4 minute read 17 Feb 2020
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How Life Sciences 4.0 is reshaping the health care ecosystem

By EY India

Multidisciplinary professional services organization

4 minute read 17 Feb 2020

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  • Today for tomorrow: realizing the potential of Life Sciences 4.0

Reinventing business in the pharma sector is no longer a choice but an imperative.

The ubiquity of mobile and peer-to-peer sharing tools is transforming consumers into super consumers, who demand convenient and seamless care. Growing awareness has shifted consumers’ focus from mere treatment of diseases to its prevention. Wearables and sensors are shifting patient care from hospitals to homes. Telemedicine and online portals are making it possible to deliver personalized healthcare experience to your home.

Our report, “Today for tomorrow: realizing the potential of life sciences 4.0”, explores how the evolving ecosystem is changing the life sciences value chain and creating new opportunities to capture future value through the development of personalized products and services and end-to-end solutions.

The question that life sciences companies must address urgently is how to seize the upside of disruption in today’s transformative age and continue to be relevant tomorrow.

These changes require that India-based companies proactively shift their business models from supplying commodities to supplying innovations. Life Sciences 4.0 is all about the ability of the life sciences companies to strategically evolve from one stage of business maturity to another at the right time and with the right capabilities. Strategic investments made today can help companies to grow tomorrow.

Life sciences companies in India have started taking small, experimental steps towards their 4.0 journey. Currently, activities are fragmented across the value chain.

With the shift in business models, the core expectations of each business function are also shifting. Keeping this transition in mind, there is a need for these companies to simultaneously equip themselves with right capabilities that can be adapted across the value chain. There is a need for companies to create a digital strategy that aligns with their short-term and long-term business goals and accounts for the organization’s current talent capabilities and culture. Although the tactics employed at each company may vary, here are some of the key steps that all companies can follow to successfully begin their transformation.

  • Evolving shape of medical devices

    Over 60 Artificial Intelligence (AI) algorithms were approved by the US Food and Drug Administration (US FDA) between 2018-2019 for varied applications ranging from imaging to diagnosis and monitoring to treatment.

  • Shift from mass therapy to individualized therapy

    There was 880% increase in M&A activity in cell and gene therapy deal totals to US$49b between 2018-2019 from US$5b between 2014-2015.

  • Developing digital capabilities through partnerships

    Life sciences incumbents signed 503 digital deals between 1 January 2014 to October 2019. 50% of these deals were aimed at accessing tools and platforms for virtual care, remote monitoring and improving research and development.

  • Rise of digital leaders

    About 70% of top 10 biopharma companies globally now have a chief digital officer (CDO).

Join the conversation #BioAsia2020.

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As Indian pharma companies prepare to shift from supplying commodities to supplying innovations, technology is altering the way health care is imagined and delivered.

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By EY India

Multidisciplinary professional services organization