In late 2019, the Fox School of Business launched the Philadelphia Healthcare Hub. Organized by the Translational Research Center and the Center for International Business Education and Research, this event series will explore the future of healthcare. The inaugural event focused on “Reinventing Healthcare and Biopharmaceutical Value Chains.”
Leaders in practice, research, government policymakers and business executives gathered to identify a pathway forward for the healthcare industry in Philadelphia and beyond. Here are four key takeaways:
1. Disrupted Value Chains for Personalized Care
The healthcare industry is moving from one-size-fits-all toward personalized care. “Healthcare systems and physicians’ focus is shifting from acute care to chronic care,” says Dr. Vikas Khurana, CEO of Leg Healers, LLC. “This patient-centered approach is critical to improving both health system operations.”
Drug manufacturers should understand that this medical model is the future. Stephen Sammut, senior fellow at the Wharton School, summed up precision medicine as “the right drug for the right patient at the right time.”
2. AI Affects Medicine
Dr. Aldo Doria, director of Capital Health Cancer Center shared his experiences with robotic surgeries. “Like driverless cars, in the near future, we will see surgeon-less surgery.”
Artificial Intelligence (AI) has arrived in the healthcare sector. AI is expanding and revolutionizing both clinical and nonclinical processes—from diagnostics and triaging to revenue cycles and cybersecurity. Lamont Louis, COO of Einstein Physicians reinforced the message: “AI is critical in modernizing the revenue cycle management operations to increase the bottom line of healthcare systems.”
3. Local Clusters of Innovation
“The greater Philadelphia region is home to a large community of innovative, diverse and growing biopharmaceutical industry,” says Sam Woods Thomas, director of life sciences for the City of Philadelphia’s Department of Commerce.
With innovations deeply rooted in geography, the Philadelphia area has become a leader in advancing cell-based research and therapies. Kevin Mahoney, DBA ’17 and CEO of the University of Pennsylvania Health System (UPHS), shared his experience. “Penn has contributed eight FDA-registered drugs since 2017.” He envisions Philadelphia becoming the medical Silicon Valley of the East Coast, or “Cellicon” Valley. With support from the government, the city is primed to be the next global capital for reinventing the future of healthcare and biopharma industry.
4. Researching the Future of Healthcare
While healthcare and biopharma value chains are being disrupted at an accelerated pace, stakeholders across the industry—biopharmaceutical firms, device manufacturers, healthcare providers, insurers and payers, government agencies and regulators—must understand and apply research in order to react to and predict the emerging new paradigms in the business of healthcare.
Moderated by researchers Subodha Kumar, Paul R. Anderson Distinguished Professor of Marketing and Supply Chain Management and Ram Mudambi, Frank M. Speakman Professor of Strategy, the event offered healthcare and biopharma executives opportunities to learn practical insights about their industries. With a focus on community engagement and research leadership, the Philadelphia Healthcare Hub demonstrates the power of the Fox School’s strategic planning efforts to inspire high-level change.
Are you interested in uniting industry leaders and research experts to advance the future of healthcare and biopharmaceuticals? Join us on April 3 for the second symposium on innovations and challenges in the innovation ecosystem.
Sign up here for upcoming events and information.
A study measuring the impact of pharmaceutical commercial operations on company performance finds that strategic investment in commercial innovation, linked with an aligned and responsive culture of execution, can produce positive results.
The study, “What Makes More Better? An Exploratory Study on the Effects of Firm-Level Commercial Operations Attributes on Pharmaceutical Business Performance,” appears in the current issue of the Journal of Medical Marketing.
Authored by Dr. George A. Chressanthis, Professor of Healthcare Management and Marketing at Temple University’s Fox School of Business, the independent study was funded through an unrestricted grant from TGaS Advisors, a benchmarking and advisory services firm for pharmaceutical operations. Dr. Eric M. Eisenstein, Assistant Professor of Marketing and Supply Chain Management at the Fox School, and Dr. Patrick A. Barbro, of the Rohrer School of Business at Rowan University, are the study’s co-authors.
According to Chressanthis, this is the first such independent research study on the effects of qualitative and quantitative measures of commercial operations on business performance. “The depth and breadth of the TGaS database, together with their qualitative insights, made the study possible,” he said.
Chressanthis says that today’s pharmaceutical environment requires companies to think holistically from the earliest stages of clinical development about the value-based assessment of new drugs. The researcher concludes that “strategic investments in commercial operations can help companies bring drugs to market faster while clearly demonstrating value important to key stakeholders.” Chressanthis compares the underlying culture required for this to a “fertile field” where innovation coupled with execution lays the foundation, noting they operate synergistically to affect business performance.
“Companies that are commercially innovative but do not have the ability to execute strategic policies will not be effective. Likewise, companies that are commercially aligned but without innovative business strategies to execute will also not be effective,” he said.
The study draws on TGaS Advisors’ proprietary commercial operations dataset using anonymized data from 26 large, medium and specialty pharmaceutical companies and interviews with TGaS operations professionals. Findings and recommendations were developed independently of TGaS.
“We commissioned this study as an investment in our commercial operations partners,” said TGaS President Gary McWalters. “It provides independent confirmation of what we’ve learned from more than a decade of engagement on the operational side and makes the case for strategic investment in innovation linked to execution.”