2017 Trends Signal An Exciting Future for Biotech
Flemming Ornskov, MD, MPH
Chief Executive Officer at Galderma -- Driving our bold ambition to advance our category leadership in dermatology
As we start a new year, I’d like to take a moment to reflect on a few industry trends that shaped 2017 and are likely to have a significant impact in 2018 and beyond. If 2017 trends are any indication, there is an exciting future ahead for biotech. Here are just a few of the developments that made an impact:
The healthcare and technology sectors continued to converge. An increasing number of healthcare apps and wearable sensors entered the market in 2017, and know that health and technology will continue to intersect as consumers take a more active role in managing their health. Some of the biggest names in technology are leading the trend, with Apple, Google, IBM and others growing their healthcare investments.
Patients are more empowered than ever. Patients have become more hands-on in managing their health, prompting companies to provide them the proper tools to be better informed about their conditions and treatment options. By doing this, pharma and biotech companies are increasingly focused on collaborating with patients at all stages of their treatment cycle, from diagnosis and treatment to new and innovative integrated care models.
Analytics and data have become increasingly important in the treatment of patients. The amount of accessible medical information has grown significantly in the last few years. Many companies have begun to take advantage of this resource by using data for the diagnosis and treatment of patients. For example, they are tapping into data sets to deliver personalized care on a large scale by using CT scans, PET scans, genetic data, and clinical trials to tailor insights for hospitals, physicians, insurers, and researchers.
By embracing these trends, we can collectively build an exciting future for patients. In 2017, Shire and the industry as a whole made great strides in improving diagnosis and treatment, discovering new therapies, and improving patients’ lives. There is still much to be done so I look forward to a transformative 2018 for the industry.
Talent mobility strategist l Transformation catalyst l Trusted advisor l Baseball Dad I SVP @ Cornerstone Relocation Group
7yFlemming, Interestingly, as the healthcare and technology sectors continue to converge, we're seeing the battle for talent cross the industry lines as well. No longer are those tech experts/candidates the exclusive targets of technology companies. Life science companies increasingly covet the same candidates as Google, Apple, Salesforce, Twitter and other high-tech firms as they look to create and advance their technology initiatives to compete in the digitized world. For both biotech and technology industries, now is the time to review/update talent mobility/relocation policies to ensure companies can attract and retain the key talent needed around the world.
The convergence of technology and health care has arrived, and as you suggest, patients have more tools to support their care and disease management. Thanks for the insights
Agree with your takeaways, Flemming. The impact of technology will transform recruitment and retention of subjects in RCTs.
Founder & CEO, Board | Biotech Strategist | Retinal Surgeon | Visionary in Ophthalmic Drug Development
7yVery practical and high level insight.