How can businesses succeed in line with the trends facing the life sciences sector in 2020?
A recently released report from Deloitte – ‘Healthcare and Life Sciences Predictions for 2020’ – reveals the most significant trends set to shape the industry in the year ahead, and what your business should be focusing on in 2020 to remain competitive.
Some of the key highlighted trends that the report covered include:
- Focus on informed patients who are actively involved in their own healthcare
- Digitise healthcare delivery
- Explore wearables and mHealth applicators
- Take advantage of the increasing prevalence of healthcare data
- Focus on corporate transparency and trust
Focus on informed patients who are actively involved in their own healthcare
Now more than ever due to the internet and modern wellness culture, individuals have an acute awareness of the diseases and health complications that they may be vulnerable to, as well as higher expectations of the healthcare that they are exposed to.
Patients in 2020 are focused on their health and are willing to invest time and money on their wellbeing. This means that patients are behaving more like consumers in the healthcare space than they have ever before.
Healthcare organisations will be expected to treat patients in a way that is in line with this, for example, by engaging with them through social media and by enhancing the “customer journey”.
Digitise healthcare delivery
Just as the rest of the world has slipped further and further into digitisation, so too will healthcare in 2020.
Web-based portals, online chats and digital technologies such as robots being involved in surgery will become increasingly commonplace, while the physical presence of patients in hospitals and clinics will decrease.
Explore wearables and mHealth applicators
The rise of wearable technology is affecting the way that patients interact with healthcare. Now, the average person has relatively easy access to advanced, wearable tech that can monitor physiological changes and help them to manage their health conditions.
This is changing the relationship between the clinician and their patients, as it is no longer the one-sided conversation of old. Both parties now have some level of insight into the health of the patient, and while the insight of the clinician will lead the conversation, the patient will be a far more active and knowledgeable participant.
Take advantage of the increasing prevalence of healthcare data
Thanks to increased funding of healthcare data, professionals now have access to huge databases of new and old data that includes electronic health records and patient provided data.
Healthcare data will be key in changing how the research and development stage of creating new pharmaceuticals and treatments is conducted in 2020. Traditional research methods are being blended with data to speed up initial development and to find a price point that aligns with the overall improvement that the treatment will deliver, making drug and treatment development a far more streamlined and joined-up process.
Overall, healthcare data will have a huge impact on driving improved diagnosis, treatments and increasing the productivity of the healthcare sector in 2020 for the businesses who know how best to apply it.
Focus on corporate transparency and trust
The healthcare and pharmaceutical industries have often come under scrutiny for corporate miss-steps in decades past. As a result, negative press and public opinion has been a debilitating and costly force on the reputation of the entire industry.
However, the industry as a whole has been making major strides over the past few years in repairing public opinion. This will be especially important in 2020 as corporate responsibility increases in importance for the modern consumer.
These trends and many more will be the driving forces behind the evolution of the healthcare and life sciences sector to being a more streamlined, digitally focused and intelligent force in 2020.
In order for a business to succeed in this sector, it is important to have experienced leaders in place who can steer the business in the right direction. For this, they must have the knowledge and skills needed to make key decisions that are directly related to how the industry is changing and growing.
This is crucial to the overall both profitability and competitiveness, as without the right leadership team, it is inevitable that companies who are slow to adapt to change will lag behind and fall into irrelevancy.
Once a corporation has lost step with the changing times in terms of rapidly evolving technology and patient behaviours, it can be a near-impossible feat to regain ground, making a strong leadership team an absolute must.
Here at Imperium Global, our recruitment specialists have years of experience in the life sciences sector and are renowned for their relationships top-level talent in the industry from across the globe. For help sourcing talent, contact us today.