The Precise Future of Healthcare

04
Sep
2018

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Based on a report published by Strategy&, part of the PwC network, entitled: “Capitalizing on precision medicine: How pharmaceutical firms can shape the future of healthcare.”


Precision medicine holds tremendous potential to remake the healthcare industry. By applying a deeper understanding of diseases with richer patient data and advanced analytics, precision medicine can help physicians tailor medicines to the needs of individual patients, rather than those of broader populations, leading to better outcomes at potentially lower costs.

Our survey of global leaders in the pharmaceuticals industry shows that companies are aware of the promise: 92 percent have identified precision medicine as an opportunity, and 84 percent have it on their corporate agenda. Most point to clear advantages in drug development, such as reducing time-to-market and making R&D processes more efficient. Even a conservative estimate puts the cost savings in drug development at 17 percent, leading to a potential annual savings of US$26 billion for the industry worldwide.

Despite this bottom-line impact, however, most companies have yet to harness the full potential of precision medicine. External barriers include insufficient access to high-quality data, an unclear regulatory framework, a lack of standards, and data privacy issues. Internally, many companies lack the capabilities — particularly regarding the generation, integration, and analysis of non-trial-related patient data — that precision medicine requires.

These are not easy issues, yet pharmaceutical companies must begin to address them today. Rather than waiting for regulations and data standards to emerge, companies should actively work with regulators and policymakers to jointly develop standards. Internally, most companies will need to partner with existing players and new market entrants that specialize in data, or possibly hire external experts. Either approach will require a new operating model and organizational culture — one that is more agile and responsive to changes.

Precision medicine will transform the entire pharmaceutical value chain, from early development to companies’ go-to-market models, and the next five years will be a crucial window for pharmaceutical companies to capitalize on this promise. Companies simply cannot sit on the sidelines during this period. Instead, they need to take risks and more actively engage with stakeholders throughout the healthcare ecosystem.

Precision medicine has transformative potential. We look forward to welcoming people to Life Taskforce discussions curated by PwC/Strategy& at the 2018 edition of the Future Investment Initiative (FII).

Led by the FII Knowledge Partners, 6 of the world’s leading professional services firms, 12 cross-industry taskforces will involve interactive workshops on trending topics that offer participants a deep dive into the subject area and offer insights into how the trends can be leveraged to create investment opportunities.


Find out more about precision medicine 


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