Kian Beyzavi shares a post that takes a look at the driving factors behind innovation in Life Sciences.
The healthcare industry is changing worldwide. The key trends contributing to this change stem from evolving behaviors and needs of the key stakeholders: Patient, Providers, Payors/Employers as well as emerging technologies:
Patients are empowered, educated and tech savvy. They increasingly demand the same user experience in managing their disease as they receive in other parts of their lives such as banking or consumer electronics. By the same token, they are starting to do “value shopping” for their healthcare in the face of rising out-of-pocket costs.
Physician providers are becoming salaried employees of large institutions with great margin pressure tying them to standardized treatments and workflows.
Payors become more assertive and increasingly focused on outcomes-based, bundled or risk-sharing payment models.
Emerging technologies form the foundation for development of advanced, digitally-enabled value added services.
In the meanwhile, more and more drugs are facing patent expirations and needing to compete with biosimilars. While there are minor variations to these trends across various countries, the imperatives are largely global.
At the same time, with massive advances in pharma/biotech drug discovery and development, novel drugs are increasingly at parity with on-market drugs and 2nd or 3rd to market in their class.
All of these trends contribute to the push for innovation in life sciences companies. They realize that they simply cannot go on as before.
Access the article, What’s Driving The Frenzy of “Innovation” in Life Sciences?, on LinkedIn.