Pharma and preventive medicine: Future or failure?
At the VoiceAmerica radio talk show "Coffee Break with Game Changers," participants discussed how 'prevention is better than cure' and how Life Science companies are making a paradigm shift as they leverage genomics and personalized medicine to make this a reality.
Participants who took part in this engaging and insightful episode were:
- Subhro Mallik, Vice President and Head, Life Sciences at Infosys
- Joe Miles, Global Vice President, Life Sciences, SAP
- Ralph Marcello, Principal, Life Sciences, Deloitte
- Dr. Paul Tunnah, Founder, Pharmaphorum Media
In the discussion, Subhro observed that employers are currently keen to reduce costs of care to employees. As the 'pay for outcomes' paradigm becomes increasingly recognized, people who eat healthy, and adopt healthy lifestyles, access attractive incentives for doing so. Payers are still grappling on how to do this real-time. He further goes on to explain that genomics is rapidly developing and the Life Sciences industry needs to make preventive medicine their core competency.
Subhro also enlightens why Life Sciences is moving towards techniques that facilitate early detection – as this enables them to locate diseases that people are susceptible to. Preventive medicine and preventive measures will ensure that diseases are addressed in the early stages and this in turn reduces the cost of healthcare. He says - this is the key reason why many pharma companies are investing heavily on vaccines, and preventive medicine is going to be the area where the pharma industry is going to capitalize in the future.