Where does the Healthcare Service Sector go from here..

With an increasing focus from the pharma/biotech industry on accelerating products to market and in an environment where clinical and regulatory complexity and therefore costs are?increasing what is the next logical move for contract clinical and commercial service providers. Can it continue to justify a ‘fee for service model’ when the industry is crying out for strategic and transformational support in order to deliver on the goals that patients are demanding??

It truly is time for the ‘them and us’ model of pharma/bio and service providers to be re-written. It's time to move to a model of strategic partnership where clinical, regulatory, market access and commercial strategies are co-authored. Service providers bring, particularly for the small emerging and mid-size biotech sector, a broad bench of subject matter expertise, global operational capabilities and often a mentality toward ‘product development’ that is truly unbiased and focused on the ethos of ‘kill early or triumph’. A mentality that supports capital investment on the ‘winning products’ based on data and evidence. A mentality that supports transformational thinking in terms of clinical strategies that can leverage real world data and drive massive efficiencies in site selection, required patient numbers, patient recruitment rates and therefore speed to regulatory approval.

?This model also means that with a co-authored approach and a deeper alignment regarding strategy, execution and operational critical success factors that the service industry can ‘sign up’ to an outcomes based model. Payment based on the achievement of milestones rather than simply execution of activities regardless of outcome. Both parties feel ‘ownership’?and through a model that rewards consistency of delivery and rewards over-performance versus targets, a true partnership mentality is achieved.

This model hinges on data and analytical prowess. Make no mistake the data is out there, structured and unstructured ?it requires investment to capture and curate it in a manner that allows the generation of insight and it needs a shift in mentality so that the insight is used to create additional value for the pharma/biotech industry, not ‘fee for service’ but ‘fee for the proven creation of value’. It therefore requires confidence and in Syneos One we are investing in predictive data and analytical capabilities that make this model a reality.

For a relationship with aligned incentives around value creation and a true partnership approach speak to us at Syneos One.