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.
- 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.
Duration 19m 11s
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