Life Sciences and Technology Companies Aim to Revolutionize Healthcare with Innovative Approaches
• White & Case Report Highlights What Is Top of Mind for Senior-Level Industry Executives Surrounding Digital Healthcare
• Over 90 Percent of Life Sciences and Technology Companies Plan to Increase Investment in Digital Healthcare
• Sixty-Three Percent of Technology Companies and 50 Percent of Life Sciences Companies See M&A as an Attractive Route for Entering and Succeeding in Digital Healthcare
Global law firm White & Case LLP and Mergermarket released a new report, "The Cutting Edge: Shaping the Future of Digital Healthcare," which surveyed US-based senior-level executives in the life sciences and technology fields about their views of the future of digital healthcare and the obstacles they may need to overcome to successfully develop digital healthcare products and services.
"We see a great amount of interest in digital healthcare coming from life sciences and technology companies," said Dimitrios Drivas, head of White & Case's Global Intellectual Property Practice. "Given that, we thought it prudent to point out the opportunities and challenges that exist, highlighting how these industries can maximize their chances of success. This is clearly a field that will dramatically alter healthcare as we know it."
According to the survey, nine out of ten respondents stated that digital healthcare plays an important role in their overall business strategy. As a result, 92 percent of life sciences companies and 96 percent of technology companies plan to increase their investment in digital healthcare over the next 18 months.
"Those committing financial and human resources to digital healthcare are creating new businesses that may give them a competitive advantage," Drivas says. "These companies are leading a global healthcare transformation that could vastly improve patient outcomes."
The report also revealed that:
• The next two decades will see growth in remote monitoring and mHealth, healthcare delivered through the use of mobile devices.
• Generation Xers (those born between 1965 and 1981) are expected to be the biggest adopters of digital healthcare consumer products over the next five years.
• Sixty-three percent of technology companies and 50 percent of life sciences companies see M&A as an attractive route for entering and succeeding in digital healthcare.
• A majority of technology companies feel that gaining access to the regulatory experience of a life sciences company would be the most attractive aspect of their partnering to develop and commercialize healthcare products. For life sciences companies looking to partner with technology companies, the most attractive aspects would be improving patient engagement and harnessing the technology sector’s data expertise.
• Even if they knew their products would not receive patent protection, 90 percent of technology companies and 82 percent of life sciences companies said they would pursue a digital healthcare strategy.
Although life sciences and technology companies could benefit by joining forces to seize digital healthcare opportunities, the report found that more than 80 percent of them cite potentially "incompatible" business cultures as a barrier that could prevent them from working together to develop and commercialize digital healthcare products.
Other challenges outlined in the report include:
• Lack of awareness among patients and consumers of the benefits of digital healthcare services and devices. In addition, respondents pointed to physician opposition and resistance.
• Eighty-one percent of technology companies and 75 percent of life sciences companies stated that intellectual property issues would present barriers to growth in digital healthcare.
The report, which analyzes the responses of 120 executives, can be viewed by clicking here.
For more information please speak to your local media contact.