By: Dan Sharpe This was my first Collaborations in Clinical Research event. I wasn't quite sure what to expect but I was excited to attend. The event officially started at 5pm in the HP center but the…Read More
Take Life Sciences to the Next Level With Emanate
Improved patient outcomes. Enhanced business performance. Boosted competitive advantages.
Without pursuing the goals above, it can be difficult to make it in the life sciences arena. Diving into research and losing yourself in the laboratory or around the conference table can be exhilarating, but all of that passion and work can be lost if you don’t have a way to manage your data, communicate it effectively, and turn your work into a world-changing, profitable product.
If you’re interested in doing more than publishing your findings in journals, it’s important to be able to see the big picture. You need to be able to identify why your work is worth it and capitalize on that. At Emanate Life Sciences, we specialize in making it possible (even easy) for life science teams to take their products to market and find success. We accomplish this by offering our clients world-class data management solutions as well as team members you can trust. Whether you need our data management FSP, clinical trial imaging and endpoint adjudication, or new team members on a contract/permanent basis, we are the expert solution you need. In our time working in the life sciences, we’ve learned that the best way to succeed is to understand the value of your work and the data you produce.
Are You Assessing Your Work’s Value the Wrong Way?
It is a bit ironic for an area that is so scientific, but it’s taken a long time for researchers and manufacturers in the medical ecosystem to develop a solid way to measure how their work impacts medical cost burdens and patient outcomes. Where is the value of all that research? Was it worth pouring all that money into development and manufacturing? How can you tell? Do you prioritize lower costs or what the patients experience?
Every medical branch struggles with the need to quantify a complex world, including health and diagnostic service providers, pharmaceutical manufacturers, biotech producers, and even venture capitalists with funds ready to throw into exciting health breakthroughs. Most commonly, everyone has turned to the following tools:
- Industry benchmarks or personal hunches
- Internal performance measures
While these approaches aren’t altogether useless, they are problematic in that they are “lagging indicators,” meaning you only get to see if you were right after you do all the work and invest all the money. While this element of risk is ever-present no matter what you do, it shouldn’t govern the process. Why? Because becoming locked into internal flows of lagging feedback causes companies to miss out on digital opportunities that not only represent massive improvements for the companies themselves, but for the patients they serve as well. The digital world is massive and continuing to grow because it works, and you shouldn’t miss out.
Assessing Your Work’s Value Correctly
As with any business, the main question continues to be: how does this work translate into dollars? In the medical industry, you get the equally-important question: how does this work translate into improved conditions for patients? Trying to answer both of these demands can seem next to impossible, and indeed, it is somewhat of a moving target. However, we at Emanate Life Sciences in San Diego have realized there are plenty of ways to make your aim more efficient and responsive.
When assigning monetary value to digital data, you have to make sure you don’t miss pockets of value that can give your value-creation strategy an edge. you have to see how it impacts the health system. If you want to understand an impact on the health system, the best lens is a therapeutic view into the patient journey. This journey has three main steps:
- Early diagnosis/Prevention
By using a therapeutic area lens to spot digital opportunities and avoidable costs, you can identify incredible value you would have overlooked if you had limited your view to operations only. Though each therapeutic area is different, this highly comprehensive, big-picture view empowers any organization to build a strategy unlike any other. It also has the capacity to pull your work into the digital world and help it dominate. We can help make this happen for you!
Capturing Every Bit of Value from Your Digital Assets
Finding new investment opportunities and exciting research directions can’t happen if you aren’t looking fo
r them through a modern, digital lens. Many digital entities have embraced the digital world and its advantages, but their success varies. The thing is, you cannot embrace the a digital perspective halfheartedly. The digital world offers fantastic opportunities, but you’ll miss them unless you consult with experts to understand the digital tools available to you. Here are some important steps to consider:
Switch to a digital portfolio investment perspective.
- Choose specific therapeutic areas. Chances are good you already have a focus, so that’s a great place to start. You can choose widespread diseases or rare ones or a combination of the two. Understanding the value your work could bring to any and all will allow you to make a smart strategy.
Invest in a C-suite.
- This should not be optional. Don’t make the mistake of failing to realize that digital health assets provide new business models and revenue models. Instead, treat your digital health assets like you would core therapeutics. The leadership should embrace the digital perspective, which will help the rest of your medical teams to gather around common objectives. Impact, accountability, and results will increase as a result, and that is just the beginning.
Make digital collaboration a basic capability.
- As with any sort of operation, success depends largely on communication. The medical community also finds a lot of its strength in collaboration. You need your leaders, such as chief marketing officers, medical officers, and digital officers to be able to address concerns and develop infrastructure. If you want to be a life science leader, you’ll need collaborations and allies, including digital health firms, venture capital firms, and incubators. Having a system that empowers you to eloquently and effectively convey your work will give you an edge that others cannot match.
Build digital ecosystems.
- As we mentioned in our last point, opportunities become practically endless when health system players work together. Medical device manufacturers, pharmaceutical companies, biotechs, and beyond can come together and seize the lead by creating digital ecosystems with the power to improve patient results and financial returns. While you may already have a healthy ecosystem based around your research and work, making an economic ecosystem is essential. Without applying the same care and investment to the way the rubber of your research meets the financial road, you’ll struggle to capitalize on your hard work.
If you want to have the freedom to design solutions, products, and services that optimize returns for both your business and the patients you ultimately serve, you need to understand the economic value potential of your digital assets in specific therapeutic areas. Let Emanate Life Sciences help!
Understanding the Patient Journey
When you work in the life sciences, your work should ultimately improve … life! Biotech, pharmaceuticals, medical production, and other areas are businesses with huge stakes in their customers’ health. Today’s market is customer-centric, and the medical industry is no exception. However, the tension between keeping costs efficient and giving patients everything they need will always play a huge part in the industry. The patient experience, often called “the patient engagement journey,” must be considered by everyone who provides care for patients, including those who don’t actually have contact with the patients and instead spend their days working in medical labs and manufacturing facilities. The experience is called a journey because it involves education, awareness, physician interaction, and follow-ups. Now, this might seem like a simple, linear journey, but because patients have so many options these days, their journeys are full of different stages with side channels and unique touchpoints.
The phases of an average patient engagement journey usually include the following:
- The patient makes a self-assessment of symptoms and conditions and generally turns to the internet for information, whether that be research, education, or asking questions on social media.
- The patient decides to contact the health system and needs to know the best way to do so, whether that means a phone call or an email. The patient will likely ask friends or family for recommendations and even turn to rating websites to find the best care.
- The patient visits a medical facility (doctor’s office, hospital) for assessment.
- The patient receives follow-up care at home or at a medical facility (medication, physical therapy, etc.)
- In an effort to prevent readmission and stay healthy, the patient makes changes recommended by the specialist.
Proactive Health/Ongoing Care
- The patient’s care is managed via patient visits and patient-physician engagement in an effort to make it possible for the patient to manage his or her care.
It’s important to realize that patient engagement doesn’t begin and end with a simple encounter. Instead, the journey should evolve and improve over time. You can be part of that evolution with the support of our data management solutions.
We Are Here to Help
The team at Emanate Life Sciences has years of experience in the sector, and we understand what it takes to achieve success. We do what we do because we want to help you find success in your mission, whatever that may be. There are many different ingredients that factor into success in the life sciences, including your ideas, management, equipment, team, funding, and more. Getting the right combination of all the ingredients is easier when you have experienced experts on your side. We are excited to be those exact experts.
We’ll Build Your Team
One of the ways we set ourselves apart from data management platform companies is our ability to find excellent teammates for you. We know that work quality is determined largely by the people who do it, and you need a team you can trust. Let us use our extensive connections and dedication to excellence to make sure you have a world-class team. Whether you need permanent team members or contract contributors, we can help in the Bay Area and beyond.
We’ll Make Your Data Work for You
Our comprehensive understanding of the research process and what it takes to make an idea a reality means we’re uniquely equipped to take your operation to the next level. Our data management FSP, clinical trial imaging, and end-point adjudication are a package of unmatched tools that will not only fulfill your needs but ensure that you have what you need to make your vision come true. We are determined to be more than just a source of products or insights, we want to be your allies. When you choose Emanate, you get access to all of our expertise as well as our passionate dedication to your success. Whether you’re ready to get started fully or you have some basic questions, we are here to help. Contact us in the Bay Area today!