When the human body is the biggest data platform, who will capture value?

A recent EY study explores how digital technology is transforming the life sciences industry, changing the operating model and practices of existing industry players, creating new opportunities for non-traditional players, and redefining the role of the patient.

Host Juliette Foster is joined by Professor Jackie Hunter, Director, BenevolentAI, which pioneers the use of artificial intelligence to research new medicines and develop blueprints to cure sicknesses, and Pamela Spence, who leads EY's Global Health Sciences and Wellness practice.

Together they explore The Better Question, when a human body is the biggest data platform, who will capture value?

In today’s fluid environment, every company developing health care products and services is a data company, and therefore a technology company. Likewise, every technology company that has access to health-related, consumer-generated information is a health care organization.

Pamela discusses how increasing quantities of available data about the human body is providing opportunities to create more effective, personalized patient care. The consequences for this change will be far-reaching for all elements of the health care industry, and requires all players to revaluate their strategy, business model and competencies to seize the upside of disruption.

Meanwhile, artificial intelligence (AI) is rapidly accelerating the identification, diagnosis and cure of illnesses, decreasing the 95% failure rate of the pharmaceutical industry’s research and development efforts. Jackie shares how BenevolentAI is using AI to develop rapidly new treatments for diseases at lower cost.

Learning outcomes

  • Data and technology create opportunities to reengineer the life sciences model to increase the effectiveness of patient care and lower costs.
  • There will be a power shift from major life sciences companies and health care providers towards the patient-consumer.
  • Opportunities for technology companies – such as platform-based healthcare – will emerge, potentially disrupting traditional life sciences industry players.
  • As traditional life sciences companies and technology companies merge, cultural differences will represent a hurdle.
  • Regulation of personal data will need both to protect privacy and facilitate the cure of disease.
  • Lack of patient and doctor trust will remain barriers to better patient care.

For your convenience, full text transcript of this podcast is also available. Read the transcript

Presenters

Juliette Foster
Juliette Foster
Business journalist
Pamela Spence
EY Global Health Sciences and Wellness Industry Leader and Life Sciences Industry Leader

Podcast

Episode 05

Duration 19m 11s

In this series

Series overview
(Event List - Manual)

How can you be both the disruptor and the disrupted?

In this episode of The Better Question podcast, recorded at EY World Entrepreneur Of The Year™ 2018, host Juliette Foster and her guests explore how to be disruption-ready.
Podcast

Episode 01

Duration
18m 38s

Presenters

Juliette Foster

Business journalist

Gil Forer

EY Global Markets Digital and Business Disruption Leader

How does purpose help create value from vision?

In this episode of The Better Question podcast, recorded at EY World Entrepreneur Of The Year™ 2018, host Juliette Foster and panelists discuss the power of purpose.
Podcast

Episode 02

Duration
16m 48s

Presenters

Juliette Foster

Business journalist

Does the speed of change blur or sharpen your focus?

In this episode of The Better Question podcast, host Juliette Foster and her guests discuss how business leaders can lay foundations for growth.
Podcast

Episode 03

Duration
17m 27s

Presenters

Juliette Foster

Business journalist

Is gender equality the secret to success in our Transformative Age?

In this episode of The Better Question podcast, host Juliette Foster and her guests discuss the power of gender equality in business.
Podcast

Episode 04

Duration
18m 32s

Presenters

Juliette Foster

Business journalist

Julie Linn Teigland

EY EMEIA Area Managing Partner and EY Global Leader – Women. Fast forward

When the human body is the biggest data platform, who will capture value?

In this episode of The Better Question podcast, host Juliette Foster and her guests discuss the opportunities stemming from the transformation of the life sciences sector, driven by data and digital.
Podcast

Episode 05

Duration
19m 11s

Presenters

Juliette Foster

Business journalist

Pamela Spence

EY Global Health Sciences and Wellness Industry Leader and Life Sciences Industry Leader