The State of the Life Sciences
New Health Economy
The U.S. Life Sciences industry has been under many different pressures: in the forms of cost, government regulations, and operational barriers. These challenges are called the New Health Economy, which also includes hospital consolidation (intended for efficiency gains), changing demands and expectations of patients, and increasing calls for price reforms. This has pushed many industry towards collaboration amongst one another as well as a more consumer-facing industry.
Emphasis on personalized treatments that can benefit individuals – flexible and interactive.
Costs are rising as geographic clusters form in expensive areas like the Bay Area and Boston.
Inventions, insurance rates, pandemics – all of these can drastically change the future of the industry.
Select Client Sectors
Pharmaceutical companies have recently undergone a wave of mega-mergers, particularly focused on strengthening research pipelines in oncology and immunology. In addition, the industry has been shifting towards expanding the role of data to accelerate research and aid business decisions. Data based approaches have enabled better predictive models, more effective clinical trials, and targeted marketing.
As treatment platforms expand beyond traditional large-molecule therapies to fields such as monoclonal antibodies, bispecific antibodies, and nucleic acid therapies, the biotech field is filled with exciting potential. In particular, gene and cell therapy are becoming central sub-sectors that are driving partnerships and consolidations with big pharma. Additionally, increasing computational research capabilities and enhanced data collection methods are revealing vast new insights from genomic, expression, and mutation datasets.
With a growing elderly population and increasing demand for noninvasive therapies, the potential for medical device innovation in traditional healthcare settings is promising. These prospects are bolstered by recent efforts by the Food & Drug Administration (FDA) and the Centers for Medicare & Medicaid Services (CMS) to facilitate the process of medical device approval. Mobile health services are also projected to expand rapidly in the coming years. These products could revolutionize care coordination outside of healthcare facilities, provide digital therapies, and enhance user health on a day-to-day basis.
While big data has become increasingly adopted by other industries, the healthcare industry has been slow to adopt many digital solutions. Nonetheless, the implementation of data-driven health solutions can further personalize care and enhance medical insights throughout a patient’s treatment. While the path to success is riddled with challenges in data aggregation, patient privacy, data management, and regulations, the developments of these digital systems have vast potential to drive analytical healthcare innovation.