Leaders in the Life Sciences Speak about the Pandemic
We are in a global pandemic that is exposing major issues in the commercial environment in which healthcare companies operate, with changes that are completely altering the landscape for the long term. Our 3rd Annual Leaders in Life Sciences Roundtable consisted of eight industry leaders with diverse perspectives and experiences discussing these changes, their impacts, and best practices learned from their experiences. With our key takeaways from the discussion outlined below, we hope that these learnings will help create a sense of consistency and comradery within the Life Sciences industry. Interested readers can access the full discussion and playbook at LifeSciencesPlaybook.com
#1 – COVID-19 accentuated the structural weaknesses in the healthcare delivery system.
#2 – Patient-focused technologies, including telehealth, will be at the forefront of the revolution.
#3 – The impact of the social determinants of health has been highlighted.
#4 – An opportunity exists to adapt your brand to emphasize its higher-tech components.
#5 – The ability to adapt to the changing environment is in part related to access to capital.
#6 – Analyze your industry to gauge competition, inefficiencies, middlemen, and more to make sure you are getting the largest slice of the revenue stream possible.
#7 – Virtual management is difficult and over time has exposed inefficiencies.
#8 – Employees with children have taken on the additional responsibility of providing educational support, pushing their obligations to the maximum level between work and family life.
#9 – Life Sciences leaders must become more politically active to remain competitive with insurers’ political activity.
#10 – Academia is facing a crisis with decreased enrollment as people are less willing to pay a premium for a virtual learning experience.
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