COLLABORATION – SUSTAINABLE SOLUTION FOR BIG (PHARMA & TECH)

According to an EY report, between 2013 and 2017, Alphabet (Google’s parent company) filed 186 health-related patents, Microsoft – 73 and Apple – 54, which is a 38 per cent increase in the number of such patents by these three companies every two years.

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The report further noted that such a competition poses a new challenge to pharma, and argued that health companies should capitalise on the data they gather to create digital solutions helping patients with their health. Many of the challenges that the healthcare industry can be solved with the availability of state-of-the-art digital health solutions. Moving forward it will become imperative for pharma and tech firms to collaborate and this joint collaboration will create a new market that has more than enough potential for both sides.

According to Deloitte, the healthcare market will be a $10 trillion business by 2022, and obviously different players are vouching to have the biggest slice of the pie. Big Tech’s fascination with healthcare is well known with the likes of Google, Amazon & Apple announcing new project in life sciences practically every day. Life sciences companies have also responded to this potential disruption with their own exploratory programs, using artificial intelligence (AI), and other digital technologies to improve or optimize clinical trial recruitment, drug discovery and interactions with payers and physicians.

An analysis by EY shows that even major clinical breakthroughs face the prospect of diminishing returns as cost-conscious payers require proof of real-world value. As life sciences companies expand their digital efforts, however, the investments are too often made in isolation of each other. As a result, companies are at risk of under investing in the technologies that will transform their business models and generate significant future top-line returns.

Block chain, cloud, AI, and robotics are some of the technologies disrupting healthcare. These technologies are helping with prevention, helping patients monitor and manage chronic conditions, lowering the cost of healthcare provision, and making medicine more tailored to individual needs.