Information based treatment of diseases
Financial analysts evaluate the stocks of Life Science companies as a portfolio of products. The market value is estimated on the product mix, new product development flow (which increases the market value) and the deterioration of patent rights (which decreases the market value). Competitiveness among the life science companies mainly takes place within the realm of product leadership and the infantry of any life science company are its sales representatives. In the light of increasing fragmentation, steady growth of competition and increasing regulatory control, companies are challenged to create new growth with old sales tools.
Information system for patients, doctors and researchers
There is a growing number of chronic diseases such as polyarthritis, cancer, asthma, diabetes and epilepsy. For the treatment of chronic diseases, treatments often last a life time, resulting in a difficult life for the patient, to say the least. In the case of rheumatoid arthritis, the patient pays a visit to their doctors every 100 days or so. This then begs the question: Can an effective treatment be conducted with such significant gaps between doctor visits? We think not. Through the integration of therapy with technology, there is hope that the patient can improve themselves regardless of the amount of times they visit their doctor. Here is how it can be done: The patient enters their health activity into a mobile application in the form of a diary. What the patient enters can be a combination of manual entries and automated collections of patient data. This information is updated in real-time and is freely shared with the doctor to analyze at any time. This gives the patient and the consulting doctor a complete picture of the course of the disease. Through the active participation of the patient and doctor, now working more or less as a team with a common goal, the patient's control over their disease and self confidence is strengthened. The system offers the doctor and the patient the flexibility to view, alter and visualize the course of the disease, anytime, from anywhere. In addition to this enhanced treatment capability, systems can offer customization features in real-time for patients, doctor and life science companies.
With integrated technology, sales reps from pharmaceutical companies can dramatically increase the competitiveness of their medications. With intelligent information systems, pharmaceutical companies can create new service channels that can have a huge impact on the market place and transform the perception of their company with the advent of informed, healthier patients. Information is the key for competitiveness.
According to the Arzneimittelmarktneuordnungsgesetz (AMNOG) in Germany, a law introduced and amended in 2011, a new drug has to prove user ratings under real world conditions in order to be accepted for subvention. In addition, chronic patients are required to comply and adhere with the medication and therapy in order to ensure coverage by insurances.
Medication manufacturers can benefit from such developments in a way that they enrich their medication and treatment with an embedded information system in order to get the evidence for adherence, effectivity, life quality of the medications they provide under real world conditions. Particularly new engineered drugs such as biologicals which may cost 10 to 50 k EUR or more a year are required to be closer assessed by authorities to eliminate ineffective allocation of resources within the health sector.
Life Sciences 2020
Life science companies and their sales representatives of tomorrow hold in their hands a powerful tool for leading with an information system that grows their ecosystem in a similar way to how Apple® created its App Store® by managing the value between Hardware, Software, and consumers, that created for them a self-feeding and expansive system. These same principles are ready to be applied to the life sciences. Through an integrated information system, the participants in the ecosystem are connected with each other and can track each other in real-time.
This way, the drug can be marketed more effectively and emotionally, and differentiate the company from its competitors. Existing life science companies are facing the threat of expiring patents for their blockbusters. The system is customized according to the needs of the partners. The collected data can be defined by the companies themselves to better understand the physiological, psychological and spiritual realms of their clients. Drug manufacturers gain critical insights into the usage of their product for marketing, distribution and pharma-economic views.
Because of legal reasons and reasons of compliance, pharmaceutical companies can never run the above mentioned system themselves, and are required to strategically partner with a high-end technology partner to implement it for them.
Drug manufacturers must act now due to the implications of such paradigm shift. The global innovation pressure is huge within the technology sector.
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