Global health spending is on the rise and the life sciences industry is expected to reach $1.5 Trillion by 2022.
The compound annual growth rate (CAGR) for health care spending across 60 countries is predicted to increase 5.4% for the period 2018–2022, compared to just 2.9% over 2013–2017.
As data-driven technologies provide biopharma, consumer healthcare and MedTech organizations with treasure troves of information, and automation takes over some mundane tasks, new talent models are emerging based on purpose and meaning. The integration of artificial intelligence (AI) and machine learning approaches within life sciences is making drug discovery and development more innovative, time-effective, and cost-effective.
2020 will continue to see a focus on the impact of digital transformation in life sciences. This transformation will revolve around the use of technology symbiotically and strategically. Data is fast becoming the currency of life sciences, and digital enterprises are building new business models for the future.
What we do
The demands on today’s life sciences leaders are increasingly complex. They must adapt to an evidence-based, outcome-focused, and behavior-driven world; address the growing challenge of chronic diseases; shift from a mindset of treatment to one of prevention; incorporate big data; bring their organizations from product-centricity to customer-centricity; foster continuous relationships with patients rather than one-off transactions; and, ultimately, change the value proposition for patients, providers, and payers — and thus for shareholders.
While the next few years may be a transition period for the industry, we anticipate that with the right management in place, and with the understanding of current trends, the following decade could bring renewed productivity and prosperity to the industry. At August Leadership, we work with our clients to identify and develop the leaders who can make that happen.
• Consumer Healthcare
• Medical technology
• Contract Services