Accelerating the future: How to enable healthcare innovation, equity and sustainability
Last week, we published the last of our ten life sciences and healthcare (LSHC) predictions that together form our Accelerating the future vision. These predictions provide an optimistic and deliberately provocative view of the world in 2030 to help organisations prepare for the changes ahead. Realising this future, however, depends on overcoming four cross-cutting constraints that are impacting all ten predictions. Each constraint affects each prediction differently and requires new, innovative approaches to be tackled effectively. These constraints are not having the right: skills and talent, funding and business models, approach to regulation and governance over digitalisation and data. In this blog, we explore how to turn these constraints into enablers, to accelerate us towards the future outlined in our predictions.
Obtaining the right skills and talent
The skills required today and needed tomorrow are constantly evolving. To realise the different predictions, organisations will need to invest in both traditional healthcare professional and life sciences skills while equipping all staff with an understanding of and confidence in using digital, AI and genomic technologies. Additionally, organisations will need staff with strong data analytical skills. For example, by 2030, we expect that AI will be integrated into the fabric of all medical technologies, the entire LSHC pathway will be digitalised and actionable data insights will underpin all decision making. Data science skills and knowledge will be key to driving this digitalisation and supporting the rest of the workforce in using innovative technologies. This shift will augment people’s inherent capabilities and release time for more creative and patient-centric tasks.
Furthermore, knowledge of omics will be indispensable for all scientists and healthcare professionals as we transition towards 5P (predictive, preventative, personalised, participatory, and precise) healthcare. For regulators and those involved in M&A, the ability to rapidly assess the safety and efficacy of innovations will be crucial to keeping pace with the rapid development and approval of new products and services.
Meanwhile, by 2030, many of the changes we envision will have been driven by a more informed and health literate population. Empowered consumers will take a proactive approach to their health and well-being, expecting quick and easy access to products and services that promote healthy ageing. In response, governments, employers, LSHC companies and tech companies will have developed programmes and tools that promote digital, health and financial literacy. They will also have invested in digital-first access and affordable VR/AR/Gen AI tools to support people in understanding and improving their health outcomes.
Designing new funding and business models
By 2030, we predict outcomes-based funding will be the dominant model for both governments and private financing initiatives. LSHC companies will leverage real-world evidence (RWE) in pricing and reimbursement decision-making, while healthcare providers will use RWE to inform purchasing decisions. Scenario planning and predictive modelling will be used to optimise opportunities to provide equitable access. Consumers will increasingly be willing to (co-)pay for sustainable products or services that demonstrate improved outcomes. Subscription-based models will also gain popularity, particularly for consumer health and MedTech products and services.
Ecosystem-wide collaborations will drive healthcare innovation, fuelled by platform-based business models that facilitate information sharing and the exchange of goods and services. Agreements that allow stakeholders to share risks and rewards from developing new products or services will become increasingly common. Private equity and venture capital will remain crucial in funding these innovations, particularly in driving the growth of underserved health areas like FemTech and AgeTech.
Business models, such as integrated care budgets and social impact bonds, will be commonplace, supporting a renewed emphasis on wellness, healthy ageing, population health management and health equity. This shift will be predicated on increased investment in prevention, screening and much earlier access to diagnostic and intervention services. Moreover, companies with strong ESG commitments and demonstrable outcomes will gain access to green funding, including green and other sustainability-linked bonds.
Adopting innovative approaches to regulation
By 2030, regulatory bodies will have identified effective ways to balance encouraging innovation with ensuring the safety and efficacy of LSHC products, while also meeting evolving requirements around environmental and social responsibilities and consumer rights. LSHC companies will leverage RWE for faster product approvals. GenAI will also play an increasing role in assessing safety and efficacy, accelerating the regulatory approval process (e.g., by supporting with evidence generation and drafting documents for submission).
However, LSHC companies will also need to navigate stricter compliance regulations, incorporating ‘quality-by-design, ‘safety-by-design’ and ‘regulation-by-design’ principles. Real-time feedback data will help identify and address emerging safety signals from products, devices or software. The relationship between regulators and LSHC organisation will be more collaborative based on early dialogue and shared values to improve access to life-saving innovations. A joint desire to ensure responsible evidence-based health advertising and combat misleading or false claims has been an important driver of this more collaborative approach.
We expect social value to be a key component of health regulations by 2030. Initiatives like the Inflation Reduction Act and the reform of the EU pharma legislation highlight the growing international regulatory focus on drug accessibility and equitable access to products. Regulations will also guard against discrimination, including ageism and digital exclusion, and protect against fraud.
Equally, by 2030, with the expected removal of LSHC sustainability reporting exemptions, we predict the industry will have adopted global ESG reporting standards, including site and product-based reporting. This increased transparency and accountability will embed ambitious ESG goals within every LSHC organisation. These goals do and will include using eco-friendly materials, reducing water and energy use, improving waste management, and embracing circular economy principles. Moreover, healthcare providers will embrace a net-zero mindset and procurement teams will require evidence of sustainability credentials when purchasing products or services.
Improving digitalisation and data governance
By 2030, data science, cloud technologies and distributed ledgers will be instrumental in maximising the value of health data. They will enhance interoperability, cyber resilience, and data quality, all while adhering to FAIR (findability, accessibility, interoperability, and reusability) principles. Secure, interoperable platforms will integrate data from various sources, including claims, clinical history, financial health, social needs and health determinants, ultimately improving access to care and health equity.
We expect robust cybersecurity measures to be paramount for all healthcare stakeholders. Governments, public health providers and LSHC companies will proactively safeguard health data against unauthorised access and cybercrime. This includes rigorous IT systems testing (Cyber Reconnaissance), robust firewalls, intrusion prevention systems and regular vulnerability assessments. Real‑time monitoring, cyber-threat modelling and analysis, and swift threat mitigation and remediation will be standard practice. Stringent compliance with data regulations such as HIPPA and GDPR will be unwavering.
By 2030, government initiatives will have paved the way for widespread, reliable internet access and connectivity. The democratisation of health data means that while consumers willing share their health data, they will do so selectively. They will place their trust in companies that prioritise data security, privacy and ethical use. In exchange for sharing their data, consumers will expect more personalised, evidence-based products and services.
Conclusion
By 2030, the LSHC ecosystem will be defined by exponential advances in science and technology and the need to respond to the changing expectations of informed consumers. These consumers will demand personalised, equitable and sustainable healthcare products and services. While realising this future depends on effectively addressing the four constraints, our reports on each prediction highlight how LSHC organisations are beginning to prioritise overcoming these challenges.
Over the next five years, all stakeholders in the health ecosystem need to consider what actions they will take to overcome these identified constraints. The examples and suggestions within each prediction offer a valuable starting point. By embracing the identified enablers, we believe all our predictions are achievable. The LSHC ecosystem can unlock a future defined by improved patient outcomes, greater efficiency, value for all, and a more sustainable healthcare system.
