Let’s talk about unicorns. What do unicorns have to do with business? According to Investopedia, a unicorn is an organization that has a valuation of more than $1 billion. No, that doesn’t mean companies like Oracle, Microsoft, or Apple (at least, not anymore). Unicorns are typically technology companies touted as start-ups with no proven track record of success.

According to CB Insights, more than 1,000 unicorns exist worldwide with a combined valuation in excess of $3 trillion.   

The 8 Healthcare and Biotech Unicorns

Of these unicorns, 80 fall into the category of healthcare and biotechnology. Here are the top eight healthcare and biotech unicorns (based on valuation by CB Insights):  

1. Devoted Health | Devoted Health offers Medicare advantage plans and partners with trusted doctors, hospitals, pharmacies, and other providers to make sure patients receive the right care at the right time. 

2. Biosplice Theraputics | Biosplice Therapeutics is developing first-in-class, small-molecule therapeutics based on pioneering science of alternative pre-mRNA splicing. 

3. Tempus | Tempus brings the power of data and artificial intelligence to healthcare to accelerate the discovery of novel targets and predict the effectiveness of treatments. 

4. Caris Life Sciences | Caris developed the world’s first and most comprehensive tumor profiling service, providing a complete molecular blueprint and guiding personalized cancer treatment that improves outcomes and saves lives. 

5. We Doctor | Founded in 2010, WeDoctor — named Guahao before 2015 — has grown into a multi-functional platform offering medical services, online pharmacies, cloud-based enterprise software for hospitals, and other services.

6. Ro | Ro is a direct-to-patient healthcare company providing high-quality, affordable healthcare without the need for insurance. Ro seamlessly connects telehealth and in-home care, diagnostics, labs, and pharmacy services nationwide. 

7. Doctolib | Doctolib’s mobile application allows consumers to manage health more simply. Access the availability of tens of thousands of healthcare professionals. Make an appointment online, 24/7, for a physical or video consultation. Receive automatic reminders by SMS or email. 

8. Hinge Health | Hinge Health is a patient-centered digital clinic for treating chronic musculoskeletal conditions.  Available to nearly 200 enterprise customers, Hinge Health empowers people to reduce chronic pain, opioid use, and surgeries. 

The Future For Healthcare and Biotech Unicorns 

With a startup failure rate of 70-80% within the first five years of operation, surviving and thriving as a new healthcare organization is a struggle. It takes embracing emerging technologies, especially after the pandemic, for a startup to succeed at achieving unicorn status.  

According to Apoorva Bajaj, practice head of financial markets at GlobalData, “…startups aim to disrupt healthcare using emerging technologies and investors’ focus also remain high on tech-driven healthcare. The COVID-19 pandemic has certainly triggered massive disruption in the healthcare industry and forced several healthcare businesses to implement emerging technologies to ensure business continuity. New opportunities will keep emerging in the healthtech space across the globe, which bodes well for the startups.” 

GlobalData anticipates new opportunities in the following healthtech domains:  

• Connected care & mobile health  
• Continuous monitoring 
• Coordinated healthcare  
• Digital therapeutics  

• Genomics  
• Intelligent treatments  
• Oncology  
• Precision & personalized medicine  

Healthcare and Life Sciences leaders rely on us for strategic and technical expertise to achieve their missions in a technologically advancing industry. Our thought leaders are here to support you in achieving business goals and solving your most complex technology challenges. Contact us to learn more. 

This is an update to a blog published on February 3rd, 2016 by Eugene Sefanov.

There is probably no headline that comes out of a pharmaceutical company more frequently than one relating to collaboration. Collaboration between pharmaceutical companies and academia, hospitals, start-ups, and large pharma has been happening for a long time. However, the focus on collaboration has intensified in recent years, and for the right reasons. In fact, you would probably need to go back several decades to find the traditional (i.e., in-house) approach toward developing blockbuster drugs.

The reasons for and benefits of collaborations and partnerships are many. Often, one organization has deep expertise in the area in which it is working, while another organization has the scale and ability to bring a product to patients.

One can also look at clinical trials to understand the benefits of collaboration. Clinical trials are expensive, long, and, due to complex protocols, often destined to struggle from the beginning. If one considers all the other organizations developing therapies for the same disease, a lot of unnecessary overlap will be found.

The advantages of a multi-company are clear. The cost is spread out. Patients can enroll faster. Treatments can more quickly move along the clinical trial process. It’s a win-win for the pharmaceutical companies and patients.

There’s probably no better evidence of the success that comes from collaborating than Johnson & Johnson. In a video on the company’s website, Joaquin Duato, worldwide chairman of Pharmaceuticals at Johnson & Johnson, said, “Of the 16 new medicines that we have been able to bring forward in the last five years, most of them were a result of collaboration.”

Many other success stories have surfaced in recent years, including those that showcase how clinical trial data sharing has helped reduce the need for additional enrolled subjects, demonstrate drug efficacy, and increase productivity.

Collaboration will continue to drive innovation as more companies reap the benefits of these win-win partnerships.

To learn about other trends that we can also expect to see in 2018, click here.

Now that March is here, I thought it would be neat to look back at what our readers found most interesting last month. Below are the top five blog posts Perficient’s life sciences practice wrote in February – they’re ranked in order of popularity, with number one being the most viewed piece.

1. Interest In AI And Cognitive Is Rising In Pharma
2. Argus Safety, Oracle Clinical & RDC Release Notes [February 2018]
3. Innovation And Digital Are Changing Life Sciences
4. Sustainability Is More Important Than Ever In Pharma
5. Philanthropy Continues To Increase In Pharma

As always, thank you for your continued support – our team finds it very rewarding to have you as a reader.

It’s true that life sciences companies are in the business of developing medicines, devices, and other therapies to treat medical conditions. It’s also true that hearing stories of patients who have been helped by the use of medicines and medical devices can be incredibly rewarding. However, many successful companies feel the urge to take more action and help those in need.

This is evident in financial donations made in the wake of horrific events, such as the hurricanes that took place in 2017. Money is sent to nonprofit organizations to fight diseases in third-world countries, and walks/runs continue to raise funds for a variety of causes. Pharmaceutical companies are also devoting specific days for employees to volunteer. Changing Tomorrow Day, an Astellas program, is one example of this.

“Changing Tomorrow is our annual day of service when our employees connect their passions for helping patients with their passions for making a positive impact on our community,” said Jim Robinson, president of Astellas Americas. “Volunteering with patients, their families and even students in our neighborhoods gives all of us a chance to connect and support those around us, working to change tomorrow – today.”

Philanthropic work will continue to increase. Life sciences companies understand the need to give back and improve their communities. It’s about reaching out and lending a hand to those who need it most, often at very difficult times in their lives.

To learn about other trends that we can also expect to see in 2018, click here.

The business of sustainability remains an important aspect of pharmaceutical and medical device companies for a number of reasons. A recent report from the Boston Consulting Group found that pharmaceutical companies that have more ethical operations are more profitable and valued than their competitors. In fact, to reduce the risks associated with environmental, social, and governance issues, investors are increasingly evaluating a company’s sustainable business practices before they buy shares.

According to Investopedia, “Sustainability focuses on meeting the needs of the present without compromising the ability of future generations to meet their needs. The concept of sustainability is comprised of three pillars: economic, environmental and social – also known informally as profits, planet, and people.”

Life sciences companies continue developing and enhancing sustainability programs that push their strategic values and priorities further. More often than not, these programs revolve around the pillars mentioned above.

Giving more access to a company’s products to those people who need it most is a priority. Often, affordability or the inability to obtain products due to logistics are the main obstacles.

It’s important to ensure that companies research, innovate, and sell products to meet unmet medical needs in a compliant manner. This is why companies remain steadfast in their expectations of employees. Remaining ethical, transparent, and respectful of one another is critical. Reputations are at stake and so are patients’ lives. While expectations of employee behavior remain high, it’s essential that employers invest in them. Employees must feel entrusted and appreciated, as well as encouraged to innovate and make a difference in society.

Equally important is concern for the environment. Pharmaceutical organizations can make the world greener and cleaner by reducing carbon, water, and waste. Protecting natural resources is a must and the programs that companies put in place can make a big impact.

While sustainability efforts have been in place for years, they’ve become more important than ever. How a company addresses economic, environmental, and social issues is often a barometer of success.

To learn about other trends that we can also expect to see in 2018, click here.

Artificial intelligence (AI), cognitive computing, and machine learning are becoming more common in the industry. The need to scour and analyze large sets of data is giving life sciences companies new intelligence that would never have been realized before. The technology is making a big impact on healthcare decisions and patients.

When it comes to addiction and substance abuse, patient risk models are helping predict and prevent incidents of relapse. Artificial intelligence is helping doctors identify treatment options while providing supporting evidence. While AI is driving precision medicine, it’s also being used by pharmaceutical companies to gain insight into consumer behavior and expectations.

Jason Andree, senior brand manager of the Cough & Cold Portfolio at GlaxoSmithKline North America, shared how GSK is using cognitive technology to promote its Theraflu brand. The company is using IBM Watson to enable consumers to interact with advertisements within a mobile app, by asking questions (through voice or text) related to the flu or the Theraflu product.

To learn about other trends that we can also expect to see in 2018, click here.

The industry continues to flex its muscle when it comes to innovation through the use of digital technology. While life sciences companies over the years have tended to be laggards in this respect as compared to other industries, they’ve really come to understand the importance of using digital technology. It’s a necessity. It’s an integral part of their programs. Companies realize the new ways their patients are communicating and the high expectations they maintain because of the digital era in which they live. They also understand how, through the use of digital and mobile devices, healthcare outcomes can dramatically improve.

Whenever a large company appoints a new chief, it’s an important headline that may highlight the company’s ambitions, strategic direction, and intentions. So, when a top pharmaceutical company hires a new chief of digital, it’s difficult to overlook the critical role digital plays in life sciences.

That’s exactly what happened at GlaxoSmithKline in 2017. The company appointed Karenann Terrell, who previously served as the CIO of Walmart. When you bring an executive from the world’s largest (by revenue) company, which happens to focus on selling directly to consumers, good things should happen.

Novartis is another example of a large pharmaceutical company that is increasing its focus on digital. It recently hired Bertrand Bodson as the company’s chief digital officer. Mr. Bodson was the chief digital and marketing officer for Argos, the third-largest online retailer in the UK.

While bringing a leader from outside the industry can often shape a company’s appetite for digital, life sciences organizations have already proven their aptitude for innovation and technology. Innovative mobile apps and digital devices meant to educate, increase adherence, and provide clinical, safety and healthcare professionals with more (and better) data are being developed at an increasing rate.

Hemocraft, a game based on Minecraft and developed by Pfizer in partnership with Drexel University and the hemophilia community, aims to help young people with hemophilia understand the need for integrating treatment into their routines. Users of the game learn what treatment entails and how to stick to a treatment plan.

The HemMobile Striiv Wearable, a wearable device for patients with hemophilia, was created this year to track activity levels and monitor heart rate. The bracelet feeds data into a complementary app, which can give healthcare professionals better insight into patients’ conditions.

While paper has been the primary means of data collection for over a decade, the creation of new apps enables patients to report symptoms in real time. This digital and remote way of collecting data can save patients and healthcare providers a significant amount of time and increase the accuracy of data. With today’s devices, one doesn’t have to remember how he or she was feeling at a particular point in time.

Kenneth M. Farber, co-CEO and co-president of the Lupus Research Alliance, highlighted an app the organization created, alongside Pfizer, for lupus patients.

“This is an important step in demonstrating that mobile technology can improve how and what patients report to their care teams about subjective but serious symptoms of lupus, such as debilitating fatigue,” he said. “This app may enable more frequent and consistent reporting from patients, thus providing better information for care teams and empowering patients to take a larger role in developing future therapies.”

With each passing day, companies are developing better ways to monitor health conditions. Where in the past, patients would need to be in a doctor’s office or hospital with large equipment at their side, mobile has now enabled taking monitoring on the go.

Abbott’s Confirm Rx Insertable Cardiac Monitor (ICM) is a great example. It’s the world’s first smartphone-compatible ICM that automatically gathers vital cardiac information and delivers the data to physicians via the myMerlin mobile app, providing the ability to monitor heart rhythms remotely.

Sanofi’s My Dose Coach is another wonderful example of a how a mobile app can improve patient safety and medication adherence. The app, created for adult type 2 diabetes patients on once-daily, long-acting basal insulin, can calculate the patient’s recommended basal insulin dose according to the dose plan his or her doctor has created. The patient simply enters his or her fasting blood glucose and gets a recommended basal insulin dose.

To learn about other trends that we can also expect to see in 2018, click here.

Now that February is here, I thought it would be neat to look back at what our readers found most interesting last month. Below are the top five blog posts Perficient’s life sciences practice wrote in January – they’re ranked in order of popularity, with number one being the most viewed piece.

1. [Guide] 2018 Pharmaceutical And Medical Device Industry Trends
2. How Many Novel Drugs Were Approved In 2017?
3. Patient Support Programs Are Making A Big Difference In Pharma
4. How Pharma Is Tackling Drug Abuse
5. How To Fix A Report Timeout Issue In Siebel 8.1.1.9 And Earlier

As always, thank you for your continued support – our team finds it very rewarding to have you as a reader.

The use of real-world data has exploded in recent years and will continue playing a crucial role in 2018. Almost every major pharmaceutical and medical device company conducts real-world studies to build better safety profiles for their products, as well as support initial study findings.

Real-world data can come from a variety of sources including insurance claims databases, medical records, national registries, social media, and mobile devices.

According to Professor William Sandborn, M.D., chief of the Division of Gastroenterology at the University of California San Diego, “Real-world evidence plays an important role in helping healthcare providers evaluate a therapy’s effectiveness and safety in routine medical practice against clinical trial results.”

Over the past year, many companies have reported results that confirm the effectiveness of their products and highlight how one product is better than another. Companies have also shown that they can achieve better outcomes.

The importance of real-world data is evident across the industry and can be heard in presentations delivered by scientific leaders. When commenting on a particular study, Rory O’Connor, M.D., chief medical officer of Pfizer Internal Medicine, said: “We believe real-world data analyses via the ACROPOLIS program are helping to advance deeper levels of insight into how different patient demographics, comorbidities, and disease severity factor into how Eliquis may impact patient outcomes.”

Fortunately, the FDA has also increased its focus on the benefits of real-world data and evidence to understand a product’s safety and effectiveness.

In an August 2017 guidance document, the regulator said, “While FDA encourages the use of relevant and reliable RWD, this guidance neither mandates its use nor restricts other means of providing evidence to support regulatory decision-making.”

To learn about other trends that we can also expect to see in 2018, click here.

Living with disease and undergoing treatment can be life-changing. Patients may not understand their diseases, their treatment options, or even the implications of the medications they’re taking. The process can be confusing, complicated, and worrisome.

With digital transformation becoming more sophisticated and prevalent, pharmaceutical and medical device companies have stepped up to the plate with great patient support solutions. From websites to portals, patients can learn what living with a disease is like, how to address the daily challenges that come with it, and how to best leverage the treatment. While these solutions are becoming more ubiquitous every year, companies are focusing on building better tools as well.

Advanced websites and mobile apps that enable patients and caregivers to get help when they most need it are cropping up. Whether it’s a patient requesting help with a specific task (e.g., a drive to a doctor appointment), a patient recording information from doctor visits, or a loved one offering to prepare a meal for a patient, these tools are making a big difference for those who are facing a difficult time in their lives. It’s about creating a positive experience for them.

To learn about other trends that we can also expect to see in 2018, click here.

When it comes to drug approvals, 2017 was a great year for the pharmaceutical industry. According to Reuters, the number of drugs approved in the United States was the highest number in 21 years.

In fact, the 46 novel drugs that were approved was more than double what was approved in 2016. This figure doesn’t include cell and gene therapies, such as Kymriah from Novartis and Yescarta developed by Kite Pharma.

With the 21st Century Cures Act and the FDA’s expedited programs, such as the “breakthrough therapy” designation, quicker reviews for gene and cell therapies will help push these special drugs to the market faster.

The number of drugs approved in the European Union last year spiked to 92. The previous year brought 81 new medicines to the market. Other governments, such as China, have also indicated plans to lessen the regulatory burden in order to bring drugs to patients faster. Interestingly enough, China has become the second largest pharmaceutical market, behind the United States.

Knowing for certain what the future holds is impossible. Trends, on the other hand, are more predictable. In fact, there’s probably no better indicator of emerging or future trends than recent history. That is exactly how we determined the trends we anticipate seeing in the pharmaceutical and medical device industries in 2018.

This guide does not attempt to tackle every subject or development. Instead, it offers a sample of several important and unique trends across the entire business. When it comes to the trends outlined, think about how you compare to your peers.

Are you doing enough?

Should you increase your focus in a particular area?

Do you have a strategy to remain or become an industry leader?

Ask yourself these questions, not just about the topics at hand, but also about the areas of business for which you are responsible and that you know best. It’s about pushing forward and ensuring your company is doing everything it can to make a positive impact on the world.

With that in mind, let’s examine 2018’s likely trends.

Download the guide