Biopharmaceuticals Beyond The Drug: Changing Pharma's Value Proposition
Responding to a convergence of a changing market and shifts in technology, pharmaceutical companies are exploring ways to enhance the value of their products and find new opportunities beyond their core molecule-driven businesses.
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Digital health presents both opportunity and threat to Big Pharma. The opportunities lie in streamlining and accelerating R&D and improving patient experience and product outcomes; the threats come from the swath of new competitors vying for a piece of the health care value pie – many with far more experience in consumer-facing services.
GSK and CCNC, a non-profit network of health care providers, are developing a medication management analytics system that could get them into the health care IT business. For GSK, the main goal is to learn about changing dynamics of health care delivery systems, in a venture that is entirely independent of the company’s core drug business.
The healthcare conglomerate has been testing out-of-the-box ways to address current key challenges for its stakeholders, namely improving the patient experience, reducing the cost-burden to the health care system, and ultimately enhancing the marketplace in which it sells its products.