B2B market research has shown that the healthcare and life science industries have reached a new level of performance, accelerated through the global pandemic. Leaders are eager to take learnings from across the industry and incorporate them into the new normal.
Learning first-hand from professionals and leaders at all stages throughout the value chain can make an enormous impact on cost and strategic initiatives. Companies that have plans informed by qualitative and quantitative primary B2B research will be well prepared for the changed landscape ahead.
Challenges
1. Adopting a new model for drug development
The first Covid-19 vaccines moved from development to trial to emergency use authorization to mass roll-out in the span of nine months instead of 9 years. Many pharma companies are exploring how they can define a model to develop new and improved drugs at similarly fast cycles to save and improve lives, remain competitive, and increase profits.
Unprecedented collaborations, like Merck’s partnership with Johnson & Johnson to expand vaccine manufacturing capacity using federal government funding, could point the way to future opportunities. According to McKinsey research, 70% of Americans view the industry more positively given their response to the pandemic, which creates future opportunities for the industry as a whole.
How to reinvent the drug development cycle?
A faster and more efficient drug development model requires deep insight into academics and research institutions, manufacturers and supply partners, healthcare systems and providers, insurers, and global peers. A 360-degree model involving all stakeholders could accelerate development, trials, and time to market. Research can help assess stakeholders’ perspectives and priorities and identify drug development best practices.
2. Leveraging technology to get ahead in the next era of drug development
The success of the vaccine development can partly be attributed to leveraging technology and digital systems to accelerate processes that used to take much longer, like engagement with physicians and principal investigators. From digitization of the supply chain for faster vaccine development to AI and NLP for better data analysis, technology will be key to reduce costs, fasten development cycles, and create competitive advantage.
What are the pharmaceutical industry technology trends?
AI, ML, predictive analytics, and NLP remain largely misunderstood in the healthcare and life science industries despite experts predicting a huge productivity impact if properly implemented. Connecting technology experts with pharmaceutical executives could be key in advancing the next era of pharma by providing a better understanding of real-world barriers and challenges.
3. Shaping a compelling environmental, social, and governance (ESG) agenda
Low income and minority groups have less access to medical care and are more likely to die from COVID-19. Issues of social equity have been a hot topic in boardrooms and the halls of government. Industry leaders will need to consider ESG imperatives in every aspect of their strategies, operations, messaging, and day-to-day decisions.
How to compete in this new hyper-competitive environment?
Healthcare and life science leaders need a better understanding of systematic factors behind healthcare inequities. Public healthcare officials and community health advocates can share a wealth of knowledge about obstacles and issues that limit the impact of medical care.
4. Ensuring sustainability for healthcare systems
Hospitals and healthcare systems suffered tremendous financial losses in 2020. The pandemic put intense pressure on staff and resources, while sharp declines in non Covid-19 volume led to sharply lower revenues. A record number of healthcare workers were laid off and four dozen hospitals entered bankruptcy or closed in 2020, according to data compiled by Bloomberg. Healthcare systems need strategies to financially recover and prepare for the next public health crises.
How can healthcare systems ensure their financial health and operational resilience in future public health crises?
Everybody is worse off when a nurse burns out or a hospital enters bankruptcy. To understand how to prevent this, healthcare leaders need to understand the underlying interests, concerns, and priorities of public health officials, insurers, and government leaders. They also need to assess new care and risk management models with a broad swath of potential healthcare partners.
The best competitive defenses and strategies are powered by accurate insights and high-quality data.
As the world’s leading B2B research company, NewtonX is the partner of choice for healthcare, life science, pharmaceutical, and biotech companies seeking to not only survive but to thrive and win in the post-Covid-19 economy.
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