of the curve?
The first reality is that the companies will have to embrace digital-first mindset and change everything from the way R&D is conducted, to how clinical trials are designed, to how new products are commercialized.
Companies will have to whole-heartedly embrace Cognitive, artificial intelligence, multi-omics and real world data at every single step to extract the full potential of digital revolution.
Secondly, companies will have to recalibrate their M&A strategy on two fronts- A) focus on building the depth of the portfolio through acquisitions and B), embrace new types of partnerships and collaborations.
Life Science companies will have to increasingly foster and support the start-up 2.0 ecosystem and forge unconventional partnerships with them.
But more importantly it is the incorporation of the patient voice throughout the lifecycle of therapy development, which will propel growth in 2019.
Against the backdrop of these imperatives we dive deeper into more specific and immediately realizable growth opportunities in our 2019 outlook for the life sciences industry.
We discuss specifics of Virtual Clinical Trials and how it is Challenging Traditional Vendors, we identify opportunity in Single-use Technology and its ability to Enable Decentralization of Cell & Gene Therapy manufacturing, we dive deeper into Growth of direct to consumer genetic testing Market, liquid biopsy and IVF in APAC region.
There are several intrinsic and extrinsic challenges that are altering conventional ways of doing a business, but the good news is there are just as many opportunities.
The key for the life science industry is to make use of ongoing breakthroughs in the fundamental science behind diagnosis and cure, leverage innovation from our cohorts and keep an eye out for opportunities that surface.
Even incremental changes in 2019 can pave way for monumental shifts in the future.
On that positive note, I hope you have enjoyed this session.
Please join us for future podcasts and become a member of our Leadership Council by emailing us at digital@frost.com.
Thank you for your time. Have a nice day!
Website: www.frost.com
Hosted on Acast. See acast.com/privacy for more information.
