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Transformational Growth in New Business Models After COVID-19
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Patients with long-term chronic conditions and rare diseases are looking for safe, novel, and evidence-based digital treatments in their pursuit to reduce dosages and reverse triggers of adverse events. Payers and providers are looking for legitimate alternatives to expensive medication for their patient population. Life sciences (LS) companies are trying to enhance patients’ treatment experiences and find new biomarkers that aid drug discovery in the long run.Digital therapeutics (DTx) companies are working with LS to diversify their pipelines by adding new indications addressing unmet needs. Most digital health technologies have long suffered for not being able to systematically prove clinical efficacy of their solutions via peer-reviewed reports. Thus, they have never secured the unique distinction of being a regulated and “prescription-grade” digital treatment plan that guarantees improved patient outcomes and comprehensive reimbursement at the same time.Convergence of biopharma & healthtech, traditionally two different IT workflows, will play a major role in the shift toward integrated patient management. Patient-centric digital health vendors have strived for a business model that allows physicians to recommend their products, patients to use them for a defined period of time (without fail), caregivers to monitor outcomes 24/7, and payers to reimburse the cost of usage. DTx companies partnering with LS companies provide the best way of getting access to patients for scalability, apart from risk-sharing agreements.DTx solutions are considered as legitimate alternatives to traditional pharmacotherapy. These solutions are comprehensively regulated and they are granted the prescription status by various national or state-level regulatory agencies (FDA, NHS, and CE) based on their reported evidence of improved clinical outcomes for a defined patient population.Globally, the US also remains a key market for growth for two important reasons, which are a higher reimbursement rate (20% to 30% higher than rest of the world) per subscriber per month, and early adoption by payers, providers, and life sciences companies.Payers remain the top end-users in terms of their contribution to the global DTx revenue. They estimate to reimburse 65% to 70% of the US market revenue via various value-based payment plans that patients will be either auto-eligible or subscribed to (due to reference from physicians or formulary decision makers).Life sciences’ contribution to the US DTx market will grow the fastest (at CAGR of 52.6%) amongst all end-users. This is due to DTx’s ability to report real-world evidence at scale, an essential requirement for managing disease progression, identifying new bio markers, and recruiting patients optimally for driving favorable clinical trial outcomes.
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