The Life Sciences and wider healthcare ecosystem are experiencing unparalleled market and business disruption. The blistering pace of technology innovation, the emergence of new competition, and shifts in the regulatory and political landscape—as well as frequent and large-scale M&As—have challenged traditional market assumptions and strategies. Companies must become more resilient in response.
Consider just one of the disruptors: the changing role of technology. Technology is becoming increasingly embedded in the pharmaceutical value chain, with artificial intelligence influencing drug discovery, blockchain technology disrupting traditional supply chains, and real-world data affecting new commercial models. An Accenture report notes that automation alone can deliver up to 20 percent increases in work efficiency, and up to 40 percent increases in accuracy.
Competitive change is another part of the overall challenge. Tech companies see significant value in healthcare, as evidenced by where they are placing their bets: The top-10 tech companies have increased their investments in health startups about 100 percent per year since 2014, with an estimated $4 billion in digital health investments in 2017.