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This Week in Consulting

Wednesday, April 29th 2020

Life Sciences in the Age of Digital and Coronavirus

THIS WEEK’S MUST READ

An AI chatbot does not replace an HCP. Instead, it provides additional support for both the HCP and the patient for efficiency and areas that lack thereof. These chatbots simulate human conversation through voice commands, text chats, or both. However, unlike a human, they are available at all hours of the day to any geographic location. Also, bots are more financially sound – they cost virtually nothing to speak with and reduce labor costs for 24/7 workers​.

An artificial intelligence-driven chatbot can provide patients new approaches to receiving the right care at their point of need.

This Week’s Must Read  is an is an insight piece from Axtria about The Future of AI Chatbots in Healthcare.

Read on to Find out More: “How Healthcare AI Chatbots Are Transforming the Patient Journey | Axtria.


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THIS WEEK’S VIDEO:

In this video, Shahram Ebadollahi, Head of Data Science and AI at Novartis shares his thoughts on the importance of AI in life sciences.

THOUGHT LEADERSHIP

  • Leading with Integrity in Response to Covid-19: “The life sciences industry can realize new levels of trust by demonstrating integrity and leadership in providing greater patient care, resiliency and productivity during this unprecedented time. In this climate of crisis, your responses and actions determine both how you lead in the near-term and how you can pave the way for future progress. Leaders will seize this time to take swift action and proactively prepare the organization to continue to manage its core business while ensuring a continued focus on patient health and treating COVID-19”. The authors explore how the Covid-19 pandemic is impacting Life Science companies in their day-to-day operations, and how they can handle these challenges. | Stuart Henderson, Aman Bajaaj, Brad Michel, Petra Jantzer and Sanskriti Thakur, Accenture
  • COVID-19 is accelerating digital transformation: “No one in pharma needs to be told that COVID-19 is upending business as we know it. But in the face of this unprecedented change there is a great opportunity to adapt, improve and profit from new ways of working…Novartis is demonstrating how pharma can achieve rapid transformation and increase customer engagement from disruption thanks to the extensive digital investments it has made across the business in the last two and a half years”. Bertrand Bodson is convinced that digital capabilities have proved their worth since the beginning of the pandemic and that current investments will pay dividends. The article presents how the COVID-19 pandemic is impacting the pace of digital transformation in the Pharma industry. | Eye for pharma, Andrew Stone,  Bertrand Bodson, Novartis
  • How Is the Pharmaceutical Industry Responding to COVID-19? “We are witnessing an impressive response by the global biopharmaceutical industry. As of the end of March there are about 395 clinical research trials for COVID-19 that have been registered in multiple countries, including nearly 120 on the U.S. FDA’s ClinicalTrial.gov. Perhaps not surprising that China is conducting at least 180 trials”. As pharmaceutical companies work to develop potential vaccines and treatments for COVID-19, Dr. Greg Licholai provides an overview of the progress toward bringing new drugs to patients. | Greg Licholai, PRA Health Sciences
  • AI in Life Sciences: Emerging Business Models: “The presence of artificial intelligence (AI) in life sciences is growing quickly as a result of multiple AI companies focusing on drug discovery and development. The momentum is set to continue — we believe that AI is at a formative stage and adoption has the potential to accelerate rapidly.In this context, AI companies are experimenting with business model paradigms ranging from service provision to internal development of drug candidates.” In this article, the authors explore the new AI-powered business models flourishing in the Life Sciences Industry.| Anne Dhulesia, Ben Faircloth and Stephen Roper, L.E.K.

CONSULTING INDUSTRY NEWS

  • P&G Innovate Cooperation Model in E-Commerce Livestream: “In April 2019, with its diversified brand power, rich products and extraordinary product quality, P&G positioned itself ahead of the pack as the leading enterprise to enter a strategic partnership with top Taobao livestream KOL Viya, signing on her as P&G Global Hot Products Promoter.” | PRNewswire
  • EIS and PwC launch Intelligent Insurance Ecosystem Initiative:EIS Group today announces the launch of an intelligent digital insurance ecosystem initiative in collaboration with PwC. The new ecosystem will combine agility with insights to enable market differentiation and deliver best-in-class customer experience. This will allow insurance companies taking a greenfield approach to get closer to their customers and better understand their needs as people, rather than policy numbers.” | GlobeNewswire
  • BioNTech : Shares Up 10% on Pfizer Covid-19 Vaccine Program  “BioNTech, a next generation immunotherapy company, and Pfizer have announced that the German regulatory authority, the Paul-Ehrlich-Institut, has approved the phase 1/2 clinical trial for BioNTech’s BNT162 vaccine program to prevent COVID-19 infection. The trial is the first clinical trial of a COVID-19 vaccine candidate to start in Germany, and is part of a global development program. Pfizer and BioNTech will also conduct trials for BNT162 in the United States upon regulatory approval, which is expected shortly.” |Pharmabiz.com
  • Banks unprepared for FinTech collaborations: “The legacy IT systems of banks may be preventing effective collaborations with FinTechs, with just 6% of banks currently achieving their desired ROI on such ventures. Changing this will be key to incumbent banks if they are to bounce back following the current coronavirus outbreak.” | Consultancy.uk

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