As 2021 kicked off with the first-ever virtual J.P. Morgan, HealthXL collaborated with BrightInsight to bring together global leaders from across healthcare, medtech and life sciences to a Digital Health C-Suite meeting series. No long flights, no jet lags, no overpriced hotel rooms and coffees, but the same great minds to connect and brainstorm with. Over three days, we dove into hot topics in Digital Health. Here are our key takeaways!
Session 1: What can Biopharma Learn from Automotive, Retail and Banking’s Digital Journey?
These industries are lightyears ahead of Biopharma in their digital transformation. Who better to bring together for valuable insights on challenges overcome than leaders with experience from Amazon, MGM, Venmo and Volvo? Atif Rafiq, President, Commercial & Growth, MGM Resorts and Former Chief Digital Officer, Volvo, and Amit Jhawar, Former CEO, Venmo and Venture Partner, Accel led the conversation.
What we shared:
- Digitization is about culture, not just strategy. For digital success, big pharma needs to break from tradition and nurture the entrepreneurial spirit of “risk and fail fast”. Coach your teams to embrace friction to keep moving forward.
- Hire the best talent and structure your digital teams for success Set a digital goal and put an innovation “bubble” around your team. Allow for the moonshots!
- Include regulatory authorities in your digital health product development journey. This is important! Don’t leave getting in touch with regulatory bodies until your product is finished. Instead, use it as a golden opportunity to shape future regulation while defining a new category.
- Be nimble and partner to move fast. You know what they say - every crisis presents an opportunity. We’ve now seen how quickly biopharma can partner and move to push boundaries under the pressure of a global pandemic. Harness the momentum and collaborate to innovate.
We can provide an introduction on your behalf so that you can contact them directly with any questions/queries on this topic. Simply click on the link below to request an introduction.
Session 2: What Medtech 3.0 Will Look Like as We Enter the Next Phase of Digitization
If Medtech’s digitization journey is a marathon, we’ve only just passed the first mile-marker. Medtech is finally evolving past traditional medical devices (think pacemakers) to connected devices that collect and share data.. So, what can Medtech do to activate this data to achieve meaningful outcomes? Scott Huennekens, Medical Device CEO, Entrepreneur, Chairman, Board Member and Mick Farrell CEO, ResMed led the conversation.
What we shared:
- Avoid that Kodak moment: Leverage the latest digital technologies and recruit the top tech talent to promote a digital-first culture Partner to take advantage of the latest digital technologies and challenge legacy infrastructure keeping data in silos.
- There’s a value in sharing data across devices to improve care and reduce chronic disease costs. Interoperability is the name of the game here! As we integrate data across companies and systems, SaaS platforms will be key to taking a broader ecosystem approach.
- Trust, security and privacy are key. Who owns the data? Individuals own their health data so Medtech companies need to focus on building trust with the consumer.
We can provide an introduction on your behalf so that you can contact them directly with any questions/queries on this topic. Simply click on the link below to request an introduction.
Session 3: How to Build a Strategic Digital Health Function within Biopharma
Biopharma is dabbling with technology and they need the right leadership and teams to really build and grow these functions that have not been their bread and butter to date. There is also a realization that investing heavily in only R&D is showing diminishing returns. So what steps can Biopharma take to build a strategic digital health function amongst all this change? Kal Patel, MD, CEO & Co-Founder, BrightInsight was joined by Karan Arora, Chief Commercial Digital Officer, Global Vice President, AstraZeneca and Francesca Wuttke, Chief Digital Officer, Almirall to led the conversation.
What we shared:
- Co-creation of digital solutions is key: Ensure the C-Suite is on the digital journey with you and feels ownership of the success of the digital products.
- How to approach digital budgets? Seeing is believing: create proof-of-concept digital products to demonstrate the ROI of investment in digital and help frame the value in a way that makes sense to biopharma.
- Show the value of digital products early on to enable expansion and increase impact Frame the digital health development process within the traditional R&D cycle so it resonates with your peers.
Want to join our community? We’d love to hear from you!
About HealthXL and BrightInsight:
BrightInsight accelerates the speed at which biopharma and medtech companies can build and commercialise regulated digital health solutions through its regulated digital health platform.
HealthXL connects global leaders on common digital health challenges.
We can provide an introduction on your behalf so that you can contact them directly with any questions/queries on this topic. Simply click on the link below to request an introduction.
Ready to read more? HealthXL members can access the full peak of the report on the HealthXL Community Hub.
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