Pharma Needs A New Business Model

By Gail Dutton, Contributing Writer
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Life sciences companies need new business models if they expect to succeed in a disruptive, tech-based environment. Integrating technologies that enable a company to achieve its goals requires new ways of thinking, according to EY Progressions 2018 report Life Sciences 4.0: Securing value through data-driven platforms.

The key isn’t merely to add digital components to the overall corporate strategy, but to rethink what’s possible because of new technological capabilities and to use those insights to further your business strategy and to help you respond to a dynamic marketplace. “Companies must either use the advances in technology to unlock insights from data from within the organization and from throughout the industry or be left behind,” says Pamela Spence, EY global life sciences industry leader.