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People & Technology: Vision for Life Sciences 2016

Industry leaders are rethinking the critical role of people when harnessing advances in digital technologies. We have identified four themes that will have a significant impact in the life sciences industry over the next 12 months.

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People & Technology: Vision for Life Sciences 2016

  1. 1. Accenture Life Sciences Rethink Reshape Restructure…for better patient outcomes People + Technology: A new double-helix for Life Sciences Technology Vision for Life Sciences 2016
  2. 2. Copyright © 2016 Accenture. All rights reserved. 2 The combination of digital technologies and people creates huge opportunity for truly patient-centered healthcare This convergence is helping drive three dramatic shifts in healthcare: 1. Digital is transforming what patients expect from the services and care they receive. 2. The convergence of the consumer and clinical domains arising from ubiquitous connectivity and wearables. 3. A significant shift in healthcare business models from the volume of medicines, products and devices sold to the value delivered by patient outcomes achieved across an entire healthcare system. 84.3% of life sciences companies anticipate a rapid or unprecedented increase in the pace of technology over the next three years.
  3. 3. Copyright © 2016 Accenture. All rights reserved. 3 We have identified four themes that will have a significant impact in the life sciences industry over the next 12 months: Industry leaders are rethinking the critical role of people when harnessing advances in digital technologies. Volume to Value As people are seeking greater involvement in managing their health, life sciences companies have to increase their focus on meeting changing consumer needs. Intelligent Enterprise In order to manage the explosion of data in the life sciences industry, companies must develop partnering strategies with others in the health ecosystem and start using intelligent machines to help manage, process and analyze data on an unprecedented scale. The Platform Business The platform becomes the business model enabling life sciences companies to create innovative services, and new sources of value. Liquid Workforce Life sciences companies must focus on creating new corporate cultures where technology enables their people to constantly adapt and learn.
  4. 4. Copyright © 2016 Accenture. All rights reserved. 4 Life sciences companies have to understand how these developments affect their product strategies and invest in developing new services that focus much more closely on meeting changing patient needs. In terms of patient services,1 this means an evolution to the next generation of business models and strategies. 38% of life sciences companies are automating routine tasks so they can free up time and resources to innovate and create new business models. 88% of executives agree their IT organization is ready to respond to the increased focus on patient and health economic outcomes. 1 Patient services include, but are not limited to, education or information, financial assistance, reward programs, physical referrals and nurse support.
  5. 5. Copyright © 2016 Accenture. All rights reserved. 5 • Get to know customers more intimately than ever before. That means deep immersion in their daily lives to understand what really matters to each of them. • Start by designing for outcomes. If a service isn’t creating data to demonstrate improved outcomes, it’s unlikely to be adding value to either the business, or its customers. • Identify where existing services can be enhanced or expanded. Focus on capturing real data illustrating the impact their services have today and use technology and data to understand, adapt and differentiate from competitors with new offerings and services. • Measure the outcome of services. Increase investments in data analytics metrics, and reporting and tracking technologies.
  6. 6. Copyright © 2016 Accenture. All rights reserved. 6 The essential new co-worker in this world of data is the machine. Capabilities like artificial intelligence (AI) and automation are being used to complement human skills and people, providing opportunities for new growth and innovation. 75% of life sciences executives expect the growth rate in data to double in the next year alone. >70% of executives are making significantly greater investments in AI-related technologies today versus two years ago.
  7. 7. Copyright © 2016 Accenture. All rights reserved. 7 • Establish a top-down strategic commitment to artificial intelligence and data science, consisting of R&D investment, innovation programs, and production development. • Establish a cross functional team, bringing together IT, Data Science and Domain advisors to establish a big data capability combining new sources of data, such as EMR, Wellness and social media. • Look at how technologies can be applied to internal operations by piloting a machine-learning approach to discover new data associations. • Develop machine-learning skills utilizing defined data for a very specific purpose, choosing an application that benefits from advanced analytics, such as personalization. • Create a training program to help confirm data scientists and IT solution architects are educated in the latest deep-learning and AI technologies, specifically in natural language processing and image recognition.
  8. 8. Copyright © 2016 Accenture. All rights reserved. 8 Life sciences companies would be able to engage in new ways with patients, providers, governments and other stakeholders, as well as with one another to deliver innovative products and services using platforms they co-create or choose to work with. 80% of life sciences executives agree that platform-based business models will become part of their organization’s core growth strategy within three years. 81% of life sciences executives believe platform-based business models are defining the new rules of business in the digital economy.
  9. 9. Copyright © 2016 Accenture. All rights reserved. 9 • Accelerate uptake of digital technologies and cloud foundations as a crucial first step towards breaking into the platform world. The vision is to reinvent healthcare through an ecosystem of interconnected patients, providers and partners. • Adapt to the new business rules of the platform economy. These will provide different paths to growth that would not only generate high margins but will help rapidly scale up to hundreds of millions of patients, devices, and sensors processing a seamless flow of data that will improve the quality and cost of patient care.
  10. 10. Copyright © 2016 Accenture. All rights reserved. 10 73% believe a more fluid workforce will improve (vs. derail) innovation. 53% of business leaders find it hard to attract and retain millennial talent. Within the enterprise: To capture opportunities ahead of the competition, they need to attract and retain the digital talent that will be a decisive component of future competitiveness. Out in the marketplace: It’s essential for sales reps to keep pace with new developments while understanding the digital environment in which physicians operate every day (e.g. EMR systems, e-prescribing and other connected health advances).
  11. 11. Copyright © 2016 Accenture. All rights reserved. 11 • Identify priority roles within the business that are unfilled because the appropriate talent is hard to find. • Determine the investments that would be needed in facilities, technology and people to expand the organization’s training capabilities. • Create a new employee engagement strategy based on what millennials demand from their employers. • Identify where digital tools/capabilities can be used to support more effective sales rep/customer interactions.
  12. 12. Copyright © 2016 Accenture. All rights reserved. 12 Every business will be starting from a different point in the critical journey that lies before them. Thinking about the questions below can help companies gauge their readiness for the road ahead: Which emerging business model is most applicable to the different parts of the business? To what extent will product portfolios come under pressure to demonstrate quantified improvements in patient outcomes? How will services differentiate or enhance product portfolios? What strategy will be needed to create or engage in new platforms that would shape the industry? How will the company set about creating new partnerships with new digital health businesses? How effectively does the business attract and develop digital-native talent?
  13. 13. Copyright © 2016 Accenture. All rights reserved. 13 As they address these questions, life sciences companies will need to focus on the outcomes that digital can deliver: flexibility, simplicity, value and a decisive pivot to the patient. Leaders already recognize that simply investing in more technology isn’t the answer. In the digital era they understand that their success depends on combining people and technology to differentiate themselves and outperform. Copyright © 2016 Accenture. All rights reserved.
  14. 14. Copyright © 2016 Accenture. All rights reserved. 14 Connect with Us! linkedin.com/company/accenture_life_sciences twitter.com/AccentureLifSci accenture.com/lifesciencesblog Copyright © 2016 Accenture. All rights reserved.