London – 23 June 2017 – To explore how we can use innovation to solve some of the most pressing problems in healthcare, over 150 economists, inventors, engineers, scientists, business leaders and life sciences commentators assembled at the inaugural PRISM event held at the London School of Economics on Thursday 15 June 2017.
Innovative leaders from diverse backgrounds engaged in an open discussion on disruptive thinking, new technologies, cross-disciplinary/cross-industry approaches, ambition and audacity to breed innovation in healthcare.
The debate focused on some of the fundamental issues in healthcare today: the cost of treating a rapidly growing and ageing population, the increase in chronic disease, and a healthcare system that is focused on sick-care versus wellbeing and no longer fits our society.
“In 2050, 22% of the world population will be over 60 – equating to over 2 billion people” Humberto C. Antunes pointed out. “We need a major mind-set shift as a species – our whole social system/ structure is built around older age groups forming the narrowest part of the pyramid”. There was a consensus from both the speakers and the audience that our current system is not sustainable.
“By providing patients access to their own medical data, and improving healthcare education, we can empower people to take responsibility for their own bodies – pre-empting disease” he said.
The final speaker of the day, David Snowden, a leader in cognitive disruption, was able to testify the potential of such a model through his own experience of managing the reversal of his diabetes. “Enabling patients to constantly assess and self-manage their health by providing them with the tools and, most importantly the information and feedback they need, can result in a more person-centric and action-results-oriented approach to healthcare” said Snowden.
“However currently, the time and investment spent on measurement driven outcomes within healthcare systems like the NHS can be crippling, and might be a major contributor to the current healthcare economic crisis” said health economist Julie Frappier. She continued, “Current measurement standards consume vast resources and management that should be redirected to improving healthcare experiences for patients including quality time with healthcare professionals. This shift is critical as our longer-living population will see an overall rise in chronic diseases.”
“Artificial Intelligence has enormous potential to change the way to do pharma R&D, however we need to make changes in process and business models to realise the maximum benefit” said Jackie Hunter. “Ultimately, AI technology is just a tool and so there is still a role for expert scientists in the process. What is certain is that failure rates of greater than 50% in Phase 2 and Phase 3 trials is not sustainable” she said.
“We need investors and other stakeholders to support our endeavours, so celebrating success and creating an inspiring narrative is key”, said Sue Charles.
To join the PRISM movement and engage in future debates, join the PRISM LinkedIn group.
The PRISM Series London 2017 is a joint venture between One Nucleus, Instinctif Partners and Lenus Group.
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Sue CharlesManaging Partner