Winning in the Future of Health
Deloitte-Morgan Stanley Online Satellite Forum at WuXi Healthcare Forum Concluded Successfully
At WuXi Healthcare Forum 2020, Deloitte and Morgan Stanley Online Satellite Forum—Winning in the Future of Health, was grandly launched on August 15. Four inspiring sessions and eight industry thought leaders from Life Sciences and Health Care provided collective insights on topics including risk management, overseas IPO, cell and gene therapy, and the future of work, to further discuss how pharma companies can seize unprecedented opportunities after the epidemic, and thrive in the future.
Following the satellite forum at WuXi Healthcare Forum 2019, it was the second consecutive year that Deloitte and Morgan Stanley held a splendid industry event together to enhance brand exposure as professional service providers in the industry. The forum has attracted 4561 people online and a total of 7690 replay viewers (as of Aug.17th), which received positive response from the industry.
Innovative experience by leveraging digital visualization
Due to the epidemic outbreak, this forum was changed to an online session. Different from the traditional video live streaming, Deloitte adopted a more creative and digitalized approach, which not only delivered speakers' presentation, but also showed a variety of data, charts and other multimedia visualization elements in the background of the forum, to convey messages in an intuitive way as well as highlight Deloitte's technical capability and innovative practice in digitalization.
Keynote Speech Takeaways
According to Deloitte's survey, the epidemic hit domestic and foreign pharma enterprises on marketing activities, supply chain management and business models, etc. To mitigate the impact, those enterprises take measures including strengthening resources allocation, supply chain management, and invest more in online business.
To help companies take effective measures, Deloitte elaborated risks and opportunities in three major aspects. The first one is the supply chain. Great changes have taken place in every part of the whole traditional supply chain. Companies need to consider key factors including risk response, the enhancement of efficiency, expanding new channels and changes in business with patient-centric engagement, to give play to their own advantages and collaborate with ecosystem players. The second one is the clinical trial. Many clinical trials were discontinued or delayed due to the pandemic, with a series of challenges. Organizations can consider the transformation of clinical trials from three crucial aspects, which are win-win cooperation with tech players, more risk-oriented to strengthen management, and digital transformation. The third one is the transformation in the patient-centered business model, companies should grip policy support and the trend of future digitalization, to innovate in their business models from both diagnosis/treatment and patients.
Cell and gene therapy (CGT) is now one of the hottest sectors in the biotech industry. With the impact of national strategy and the COVID-19 epidemic, it has enormous potential.
A cell and gene therapy ecosystem has taken shape. Under such a favorable environment, Deloitte analyzed the potential challenges and response strategies from four aspects. The first is market entry model. Especially for foreign companies, they should take all these factors into account including policy compliance, business risks, the speed of market entry and the maximization of value, when considering different entry models. The second is product portfolios and patents, to grasp the opportunities for local innovations and create a sustainable product pipeline through taking approaches like taking an active part in early VC investment, technology licensing with multinationals. The third is the product launch path. Companies should fully understand and apply domestic policies, and set key communication points with different government departments. The fourth is the commercial barriers. CGT has higher requirements on medical institutions, production and supply chain, pricing and accessibility, and industrial IT system, which need companies to distribute beforehand. Under the impact of the epidemic, CGT shows a favorable trend on a promising prospect, business model innovations and accelerated ecosystem-driven alliances.
Under the impact of the epidemic, companies are now unable to serve customers normally and work properly, lack of online tools, which affected the business performance. Meanwhile, the epidemic has a profound impact on our work content and work patterns, as remote and distributed office models will be more common. Companies should take this opportunity to rethink the optimization trend of future human capital and organizational structure.
In Deloitte's view, the future of work is a 3-dimension revolution. Firstly, companies should improve the degree of intelligent automation, combining RPA and AI technology in the process, strengthening technology infrastructure and network safety, to significantly reduce operating costs and achieve an obvious improvement in revenue. Secondly, there will be growing demand for talents with compound skills and Super Job. Combining humans and machines can play to their own strengths, optimize work process and efficiency. Thirdly, more companies start to take diversified employment and adaptable organizational structure with flexibility and agility. It can not only maintain the ability to quickly iterate according to external environmental changes, but also cultivate inclusive and diversified future leaders with growth and global mindset.