The Future of the Life Sciences Industries: Strategies for Success in 2015
Economist Intelligence Unit & Deloitte Touche Tohmatsu Limited Announce Survey Results
Over the next decade, life sciences companies will likely face a great deal of upheaval, and they will need to reinvent their strategies to achieve success. Those companies that fail to respond to the new challenges will fade from view. This according to the results of a new survey on the future of the life sciences industries by Deloitte's Global Life Sciences and Health Care Industry Practice, in collaboration with the Economist Intelligence Unit
The new survey asked industry executives what strategies companies are adopting to achieve success over the next decade and what are their top priorities. The research identified several shifts in the shape and direction of the industry and key strategies for success:
- The industries' future will depend on products and services not yet found in their offerings. Companies will need to determine how they can successfully deliver these innovations.
- Emerging markets will play a major part in the future of the industries. Companies will have to significantly expand investment in emerging markets across a wide range of activities, including Research and Development (R&D).
- Traditional sales and marketing approaches will need to be modified to be better focused on the health care consumer.
- The life sciences industries will continue to converge.
- Companies are currently not proficient in the activities judged to be critical in 2015. Companies will need to dramatically improve their proficiency in many core areas, and recruiting and retaining top talent will be imperative.
- Significant revenue growth is unlikely to be achieved organically, mergers and acquisitions will continue, and partnerships/alliances will emerge as an important means of revenue generation. Companies will need to leverage the fact that partnerships will be ubiquitous and may include cross-sector partnerships and tie-ups with payers as well as academia.
- Traditional commercialization strategies, based on reach frequency and saturation, will not be effective – companies will need to develop novel approaches toward the commercialization of products that engage users of products as well as regulators of the industry.
The research report is based on a global survey of 193 industry executives, comments from an executive roundtable, and in-depth interviews with senior executives within the industries.