Pharma 3.0 could mean new opportunities for Canada's pharmaceutical
MONTREAL, April 21 /CNW/ - Digital data and electronic health records,
new mobile technologies and social media platforms for sharing
information are driving a new, outcome-centric health care industry
like nothing seen before, says Ernst & Young.
With pharmaceutical investment in smart phone apps, educational
websites, social media platforms, wireless devices and other programs
up 78% from last year alone, it's clear pharmaceutical companies are
embracing a role beyond developing and manufacturing products, reveals
Ernst & Young's recent report Progressions: Building Pharma 3.0.
"Growing pressures are already straining the global health care system,
prompting payers in many markets — governments, insurance companies,
consumers — to increase their focus on health outcomes," explains Paul
Karamanoukian, Ernst & Young's Canadian life sciences practice leader.
"As Pharma 3.0 changes the game rules across the industry, it's also
generating a unique opportunity in Canada. If we position ourselves
effectively now, we can play a major role on the global stage."
Karamanoukian says that means focusing on four critical issues in the
Establishing domestic policies to encourage innovation that generates
Aligning Canadian regulations with those of other developed markets
(e.g., Europe, the United States)
Reclaiming Canada's place as a leader in research and development
Better protecting intellectual property in Canada
Because Pharma 3.0 focuses on offering services that improve overall
health outcomes (through disease management, co-ordinated care and an
expansion across different stages of care), this fresh approach is
grabbing the attention of new players looking to stake their claim.
From information technology companies to large retailers,
telecommunications giants to consumer product businesses, the report
estimates non-traditional stakeholders have publicly committed to at
least US$20 billion in experiments with Pharma 3.0-related business
models. The investment level of these non-traditional players is
several multiples larger than the allocations made by the
"For a pharmaceutical business leader, the question may change from 'How
do these companies fit into my business model?' to 'How do I fit into
theirs?'" says Karamanoukian.
To survive and thrive, traditional companies will need to match
innovative commercial models with new medicines, manage and optimize an
increasingly complex network of partners, and adopt unique assets and
attributes to fit into another company's business model.
"The winners in Pharma 3.0 will be companies who approach innovation
creatively," says Karamanoukian. "Innovation is no longer just about
the product. It's about how pharmaceutical companies do business, whom
they do business with and how they mobilize their resources in this new
patient-empowered, data-driven, outcome-focused health care landscape."
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