Last year Ernst & Young coined the term ‘Pharma 3.0’ describing an ecosystem where healthcare innovation shifts from being product centric to an outcomes focus. This market transition has come as a result of the generally recognized lack of a sustainable model in global healthcare concurrent with rapid advancements in healthcare technology. This paradigm shift has created multiple transitions in the healthcare market, including how products come to market and how corporate enterprises mobilize their resources. It has also has opened the door for traditional biotech and pharm companies to invest in non-drug innovations like Smartphone Apps and offering services aimed at improving overall health outcomes through disease management and coordinated care. This is happening at a time when patients are becoming more informed and more engaged with managing their healthcare decisions.
Speaking on a panel at BIO 2012 in Boston this week, Robert Prachar, senior vice president at Endo Pharmaceuticals Holdings Inc., stated that there is an abundance of information out there, but “The question becomes how we build decision-support systems that are patient- and physician-friendly rather than just whatever flows to the top in a Google search? Anyway you cut it, we are still in an employment-based health care system…If we start to deliver coordinated care that works, people will pay for that.”