How do we lead amidst change? How do we sustain the pace needed to improve treatments and patient care at a lower cost? These are the questions the biopharma industry is faced with as we emerge from the pandemic.
The answer? New Science.
But the rising costs of New Science and patient care along with rapidly advancing technology has the industry at an inflection point. While New Science is driving more growth than predicted, the cost of discovering and developing new treatments remains high. New Science is facing a new economic reality that is challenging profitability because:
- People can’t afford it
- Payers are under pressure
- Government spending is rising
Yet, New Science remains the answer. It can deliver accessible, affordable, and transformative patient outcomes when built on well-defined outgrowth strategies that access emerging technologies such as AI, extended reality, blockchain, NFTs, digital twins, and cloud computing.
Prem believes that the industry’s success will involve an increased focus on platforms and capabilities. He outlines three key actions that biopharma companies must take to become future-fit enterprises:
- Combine biotechnology platforms (bio-platforms) and capabilities (e.g., AI) to create value
- Develop a “cross-platform” organization and culture
- Create a novel science and technology (S&T) incubator that reports to the C-suite
“Technology can only point us in the right direction,” Prem says, “but the onus of using and harnessing it, of bringing better patient outcomes is really the responsibility of pharma organizations and manufacturers who must step out and take things to the next level.”
About Prem Iyangar
Prem is an Associate Director in the Life Sciences practice at Accenture. As a veteran in the industry for over 20 years, he brings a wealth of knowledge, experience and thought leadership to the practice. Prem is always looking to push the boundaries of technology across the value chain in the life sciences space. He is currently the Associate Director & India Head for Quality & Med Technology at Accenture in Bengaluru, India.