Ubiquitous mobile and peer-to-peer sharing tools are transforming consumers into super consumers. Because these super consumers have had fascinating experiences in other areas of life, they need to have similar interactions in a healthy ecosystem. Consumers, not organizations, are now the center of this market paradigm.
Life science companies have begun to turn to the results-based business model to cope with this new demand-driven environment. They must now consider how to participate in the emerging medical platform and seamlessly collect, combine and * * * enjoy all kinds of health data in real time. In order to succeed, they must establish flexible partnerships and cooperation with a series of stakeholders, including payers, care providers, decision makers and technology, retail and digital companies. This data-centric and platform-based business model is called Life Science 4.0.
We are entering the fourth industrial revolution. The rapid development of technology makes it possible to generate and disseminate data at an unprecedented speed. As new technologies enable individuals to view and * * * enjoy their health data, they demand a greater say in lifelong health travel and new health products and services.
Feeling the opportunity, digital health and technology entrants are trying to meet the needs of consumers. The explosive growth of narrow, disease-specific solutions is slowly merging into integrated systems to create attractive high-touch products. In this rapidly merging world, life science companies must consider how to adjust their current business model to create future value.
According to professional knowledge, create new products and services that meet the needs of consumers, doctors and payers. Ernst & Young's analysis of the documents submitted by the main technology participants of American health patents shows that the invested technology giants are making contributions to health care.
Life science companies have used artificial intelligence and other digital tools to improve or optimize clinical trial recruitment, drug discovery and interaction with payers and doctors through their own exploration projects to cope with this potential interference. These efforts are very important. Ernst & Young's analysis shows that even major clinical breakthroughs face the prospect of diminishing returns, because cost-conscious payers need to prove the value of the real world. However, as life science companies expand their digitization efforts, these investments are often isolated from each other. Therefore, the company faces the risk of underinvestment. These technologies will change its business model and generate important future benefits.