2021 global life sciences outlook

Key takeaways:

• Organizations should take a more in-depth look at human resources and its evolving new role—encompassing the entirety of work, workplace, and workforce.
• The ability to connect and work from anywhere will continue to create network effects—expanding access to new talent and new partners, while extending an organization’s capabilities.
• It is essential to foster a culture of belonging and innovation for remote workers and redesign work to incorporate true well-being—this will be critical for workforce to thrive and acquire new talent. 
• While new agile spaces designed specifically for teams to work and socialize off-site will grow to accommodate a post-COVID world, life science companies could think about repurposing space to drive client innovation.

Key takeaways:

• Stakeholders are likely to continue funding new digital health innovation in the next year. Health systems are expected to continue making investments and a hybrid model of virtual and in-person visits will likely be the norm post-pandemic.
• Eased regulations during the pandemic increased adoption of telemedicine in many countries, but reimbursement and regulatory policies post-COVID will be key to permanent uptake and growth. 
• Digitization has led to new points of care such as easy access to clinical care from home, retail and digital pharmacies, pharmacy vaccinations, drone deliveries, and more. 
• The home is a hub of connectivity and emerging as a clinical point of care. Home testing and point-of-care testing are undergoing a revolution, and medtech companies can expect continued competition from consumer tech.

Key takeaways:

• Future interactions between companies and HCPs: While a hybrid commercial model with a mix of in-person and virtual meetings is evolving, cultural differences will play a key role.
• As companies lean on to virtual models to engage HCPs now, digital and virtual interactions require new skills to deliver more personalized and empathetic experiences.
• Medical affairs will see more investment and strategic partners to complement its expanding roles and responsibilities. 
• The mega medical congresses of the past are expected to make way for more virtual, focused, and hybrid physical/digital events, and will see growth in technologies such as artificial intelligence, chatbots, virtual rooms, and learning platforms.

Key takeaways:

• Biopharma companies are adopting various strategies for innovating clinical trials to shorten timelines—including new trial designs, new technologies such as AI, and new strategic partnerships.
• New virtual trial designs enable greater patient involvement and improve clinical trial diversity to draw more valuable insights.
• Planning and resources are key to the success of these new models, especially to address the needs of the vulnerable or marginalized populations. 
• Biopharma companies should work collaboratively and transparently with data startups to unlock the data necessary to inform transformative approaches in drug development.

Key takeaways:

• Novel strategies and technologies, including real world evidence, platform trials, remote clinical trial monitoring, and advanced analytics can help organizations succeed in the new regulatory environment, compress timelines, and accelerate insights.
• Continued collaboration between governments, industry, and big techs will likely fund innovative technologies for widespread diseases based on the model that evolved during the pandemic.
• Regulators are taking a risk-based approach in everything they do and thinking like a regulator is key. The best way to do this is to study inspections and processes from the regulator’s perspective while analyzing risks and benefits carefully.
  

Key takeaways:

• Organizations should evaluate their supply chain plan holistically and include their strategic, operational, and financial leaders to optimize resiliency. In 2021, a significant amount of investment is expected to continue in reshoring, especially for capacity shortfalls (e.g., injectables, vaccines).
• Changes in manufacturing and supply chain are driving the need for new partnerships. Increased collaboration between competitors is expected to ensure consistent and expedited delivery of drugs and vaccines to the public. 
• Contract manufacturing agreements are growing for next generation therapies. A lot of pharma companies will need to leverage their partners instead of manufacturing the products themselves.

Key takeaways:

• Organizations can lead by example, operate with integrity, build a secure foundation, deliver on patient-centricity, and innovate without borders, and embed trust into their DNA. 
• Measuring ESG progress is critical to building trust and advancing the sector’s role in society.  Business ethics, product governance, and access to basic services are key issues that could impact valuations of Big Pharma and biotech companies.
• An increasing number of pharmaceutical companies are shifting to electric vehicles (EV) as a force for positive change. Reducing pollution through pharmaceutical production is just one of many areas the sector is addressing.
• Organizations should focus on achieving equity in health, race, and gender. Companies are looking to invest in solutions which reduce inequity and drive meaningful change in the society. They are also expanding their resources network to break the gender and racial barriers and inequalities, while holding themselves accountable for their actions.
• Socially responsible companies are creating new key performance indicators (KPIs). Success today and in the future depends on collaborating for shared value in a way that is transparent and sustainable.

Read our 2021 Health Care Outlook to know about the issues driving change in the health care sector and present questions and actions health leaders should consider in the coming year.