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Collaboration – Sustainable Solution for Big (Pharma & Tech)
According to an EY report, between 2013 and 2017, Alphabet (Google’s parent company) filed 186 health-related patents, Microsoft – 73 and Apple – 54, which is a 38 per cent increase in the number of such patents by these three companies every two years. The report further noted that such a competition poses a new challenge to pharma, and argued that health companies should capitalise on the data they gather to create digital solutions helping patients with their health. Many of the challenges that healthcare industry can be solved with the availability of state-of-the-art digital health solutions. Moving forward it will become imperative for pharma and tech firms to collaborate and this joint collaboration will create a new market that has more than enough potential for both sides.