Life sciences supply chains need to adjust to increasingly complex environments globally. Pharma manufacturers and wholesalers in Europe must undergo a fundamental transformation to remain competitive in this market. The rapidly approaching deadline of the European Union's Falsified Medicines Directive (FMD) for drug serialization and traceability is currently the top concern of life science companies supplying pharmaceutical products to the European markets. However, companies can take this opportunity to upgrade their digital systems and operations and realize the broader potential of the 3rd platform and innovation accelerator technologies to achieve "smart compliance," deriving a longer-term business value for their supply chains.
Blockchain interoperability needs time and momentum to mature toward a wider scale of adoption and to truly impact healthcare. However, the future is now and the market clearly reflects much buzz around the technology and its potential for hard-coding change. Blockchain interoperability could pave the way toward forming a next-generation vehicle for data exchange that contributes to digital transformation in provider organizations through its network effect.
As conjectures fly regarding the potential disruption the proposed acquisition of Aetna by CVS will have on the healthcare industry, IDC Health Insights will confine its comments to the technology implications, in particular access to and sharing of data within the existing healthcare ecosystem. This blog will also consider the implications of the acquisition creating a local care delivery presence for Aetna with the intent to increase consumer value.
Healthcare presents a unique case for DX because of its complex and challenging nature. Nowhere is this precedent more applicable than for the United States, where regulatory frameworks (e.g., MACRA), incentive programs (e.g., QPP, MIPS, and APMs), professional and community advocacy, and consumer-driven market forces are shifting healthcare priorities. These factors are driving the need for data-driven decisions and consumer engagement to recalibrate care from the mere fulfillment of fee for service and driving volume to the realization of pay for performance and driving value. U.S. healthcare organizations have much to gain by embracing DX on their journey toward value-based goals and responding to future challenges.