2018 Global life sciences outlook

Global life sciences sector issues in 2018

Embracing exponential changes in technology

AI and cognitive technologies, automation and computing power are advancing at an accelerating rate. Continuous manufacturing technology and Robotic Process Automation (RPA) are shortening production times and increasing process efficiencies. These technologies are benefiting patients and clinical trial productivity but also lead to increase in data volume, further leading to the need for scale and security in the business. Companies are partnering with large and small technology companies to derive insights from the high volumes of data generated from EHRs, claims, clinical trials and other sources.

Embracing geopolitical change

Pricing, along with securing market access, is expected to continue to be a top priority for life sciences companies in 2018. The need for a good value proposition is vital as the value perceived by patients and payers is expected to increasingly drive pricing, and not simply cover R&D expenses. The uncertainties around geopolitical boundaries and policies, and changing tax reforms in some parts of the world may urge life sciences companies to develop action plans to mitigate potential risks, revisit their investment decisions, and take advantage of potential opportunities.

Building an adaptable organization for the future of work

Building an organization of the future is one of the most important challenges for health care and life sciences human resource leaders. The future of work will be more networked, devolved, collaborative, project-based, and mobile. The key trends that will impact the future of work are:

• Organizations with less hierarchy and more autonomy at team and individual level. 
• Culture is critical, and grows in importance at scale.
• A skills-based economy where talent will be a differentiator.
• Robotics, AI, sensors and cognitive technologies will help redesign almost every job.

Building a culture of courage to help counter uncertainty

The ethically-driven life sciences sector is constantly being monitored by the regulatory authorities. 2018 will see leaders emphasize the right and uniform tone across the organization to build a culture of integrity. Apart from human error, it is the interconnected systems which can lead to cyber risk which has the potential to impact patient care and safety, organizational assets, reputation, intellectual property, customer relationships and regulatory compliance. Life science leaders need to continue to be vigilant of high profile, vulnerability disclosures.

Building data integrity, maximizing the value of data

In 2018, regulatory bodies will have high expectations for data quality and integrity due to the adoption of cloud, automated systems, and advanced technologies in life sciences. Companies are looking at making data accessible across the organization and breaking down the silos in which departments operate. This can help companies derive insights to drive value-based pricing and improve market access.

Building patient trust and centricity

Pharma companies have been inclined towards adopting digital technologies for advancing patient centricity. But, low level of health and digital literacy and corporate reputation can undermine patient trust and ultimately engagement. Here are a few technologies which can transform the patient journey in the future.

• Embedded blockchain technology to improve efficiency, safety and traceability 
• Gamification to enhance patient engagement and health literacy
• 3D printing to transform all stages of the pharma value chain
• Optimizing the potential of the connected patient to develop solutions based on the outcome

Building a smart, cross-functional regulatory approach

In the future, regulators will look at ways to measure a ‘culture and quality index’ for life sciences companies. Regulators will continue to modify their policies to keep pace with the increased use of connected devices in the life sciences space. The life sciences sector is gradually moving towards self-regulatory models for some components of the regulatory process, where companies provide metrics on their internal processes and outcomes for monitoring by the regulatory bodies. The future can also lean towards a holistic approach where regulators across the globe collaborate to monitor the sector.

Growing through partnerships and new operating models

While technology partnerships which allow companies to become more patient-centric and digitally-enabled across commercial and clinical spaces have been common, significant investment in non-asset based R&D partnerships such as academia is now visible. Clinical partnerships have allowed coordinated research efforts through master protocols, helping researchers evaluate more than one or two treatments in more than one patient type or disease. New operating models such as Everything-as-a-Service (XaaS) help companies envision business capabilities, products, and processes as a collection of horizontal services that can be accessed and leveraged across organizational boundaries.