Biopharma spends an average of $90 billion per year on R&D, representing about 20% of total sales. Despite this significant financial investment by industry and splashy headlines in the media, how much, or little, is healthcare really digitizing?
During the recent JP Morgan Healthcare Conference, a panel of senior executives from Allergan, Google Cloud and New Enterprise Associates joined me to share their perspectives and insights on how biopharma and medtech companies are driving digital health.
Our panel of experts zeroed in on a few key trends:
- Fail fast to accelerate innovation
Brent Saunders, Chairman, President and CEO of Allergan, noted “You can’t be afraid to fail. Of the nine [major digital] initiatives we have now, not all of them will succeed, but we will take the ones that do and move forward. It is a pioneering effort that will be game changing.”
- Ensure you have diversity of thought when developing digital health solutions, both in terms of blending regulated healthcare with digital thinkers and in bringing forward the patient’s perspective
- Integrate your data into the healthcare ecosystem (such as Electronic Health Records) to achieve scale
Check out an article I wrote for Forbes that goes more in depth on these trends, including unique insights from our panelists.
Thank you to those of you who were able to join our event at JPM, and we hope to cross paths again soon.