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This move has tremendous implications, not only for patients but also for the current workforce and future talent: Life sciences companies need to design new roles and rethink their talent strategies, including the ways they recruit, train, motivate and retain the best teams.
The historical model in life sciences has been based on selling products, where more was better—more products, more market share and then more profits. Industry leaders are pivoting toward a patient- and consumer-centric model, partnering with risk-bearing health care providers and payers to provide cost-effective and efficient digitally enabled services.
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Accenture research projects that entirely new operating models see graphic below hold the potential to improve earnings before interest, taxes, depreciation and amortization EBITDA by 42 percent through new digitally enabled, value-focused business models, independent of company size. What will it take for life sciences companies to successfully follow the new path to delivering patient value?
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With the advent of home health monitors and wearables, companies have unprecedented access to patient data. Yet many life sciences companies do not yet have the digital infrastructure and—most important—the talent to use these data well. As data-first tech companies enter the life sciences arena, the search for data-savvy talent will intensify as incumbents fight to remain competitive. McLaren—best known for its Formula 1 racing team and high-end cars—built its success in part on its advanced capabilities in streaming and analyzing real-time sensor data.
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Now the company is bringing this data-centric disruption capability to life sciences through a partnership with GlaxoSmithKline. Look no further than the real-world analytics mindset that is now key to finding the value hidden in the data. Some have already moved in this direction.
Sanofi created the role of chief patient officer, and hired a clinician for the job.
Digitally savvy talent with experience in patient-care settings bring the disruptive influence necessary to turn brick-and-mortar-based operations into responsive—even anticipatory—scalable enterprises with vastly lower cost structures. No less is required to create positive, value-based patient outcomes.
While true transformation to a culture where talent focuses on patient outcomes requires myriad steps, some simple first moves are helpful, regardless of company size or location. Define the profiles of the new talent required. Life science companies often lack deep insights into how physicians and other health care professionals make treatment decisions, or an awareness of the work that patients and consumers must do to assure the effectiveness of the treatment, intervention or care protocol.
As a greater focus is placed on the patient journey, companies will need to create a full view of the current standard of care and understand how health outcomes and economics come together to identify the ideal candidates.
We see patient-focused skills coming mainly from clinicians, allied health professionals, health services companies, and data scientists, but also from consumer companies where the talent already has the strategic vantage point and practical experience to fully challenge current health care models. Find new recruiting channels outside the traditional areas. Talent from industries that have already made the digital transformation and have shifted their focus to the consumer e.
Individuals who understand gamification could help devise systems that encourage and reward patients along their health journeys. Accessing this talent will require input from diverse sources, including venture capitalists, academic institutions, large health care provider systems and even health payers. Create the new performance metrics of outcomes and value.
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For instance, are patients as mobile as they need to be? Is their blood pressure under control? Are they getting too tired? The new metrics should challenge legacy notions of volume and market share in favor of outcomes, value realized and value participation. In an already changed industry, it will not just be operating models or controlled costs that emerge as the linchpin to sustained success.
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