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Health Market 2.0: West Coast Leadership, Global Impact

Partner, Health & Life Sciences, Oliver Wyman

Last week in San Francisco, Oliver Wyman hosted the 14th Oliver Wyman Health Innovation Center session:Health Market 2.0 – West Coast Leadership, Global Impact. The session brought together West Coast leaders to explore how to speed the diffusion of innovation in healthcare. Oliver Wyman’s San Francisco-based Tom Robinson and Steven Cupps offer key takeaways from the event:

Some 40 leaders from 32 organizations created a cross-industry community that represented employers, insurance, health systems, provider groups, venture capital, retail, health technology, diagnostics, and life sciences. During the session, we discussed the trends fueling the patient-to-consumer revolution, while also exploring the transition through the lens of three emerging markets. We identified these opportunities (see slide above):

  • The New Transparent Market
    New channels are transforming how consumers select and purchase their healthcare products and services.
  • The New Front Door to Health
    The convergence of smart care teams, direct-primary care, navigation services, retailers, mobile apps, and telehealth are breaking the traditional office-centric access model and replacing it with a consumer-led anytime, anywhere model.
  • Personalized and Preventative Health
    The rising prevalence of genomic testing, rapid diagnostics, and big-data algorithms is shifting treatment paradigms towards consumer-directed preventative care.

Some of the major themes that came to light:

  • In a consumer-led market, no one wins until the consumer wins.
  • There is no one future model; the market will continue to support multiple offerings that can be mixed and matched by consumers…
  • … but we need to avoid “death by point-solutions.”
  • Effective engagement is critical for success and difficult to establish. Yet innovative firms are findings new ways to build deeper relationships with consumers and “nudge” them towards better health.
  • Partnerships between innovators and incumbents can create value on a massive scale; however, effective collaborations requires “speaking each other’s language” and crafting relationships that align with all parties’ business models.

We’ll be sharing more of these and other findings of the West Coast OWHIC session in future posts. OWHIC next convenes in Chicago October 12-14 for the second annual Oliver Wyman Health Innovation Summit: Navigating the Path to Health Market 2.0. The Summit will bring together more than 500 senior leaders – both incumbent and new players – across a dozen sectors committed to innovation and transformation. While Health Market 2.0 represents the single biggest shift in value in our lifetimes, today’s leaders must navigate the path to get there. This year’s gathering specifically addresses this challenge with a focus on truly disruptive innovation; lessons learned both in failure and success; and the leadership imperative.

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