HYDERABAD, Feb 18: As Indian Pharma Companies prepare to shift from supplying commodities to supplying innovations, technology is altering the way health care is imagined and delivered, according to Global consulting firm Ernst and Young (E&Y) report, “Today for tomorrow: realizing the potential of Life Sciences 4.0”.
The report was released at the inaugural function of BioAsia 2020 – Asia’s largest Life-sciences and Health-tech convention by Minister for IT and Industries K T Rama Rao here on Tuesday night.
The accelerated technology and scientific advancement in the Fourth Industrial Revolution, or Life Sciences 4.0, is changing the traditional model of health, the report stated and said that the combination of smart devices and sophisticated AI-based algorithms has made it possible to remotely diagnose, monitor and treat disease, leading to a shift in health care delivery from hospitals and clinics to patients’ homes.
People are now comfortable using wearable’s and sensors to track their health and fitness and the data generated from these devices empowers individuals to make their own health choices and fuels a shift from disease treatment to better management, and ultimately disease prevention, it revealed.
With the increasing focus on personalization, there is a shift from a one-size-fits-all model of care, where treatments are developed for the entire population, to tailored interventions, the report said this is becoming the reality in the oncology and rare disease space, where Individualized Cell and Gene Therapies (ICGT) are manufactured from a patient’s own tissue.
With the delivery of ICGT treatments requires new manufacturing, delivery and information management processes, companies need to plan and ensure the entire product value chain is aligned to deliver such innovative individualized therapies at scale in the future, the report said.
Notably, as global pharma’s senior management continues to realise the significance of successful digital investments, they are reorganizing to fill a perceived talent gap. Since 2016, about 70 per cent of the top 10 bio-pharma companies have appointed Chief Digital Officers (CDOs) to their organizations, demonstrating the overall organization’s commitment to the effort, the E&Y report said. (UNI)
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