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When the Human Body Is the Biggest Data Platform, Who Will Capture Value?

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When the Human Body Is the Biggest Data Platform, Who Will Capture Value? When the human body is the biggest data platform, who will capture value? Progressions 2018 Life Sciences 4.0: Securing value through data-driven platforms Life Sciences 4.0 In Life Sciences 4.0: Securing value through data-driven The rise of super consumers and technologies that deliver platforms, EY’s latest edition of our Progressions series, we data-fueled insights to other health stakeholders (e.g., artificial explore how health is being reimagined as a result of scientific intelligence and internet of everything) disrupt entrenched and technological change and rising customer expectations. relationships and shift power away from life sciences companies. We also examine the ramifications for life sciences companies’ To regain positional power, life sciences companies must invest market offerings, business models and the new capabilities strategically and differentially in the capabilities that create future needed as the disciplines of health care and technology merge value and that can be shared broadly by all stakeholders. This to become “health technology.” future value will be driven by innovations that not only improve health outcomes but are highly personalized to an individual’s In this fluid environment, every company developing health health needs. Moreover, to achieve significant improvements care products and services is a data company, and therefore a in outcomes, companies must unlock the power of diverse data technology company. Likewise, every technology company that streams that reside outside the traditional health ecosystem. has access to health-related, consumer-generated information or other health data is a health care organization. Framing innovation in terms of outcomes and personalization means products are no longer the central driver of value. Success At the same time, the ubiquity of mobile and peer-to-peer sharing requires the adoption of flexible business models that allow life tools are transforming consumers into super consumers. As these sciences companies to develop data-driven improvements to super consumers encounter engaging experiences in other areas health outcomes. To create future value, life sciences companies of their lives, they are now demanding more of the same from their must also develop systems that align objectives and share value interactions with the health ecosystem. These demands include the among stakeholders. That means biopharma and medtech contributions from life sciences companies, including experiences companies must invest in, or acquire, expertise in customer with personalized products and services customized to individuals’ engagement, personalization and other skills more commonly genomes, microbiomes and metabolomes. Consumers, not associated with online retailers and social networking sites. organizations, are now at the center of this market paradigm. CONTENTS 4 | Chapter 01 16 | Chapter 02 26 | Chapter 03 Why are platforms essential to How will platforms help life sciences How can life sciences companies future value creation? companies capture future value? participate in new platforms of care? Embracing Life Sciences 4.0 is both a global urgent need and an opportunity. If companies leverage technology to create platform interfaces and combine their proprietary data with those from other health stakeholders, they can position themselves as powerful Life Sciences 4.0 leaders and capture sustainable future value. Life sciences companies have already started to respond to this new demand-driven environment by shifting their business models away from blockbuster and specialty products and toward outcomes-based business models. They must now consider how and when to participate in emerging care platforms that seamlessly collect, combine and share a variety of health data in real time. This will involve the formation of agile, and often short-term, partnerships and collaborations. We call the data-driven, platform-based business models that emerge from such efforts Life Sciences 4.0. Pamela Spence Embracing Life Sciences 4.0 is both an urgent need and a EY Global Life Sciences Industry Leader blossoming opportunity that has yet to be realized. If life sciences companies can leverage platforms to combine their proprietary data with environmental, behavioral and financial insights, they can To seize the upside of disruption in this transformative age, position themselves to capture maximum future value. executives should ask themselves the following questions: In the retail and transportation industries, where data exchange • How will your organization transform its business model to is fast and easy, companies have eliminated long-standing create shared value focused on personalized outcomes and inefficiencies and created benefits for themselves and their fueled by unlocking the power of data? customers. Life Sciences 4.0, likewise, can help medtechs and • How will your organization build new capabilities organically, biopharmas unlock and capture value, allowing companies to by acquisition or by flexible partnerships? co-create new solutions that drive improved health outcomes and preserve, or even improve, their position in a rapidly • How will your organization ultimately secure value through changing health ecosystem. platform-based businesses? 36 | Chapter 04 46 | Chapter 05 57 | Conclusion How will platforms accelerate How will companies transform 58 | Acknowledgments value-based health care? their business models to realize 58 | Contacts Life Sciences 4.0? 01 Why are platforms essential to future value creation? ►At a time of rapid ►To create value now and ►In this environment, platforms technological change, in the future, life sciences provide a framework to markets are becoming companies should consider create future value that superfluid, putting pressure participating in data-centric is based on individualized on life sciences companies platforms of care that outcomes, and is amplified to change their business improve individual health by the ability to connect, models and personalize their outcomes and reduce costs. combine and share data. products and services. 5 The Fourth Industrial Revolution intelligence (AI) have resulted in what Indeed, peer-to-peer sharing, widespread Schwab calls “a fusion … across the mobile access and the democratization The world is changing. physical, digital and biological worlds.”1 of data have transformed today’s We are entering what Klaus Schwab, consumers into super consumers, who Rapid technological advances have made Founder and Executive Chairman of the demand transparent interactions that it possible to generate and disseminate World Economic Forum, calls the Fourth are customized to their interests and data at an unprecedented rate. (See Industrial Revolution. Cheap storage, integrated into their daily lives. It is these Figure 1 next page.) For consumers, this increasingly powerful and tiny processors, super consumers who are driving business has created new opportunities to share mobile penetration that approaches changes at scale in the retail, financial and information, as well as new expectations ubiquity and emerging technologies such transportation sectors. about what services add value. as 3D printing, blockchain and artificial 1 Klaus Schwab. The Fourth Industrial Revolution. Crown Business, 2016. 6 Figure 1. Health services will be digitized Smartphone compatibility and pervasive mobile access are important catalysts to widespread adoption of new health care technologies. Without mobile, their application will be limited. Automated delivery Robotics and automation • Drones • Robotic surgery • Self-driving cars • Robotic caretakers/caregivers • Exoskeletons Augmented reality Blockchain • Connected eyewear • Patient medical records • Operating room • Drug supply chain integrity of the future • Clinical trials Genetic technologies Health care 3D printing • Low-cost genetic technology • Bioprinting — organs, bones, teeth sequencing • Surgical instruments • Gene editing • Devices, e.g., pacemakers Internet of everything Artificial intelligence • Smart appliances • Drug discovery • At-home diagnostics • Diagnosis • Connected clothing • Patient monitoring Cheaper computing Device miniaturization power and storage • Smart tattoos and bandages • Private data cloud • Digital pills • Big data analytics • Medical-grade wearables Source: EY, World Economic Forum. 7 Increasingly, these super consumers are also making similar demands about their health care, which is dramatically altering the health services landscape (see Figure 2). Consumers “want to know why Consumers “want to know why the health care industry still the health care industry still requires them to do the same transactions the same way they’ve requires them to do the same been doing them for the last 40 years,” says Dr. Minalkumar Patel, the CEO of ABACUS Insights, a data-focused start-up, and transactions the same way formerly Chief Strategy Officer at Horizon Blue Cross Blue Shield. they’ve been doing them As new devices and technologies empower individuals to see for the last 40 years.” and share their health data, these consumers are demanding greater say over their lifelong health journey. Those demands are — Dr. Minalkumar Patel, CEO, ABACUS Insights reshaping not only their interactions with physicians and payers, but the products and services consumers use to participate more directly in their own care. Increasingly, consumers will require the integration of existing disease-specific point solutions into more holistic, data-driven
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