Pharmaceutical companies and medical device manufacturers are evolving to become integral parts of the healthcare value chain. This means that increased connectivity and communication are expected by all stakeholders from payers to providers to patients.
Precision medicine, digital health products, and lifestyle tools that incorporate machine learning and artificial intelligence now represent a greater percentage of life science companies portfolios than they did even a few years ago. And while these connectivity trends promise to improve both the patient experience and clinical outcomes, they also increase the potential attached surface for cyber-criminals, requiring a much more robust approach to cybersecurity and privacy.
In this paper, our Life Sciences team examines four primary signals of change and four strategic imperatives that represent the future of life sciences.
Signals of change:
- Precision medicine is no longer aspirational. It is moving life sciences directly into the patient care continuum.
- Digital health is central to life sciences companies’ ability to introduce new innovations that meet consumer expectations for better healthcare experiences.
- Artificial Intelligence and Machine Learning are improving R&D and MedTech development, although security measures are crucial for harnessing their full potential.
- Critical risks persist including supply chain, cyber breaches, and counterfeiting.
Strategic imperatives:
- Design tech-enabled, customer-centric experiences to meet the needs of payers, providers, and patients.
- Develop AI partnerships with a range of AI companies -- from focused startups to Big Tech -- for faster time to market.
- Rethink the supply chain to enable more connected customer experiences, support novel therapeutics and precision medicine, and mitigate the risk of disruption.
- Manage cyber risks associated with emerging technologies from AI and ML to cloud and the Industrial Internet of Things.
Get in touch
If you have any queries about AI and machine learning in life sciences, or any topic mentioned above, please contact Brian Egan of our Life Sciences team. We'd be delighted to hear from you.
Brian Egan
Partner
KPMG in Ireland
