A new era of convergence is sweeping through the Canadian Health & Life Sciences Sector.
A new era of convergence is sweeping through the Canadian Health & Life Sciences Sector. Significant opportunities are emerging for those able to adjust to the new environment.
“Those companies that are prepared for health convergence will be better able to ensure the sustainability of their businesses. But securing those opportunities will require companies as well as many public sector and not-for-profit organizations to be agile, innovative and daring.” - Georgina Black, Partner, National Health & Life Sciences Lead
Canada’s health and life sciences sector is under pressure. Shifting demographics, continued fiscal constraints, increased competition and the drive to deliver ‘value’ to payers and patients is changing the very fundamentals of the sector. Is your business model able to drive growth in this changing landscape?
It is becoming increasingly clear that a significant trend towards ‘convergence’ within the health and life science sector is underway. And it is rapidly changing the sector and creating significant opportunities for those able to capitalize on the new environment.
“Convergence is an established phenomenon around many developed markets, and even more importantly it is also happening in Canada,” warns co-author Dr. Kais Lakhdar, Director and Life Sciences Advisory Lead at KPMG Canada.
“Waiting is no longer an option. Companies that act today will be better positioned to survive and thrive tomorrow.”
The opening moves are already being played. As the report notes, business and operating models are rapidly shifting as participants jockey for position and solidify their role in the new environment. New – often non-traditional – players are entering the market and forming new partnerships and new models. And the lines between traditional health and life sciences ecosystem players are blurring.
While ‘convergence’ clearly offers significant competitive opportunities to those organizations able to navigate the shifting environment, this report suggests that most Canadian-based health and life sciences organizations may not be fully prepared to take advantage of the opportunity. “Securing those opportunities will require companies as well as many public sector and not-for-profit organizations to be agile, innovative and daring,” notes co-author Georgina Black, Partner, National Health & Life Sciences Lead at KPMG Canada.
The report identifies six basic steps that every Canadian Health & Life Sciences executive should consider as they chart their course through this rapidly-changing and evolving future.