The life sciences industry finds itself at a critical crossroads. In one respect, never before have there been so many powerful forces driving increased demand for healthcare. These include aging populations, rising expectations for increased access and better quality healthcare (particularly among the middle classes in emerging markets), and an increase in the prevalence of chronic lifestyle-driven diseases.
The industry still finds itself in the press for all the wrong reasons as historical sales and marketing indiscretions are exposed and multi-million dollar fines levied. There has clearly been a cultural shift across the industry but we are at the start of a long process of rehabilitation. However, our contention is that the industry has not yet properly addressed one of the most pressing global challenges – the rapidly changing healthcare landscape. This is partly understandable given the need to manage patent expirations and retool research and development (R&D) but it is now time to start to consider this important issue. The new healthcare ecosystems focus on value, and reward better outcomes at the same or lower costs.
Accordingly, the interests of the life sciences industry could converge with those of healthcare providers and payers in increasingly integrated delivery and financing models, provided the products and services are of sufficient merit.
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