Developing therapeutics and medical devices for global healthcare markets remains a risky proposition. Having largely overcome the patent cliff era that resulted from an excess of me-too product development, the medical innovations now coming to market are remarkable and reflect the reaction of healthcare companies towards innovation a decade ago. The challenges for the next generation of therapeutics and devices will be different again.
Globally, the biopharmaceutical and medical technology sectors are being shaped by four significant forces, which will determine the success factors for the next generation of healthcare products:
- Unsolved medical needs
- Growing global consumption of healthcare
- Pressure to contain healthcare costs
- Explosion of information
In the first Executive Insights in this series L.E.K. examines each of the key forces driving change.
As the industry responds to these four forces, a number of trends are becoming clear across the globe. We evaluate these trends – and explore effective strategies that healthcare companies should consider to adapt to the changing environment – in subsequent Executive Insights in this series.