Interesting times are ahead of us in the Life Sciences. A lot of things have been said, a lot of trends tossed around, but when you want to prepare yourself for the upcoming changes, you really need to look deeper and concern yourself with how the Healthcare Value Chain is going to change you and your company. Because the trends are here already, now it’s time to take them on.
Power is shifting – but where?
If we talk about the changes in the Healthcare industry, a lot of the processes are concerning how people will actually be getting care in the future and how this care is going to reach them – through which channels, which devices, with what information in the background. Of course essentially the goal is to improve care but that also means that the changes must be scalable and in the end profitable to sustain a whole innovation process. New business models emerge, often posing substantial challenges to existing funding and regulatory structures. And existing business models have to shift their focus, add new partnerships and re-define their ROI to adapt to new values being created.
Profits and value
Value has been on the hot seat of most of the conferences, summits and discussions I have been to lately – for a good reason. Stakeholders in Healthcare look at them rather differently. What is good quality care? So where does the chain actually create value and for whom? Of course there’s no universal answer to that (and probably never will be), since all stakeholders tend to see different values for just them. But a growing customer-centered approach calls for a reward system that supports customer-friendly solutions and outcomes that are measured more based on the patient’s experience. A balance needs to be created to incorporate all new technologies and possibilities into a profitable outcome and make technology an enhancement of existing care, thus creating more value.
Are you ready for more partners?
Innovation and power shifts bring new players into the field – that we have already established. Of course this essentially means that everyone is going to have to work with more partners in the future. The times when you could build everything yourself and the care processes were more detached are over. But not only do you have more diverse partners, the partnerships also grow in complexity – as the industry in general does. This can add a lot more participants into the value chain, which in the end can also add a lot more value. It may sound surprisingly simple (and it’s really not simple!) but it’s certainly adding a lot more opportunity to the Healthcare Value Chain.