Life Sciences is becoming an even more competitive, complex and regulated industry. Nimble new niche players are nipping at the heels of older, more traditional enterprises. The larger players have evolved into hierarchical silos due to a combination of legacy organizational structures, mergers and acquisitions, and lack of a holisitic approach to innovation.
These hierarchical silos behave like isolated divisions in search of new revenue streams – resulting in complex organizational structures with a natural tendency to think vertically rather than horizontally. Consequently, there’s little or no integration between them, causing cross-divisional communication and data exchange to suffer.
Then, of course, there are the pressures pertinent to Life Sciences. How do you deliver patient-centric experiences, improve quality and safety, all while keeping costs down? Is it possible to gain fast approvals in new markets while adhering to regulations and local quality requirements, all at lower expense? What’s the best way to move the business into ‘Next Generation Life Sciences’ and raise operational excellence in order to be first-to-market with patient-centric innovation? Indeed, what new business model should you adopt?
To meet these myriad demands and retain a competitive edge, Life Sciences enterprises need to adapt and evolve to deliver more patient-centric innovations. Only the fittest and most agile will survive by building competitive advantage to drive margins and profit despite the new entrants and growing organizational and regulatory complexity.