Thank you for Subscribing to Life Science Review Weekly Brief
Capitalising on convergence opens up seamless opportunities for the life science sector in its marketing space per the induced future insights it proffers.
FREMONT, CA: The health sector's attainment has increased significantly in recent years and is anticipated to emerge as a crucial priority in the future following technological intervention in the sector. As a result, an accelerated transition across multiple industry use cases and the potential for completely disrupted business models are critically projected via varied predictions for the biopharmaceutical and medical technology sectors. It is essential for an intensified industry convergence within organisations in a domain, to thrive via an induced inspiration on businesses that have radically undergone evolutions.
Life science enterprises ought to distinctly acknowledge and prepare for potential headwinds accordingly for effective industry expansion, in addition to salient configurations like delays in technology adoption and regulatory complexities. Healthcare institutions often face uncertainty in the adoption of new procedures and technologies owing to institution-specific factors or the type of technology introduced specifically. Moreover, exogenous events like travel restrictions imposed on account of the pandemic are highly considered an induced catalyst for the adoption of new technologies.
The surging demand for meeting high standards of efficacy and safety in the regulatory approval process has further accelerated the challenges for LS product commercialisation.
That is, the industry incumbents encompass rigorous processes and experienced teams that are quite dedicated to the navigation of regulatory approval pathways in a more structured manner, whereas disruptive companies that lack similar resources and expertise often require third-party support or incumbent partnership in the sector.
Hence, measures like drug development and screening, digital therapeutics, customised treatments and precision intervention, decision support, and prevention, in addition to early detection, are highly converging in action. As per the impact of convergence in the life sciences, executives often encounter increased pressure to act, encircling response strategies that are inspired by several other industries, highly experienced in the forms of e-commerce, fintech, and advertising.
Businesses, to stay on top of the competition table often benefit via investing in their best performances, thereby, viewing technology as a complementary asset, instead of reinventing their core businesses. Alongside this, large wholesale clubs have established their brick-and-mortar footprints, based on their size, negotiating power, and membership income, facilitating customers with products that are distinctly sold at prices that may seldom be economically feasible for e-commerce merchants.
Along with ensuring strengths, incumbents critically acquire the capabilities of convergence firms in defending their market leadership. Hence, consistent sensing of the disruptor landscape, identification of the right companies, and strategic integration are typically proven approaches to capitalising on convergence, thereby preserving the disruptor’s unique assets.