The Pharmaceutical industry and particularly the pharma giants of Novartis and Roche are key parts of the Basel ecosystem. This industry is, more than many others “different” and requires a different approach due to its uniquely complex value chain, regulatory environment and reliance on patent protection. It is also an industry in the midst of reinventing itself at the interface with society through forward integration in healthcare. Frank Kumli presented a Pharma skills workshop to give our accelerator teams background, some tips on how to work with Pharma and where to start. The key messages were;
- The Life sciences industry is in the midst of a transformation of its business model.
- Health outcomes are becoming the currency in this new business environment 3
- The industry’s customer base has evolved beyond the physician towards Patients, Physicians, Payors and Policy makers
- To support the transformation of its business model, the industry is transforming its operating model, all along its value chain including research.
- The Life Sciences industry is increasingly engaging the ecosystem to support this transformation 6. 6. This collaboration and related business opportunities are not just for other giant corporations but also increasingly for Digital Health start-ups.
- But..Life sciences companies are in a learning process as they engage digital start-ups
- To meaningfully engage with Life Sciences companies, Digital Health start-ups need to be well prepared and understand the business and pain points of Life Sciences business
- Much of this can be accelerated when developed collaboratively!
More background is in the attached presentation. Our accelerator teams have had and are continuing to have fruitful conversations with various stakeholder in the Pharma industry and this access is one of the key sources of value from the DayOne accelerator program.