Meeting of minds
When it comes to cross-sector partnerships, 82% of technology and 85% of life sciences companies worry about their potentially incompatible business cultures 52% of life sciences companies see technology companies as their main competitors in digital healthcare Only a quarter of technology companies see life sciences companies as their primary competition The majority of technology companies feel life sciences companies’ regulatory experience would be the most attractive aspect of a partnership For life sciences companies looking to partner with a technology rival, the most attractive aspects would be improving patient engagement and harnessing the technology sector’s data expertise
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Just as media and entertainment companies are often indistinguishable now, life sciences and technology companies could embrace convergence, join forces to pool their resources and explore the benefits that digital healthcare can bring them. For this sector to flourish, convergence and partnerships are not just desirable but fundamental.
The best of both worlds When looking at their own digital healthcare ambitions, survey respondents from both sectors viewed the complexity of their projects (52 percent) and regulatory barriers (37 percent) as the top obstacles to their success. However, it is exactly these challenges that can be best overcome by collaboration.
According to our survey, both sides can see how convergence would be beneficial in overcoming these hurdles. 43 percent of technology companies stated that existing regulatory expertise is the main factor that would attract them to partnering with life sciences companies to develop and commercialize digital healthcare projects. Meanwhile, life sciences companies saw three key attractions to partnering with technology companies: improving patient engagement, harnessing the technology sector’s data expertise and creating significant cost savings.
According to Leslie Morioka, the companies that know how to collaborate will produce the best results. “Companies may have to join forces if they want to succeed,” she says. “Similar integration models already exist in other industries such as media and entertainment.”