"The business model that has powered the pharma industry over the last few decades is showing signs of fatigue - costs are skyrocketing, breakthrough innovation is ebbing, competition is intense and sales growth is flattening," comments Chris Stirling, global head of KPMG's life sciences practice.
Not only will this lead to new revenue streams, satisfying the demands of corporate shareholders, it will help create better understanding of medical conditions, allowing the development of more innovative, patient-centred treatments, said Mr Stirling
"Ultimately, we need to change our perception of the pharmaceutical 'value chain' to a new 'value ecosystem' which puts the patient and the customer at its centre, with other business services wrapped around their needs.
Some companies have already started to grasp the nettle and are moving in the right direction - for instance, one life sciences company we spoke to is currently working on an innovative approach to diabetes," he
"Although healthcare demands are higher than ever before, we're also in a golden age of discovery," says Mr Stirling
"If the pharmaceutical industry is to capitalise upon this potential, it must innovate to develop new business models and find better ways to collaborate across the healthcare ecosystem - all the while putting the patient at the heart of everything it does," he