As our final 'Thought for the week' of 2014, I thought I'd share with you the "My Take",first published in the US Center for Health Solutions December 9, 2014 Health Care Current. Written by Pete Mooney, the Deloitte DTTL Global Managing Director for health care and life sciences, it presents his main takeaways from the November 2014 Financial Times Pharmaceutical and Biotechnology Conference (Watch the on demand videos from the conference including Joseph Jimenez, CEO Novartis, Simon Stevens and many more):
Railroads were a game-changing innovation in the U.S. during the early 1800s. As the industry began to boom, new players joined the game as they rivaled for competitive positioning. The potential seemed limitless.
There were questions and concerns about the new industry's scope, scale, viability and cost. It was difficult for investors to determine which competitors would succeed and which would fail; investing in these ventures was risky.
One thing was abundantly clear to investors thoughit was time to get out of the horse business.
This analogy was raised by a life sciences sector investor and panelist who participated in the recent Global Pharmaceutical and Biotechnology Conference in London. It was also particularly apt given the theme of this year's conference - Predictions 2020 - which focused on what life sciences could look like in the future.
Deloitte's annual conference with The Financial Times brings together many of the finest minds and boldest thinkers from the broader life sciences community. Setting the tone for this year's conference theme was new research from the Deloitte UK Centre for Health Solutions, " Health care and life sciences predictions 2020: A bold future?," which reveals a series of predictions and projects a vision for the life sciences and health care industry over the next five years. A lot of that prognosticating was about how innovation in life sciences is being transformed.
I had three main takeaways from the conference:
First, the room was generally optimistic for perhaps the first time since Deloitte has been conducting the conference. Our previous conferences have not been particularly optimistic affairs. Top industry leaders and thinkers wrung their hands about the patent cliff, weak pipelines, over regulation, poor industry reputation and the most recent global economic meltdown. However, this year's conference had a different tone: the patent cliff is largely behind us, pipelines have improved and...