Around the world, the life sciences industry is poised for a period of massive change. In fact, according to Deloitte’s global study of the life sciences industry, to succeed, life sciences companies will have to: 

• Introduce new products and services not yet found in current industry offerings
• Expand investment in emerging markets across a wide range of activities, including R&D
• Modify traditional sales and marketing approaches to improve focus on consumers
• Adapt to ongoing industry convergence
• Improve efficiencies in core functions, such as talent recruitment and retention
• Pursue strategic mergers and acquisitions, as well as partnerships and alliances, to drive ongoing revenue generation
• Develop novel approaches toward the commercialization of products that engage both end users and regulators “

Growth strategies for Canadian companies
For Canadian life sciences companies, including domestic subsidiaries of multinational organizations, these strategies must form a part of an overall response plan. Yet, to respond appropriately to industry challenges and take advantage of the huge opportunities, Canadian
organizations also need a way to relate these global findings to prevailing national trends.

This report, entitled Diagnosis: transformation. Strategies for growth in Canada’s life sciences organizations was developed to bridge this gap. Working together, Deloitte Canada’s Life Sciences practice identified the primary challenges facing Canadian life science organizations and response strategies:

• Lack of financial liquidity
• Penetrating global markets
• Competition from emerging markets
• Industry convergence of drugs, devices and diagnostics
• Tightening reimbursement regulations
  

“By embracing the strategies set forth in this report, organizations enhance not only their bottom line and position in the marketplace, but also their ability to identify and develop treatments for chronic medical conditions faced around the world,” said Marcelo Morales, Deloitte’s national Life Sciences leader. “In doing so, organizations not only strengthen their own performance and competitiveness, they contribute to the advancement of science and the people it serves.”

 Read the complete report, Diagnosis: transformation. Strategies for growth in Canada’s life sciences organizations