Digital Disruption Can Be Constructive in a Transformational Healthcare Environment

The life sciences industry is operating in a rapidly changing environment, driven by a fundamental shift in healthcare profit pools and advances in medical science. And, I’d argue by increasing digital disruption in the healthcare ecosystem. Successful life sciences companies will be those that respond to – and embrace – this digital disruption.

By Steve Andrade, General Manager, Global Life Sciences

In this dynamic environment, consumers are taking back control of their own health journey as key decision makers and influencers, and healthcare demand is exceeding financial means. Economic value, in addition to real-world proof of product efficacy and safety, are influencing a shift in industry innovation from more inputs (more products, devices, etc.) to more outputs (better health outcomes).

CSC Capital Efficient Innovation Solution Brochure_cover thumbWith a health outcomes orientation to innovation, fresh industry strategies are being employed, including: predictive medicine that leverages diagnostic advances to deliver the right therapy to the right patient at the right time; personalized medicine, which targets therapies to specific populations made possible by genomic and other scientific breakthroughs; and personalized care, which seeks to optimize a  patient’s overall health condition through therapy compliance, behavior modification and support networks.

What digital disruption trends in healthcare should life science companies consider embracing to advance their health outcomes innovation transition and strategies?

Notable Digital Catalysts

Data collected from sensors, such as implantable and wearable technology, is being used to analyze and monitor patients for responsiveness, compliance and required therapy adjustments. Life sciences companies that best incorporate digital sensor technology and the Internet of Things to advance desired health outcomes, while meeting patient privacy and security demands, will have a competitive advantage.

Digital information channels, including social media, provide patients with ubiquitous access to   alternative information sources on available and alternative therapies, product effectiveness and safety, health maintenance, and costs.  Those companies that recognize the industry’s weakened control of what and how product information is disseminated and employ digital omni-channel strategies that engage all stakeholders will benefit.

Advanced analytics, cognitive computing, intelligent software and cloud are driving the next wave of business process automation, which will ultimately enable companies to innovate in a more capital efficient and agile way – while mitigating risk.

The exciting digital disruption observed in healthcare and other industries should encourage life sciences companies to examine digital opportunities for transforming their value chain, improving existing business models and implementing new ones to deliver better outcomes.

The industry’s leadership role in a rapidly evolving digital healthcare ecosystem is dependent on bold and constructive digital transformation.

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