A recent Pharmaceutical Marketing Europe article was right to say that consumer expectations of healthcare services are changing because of their day-to-day experiences in areas such as retail, banking and entertainment.
Pharma companies have little choice but to adapt quickly and become more agile players in a health ecosystem that is changing profoundly – those businesses that do not start to address the challenges of healthcare reform, consumer empowerment and technological disruption – now risk being overtaken by adaptive and more patient, customer-centred competitors, including the technology giants and the start-ups that are changing the landscape.
As pharma looks to add value to their existing medicines, they need to be quick to spot opportunities and harness new technologies to deliver better outcomes for the health consumer. Pills don’t collect data [unless they are embedded with the Proteus Digital Health chip] and this gap represents a good example of how devices and wearables can come together and create a sweet spot of convergence between pharma and medtech to create tailored patient solutions.
We spoke to leading “doctorpreneurs” and health tech pioneers recently on their take from the Exponential Medicine conference in the US and its relevance to the European innovation scene (click here for the blogcast with Dr Cosima Gretton, Dr Avi Mehra and Maxine Mackintosh and here for the video interview of Dr Gretton) and there is no doubt consumer empowerment is a force that pharma must embrace.
In the words of Dr Daniel Kraft, founder of Exponential Medicine, “the new drug is the empowered patient”. Empowering patients to manage their own healthcare using digital means, and identifying sufficient predictors and indicators from a combination of wellness and genetic factors are hot topics. The genomes2people REVEAL study (Risk Evaluation and Education for Alzheimer’s Disease) found contrary to popular belief, patients were no more likely to experience stress, anxiety, or depression when told about their genetic predispositions – instead, patients were more likely to change their lifestyle and purchase long-term care insurance.
As consumers realise the boundless potential of the value of their own health information to improve their lives, there is no limit to the innovations that will emerge from this growing awareness and power. We are already seeing start-ups vying for space in the creation of health banks and personal data marketplaces (and yes, the health industry would be foolish not to take lessons from the banking sector here). And we will also see greater consumer empowerment with citizens increasingly taking things into their own hands.
Lansons is supporting the Journeys of Health-Tech innovation: Fast Tracking the growth of your company event on 22nd March 2016. This event will focus on growing a start-up in the healthcare space. You can register here.
Please contact Tina Woods at Tinaw@lansons.com if you would like to learn more about how Lansons Health can help you. Click here for a recent article on health technology in Pharmaceutical Marketing Europe.