EY has a diverse portfolio that spans many business sectors. How important is the Health Sciences & Wellness sector to the company's overall portfolio?
We have 38000 dedicated consultants across all our lines of services focused solely on this sector, working alongside a wider network of subject matter experts. This Industry sector is currently the fastest growing sector at EY globally. Where we add the most value is around helping our customers unlock the power of data to drive a more personalized health experience for patients, key to the evolution of the “Intelligent Health Ecosystem”. We help with supply chain management, operations redesign including finance, and workforce advisory, Tax strategy and operations, M&A including deal execution, product launch strategies and getting products to market faster, and providing more efficient and efficacious care, all with a high data and technology element.
Despite the numerous innovations produced, the life science sector is sometimes regarded as conservative in its day-to-day operations. How would you rate the sector's appetite for new technologies?
The more successful an industry or organization is, the more deeply entrenched the business model becomes; because the industry has been so successful there is a bias towards the ways of the past, but that is not necessarily going to bring market leadership and success in the future. I am very positive that the future of healthcare provision and inter-related overall population wellness (which is after all the greatest society asset especially as populations age) is inevitably linked to data and technology.
I often think of clinicians as potential future medical engineers that treat multiple patients remotely, simultaneously, using data specific to each patient and collected by sensors; this data is analyzed by AI solutions (which are becoming more and more cognitive) so that the medical engineers can recommend and implement and most importantly monitor in a very personalized or individual way the most efficacious treatment specific to each person. With this end-goal vision in mind, you can very clearly see that it is no longer just the drug or molecule/ biologic itself, but also the way in which the medicine interacts with an individual and how it can be adjusted based on the body’s individual bio-chemical reactions. This is the biggest shift that traditional industry incumbents need to get onboard with if they want to secure a leadership position in this rapidly changing market. Digital therapeutics or a companion digital diagnostic will become indispensable partners to stand alone medications.
What are some real-world examples of how technology is changing the healthcare industry?
We have been working with a partner on a platform that analyzes how patients are responding to their medicine, and dosages can be adjusted in real time. Another good example is the solution we have developed around what we call “health outcomes” about how new medicines can get paid for the proven positive impact they make, rather than the current one-size-fits-all approach. These types of incremental adjustments are going to separate those companies that really thrive in the digital age from those who just survive.
There are numerous other examples of proven technologies, but they have yet to be widely adopted. Overall, healthcare systems must become more daring in accepting novel approaches to patient treatment. Then biopharma and medtech companies will adapt and provide more solutions.
What types of businesses are most receptive to these types of technology?
Gene therapy companies are a good example, but we have seen that even the more traditional therapeutic areas can pair a product with a digital diagnostic that elevates the drug to a whole new level. Science on its own is not enough, its application is essential. Concepts like AI are no longer just buzzwords: even if you look at the regulatory bodies you will notice that the pace at which various algorithms are being approved for mainstream use is increasing, and that is a tremendous step forward and gives everybody confidence.
Are there any notable challenges that stand in the way of further adoption?
Hanging on to what has been successful in the past is definitely one of them. Companies ask themselves what proportion of their business they are willing to risk on new technologies versus the traditional mainstay - especially since investors will want to see a return. Those who have recently launched products that have proven successful on the market, in my opinion, will be able to take bigger risks in order to truly help personalize the efficacy of their products.
What are your thoughts on the impact and legacy of the global pandemic on the healthcare sector?
If we only consider the positives, the pandemic has demonstrated that virtual care has a dominant role in healthcare delivery. Few HealthCare professionals thought it would be accepted by patients at scale across age and social demographics prior to the pandemic, so it was a massive inflection point in the industry, possibly the most significant in the previous three decades. In terms of supply chains, there were very few product stock outs because the entire world worked together to overcome shortages. Nonetheless, we were prompted to consider supply chain reinvention and resilience by remaining as flexible as possible across our business models. Third, because we have been isolated in our homes for so long, we have become increasingly demanding of medicine that is convenient and simple to use.
All of these are opportunities for our industry.
It all comes down to how companies can operate in the new “Intelligent Health Ecosystem” and reap the benefits that can propel their business forward.
