Published on : Feb 15, 2016
The universal healthcare’s adoption trend continues, with a number of companies proliferating in private and public healthcare systems coverage. As the regulations globally have become both strict and numerous, and penalties and enforcement rises in extremely regulated life sciences sector, organizations will keep benefitting from adopting risky approaches to execution, tracking, and tax planning compliance.
- Innovation Promotion: Organizations have been facing dual imperatives for delivering innovative therapies for addressing the patients’ unmet needs and for treating life-threatening conditions and for the delivery of profitable growth. Starting from product development to distribution and manufacturing, life science companies have evolved their business models for engaging more largely with patients and providers. Digital health technology including mHealth, telehealth, social media, and wearables have created a paradigm shift within data and life sciences. A number of mergers and acquisitions are predicted to be seen and will be a key strategy for the growth of life sciences’ sector.
- Stagnant Sales within Evolved Markets to Result in Companies on the Lookout for Lucrative Markets: The life science industry will have to plan for the changes to come. It is predicted that more pressure will be there for providing real-evidence of supporting outcomes, reimbursements, value pricing, marketing, and market access. New stakeholders will influence and need a more collective customer model involving a number of decision makers. Healthcare has become more technology-enabled with the advent of sensors, wearables, and digital machines, among others. Owing to the stagnant sales within evolved markets, companies will have to identify the lucrative markets. Thus, the companies operating in life sciences will also witness a slowdown in professional as well as technical skills within the industry. This will result in companies competing for talent at a worldwide level.
Thus, nowadays, a number of fluctuations in economic conditions will keep on changing the conditions in a number of regions wherein life sciences companies have been operating. Stagnation in economies, increasing levels of debt, currency devaluation, political uncertainty, and falling oil prices may impact a number of parts worldwide. In the similar way, the increasing prevalence of chronic diseases, aging population, the increasing consumer wealth, a number of other changes in dynamics are predicted to fuel the spending in healthcare and the life sciences’ products demand in 2016.