Healthcare Industry Point of View for 'Redefining Boundaries: Insights from the Global C-suite Study 2016'
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IBM C-Suite Study Series, conducted by IBM’s Institute for Business Value, provides rich insights into how the various members of the C-suite think. Through exclusive interviews, we seek answers to how C-suite executives see the business landscape changing for various industries, discover key trends and provide unique perspectives on internal and external factors impacting the industry. Through this, learn more about Healthcare Industry Point of View for 'Redefining Boundaries: Insights from the Global C-suite Study 2016'.
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Healthcare Industry Point of View for 'Redefining Boundaries: Insights from the Global C-suite Study 2016'
- 1. 1 REDEFINING BOUNDARIES Insights from the Global C-suite Study Figure 1. Industry convergence is Healthcare CxOs’ top concern Healthcare Industry REDEFINING BOUNDARIES Insights from the Global C-suite Study We surveyed 178 top executives from the Healthcare industry for our latest C-suite Study. So what differentiates them from other CxOs? Convinced about convergence CxOs say industry convergence is the key trend reshaping the business landscape. Healthcare CxOs – and Life Sciences CxOs – are even more convinced that’s the case than their peers in other sectors (see Figure 1). Today, the competition’s often invisible until it’s too late. Global Healthcare Life Sciences Industry convergence 66% 70% 50% 56% 46% 50% 43% 41% 32% 26% 25% 19% 24% 25% The “anywhere” workplace Rising cyber risk Redistribution of consumer purchasing power The sustainability imperative Alternative finance and financing mechanisms The sharing economy 83% 50% 30% 53% 22% 26% 15%
- 2. 2 Global Healthcare Open to change A growing number of Healthcare CxOs are embracing the change by forming ecosystems of insurers, hospitals, physicians and life sciences firms to deliver integrated care. In fact, they lead the way in this respect. We identified a small group of highly successful enterprises in our global sample. Torchbearers, as we call them, possess several distinctive traits, including the fact that they’re more likely to have adopted collaborative business models. Healthcare CxOs are right up there, too (see Figure 2). Figure 2. Healthcare CxOs, like Torchbearers, take a particularly collaborative stance However, Healthcare CxOs are much less attuned to the risk of competition from ‘left field’ than other CxOs (see Figure 3). This seems somewhat surprising, given the plethora of electronics and technology firms and retail pharmacies now targeting the wellness and fitness space. Global Torchbearers Healthcare 4% 27%26% 8% 38% 41% 39% other industries Figure 3. Healthcare CxOs are much less worried about a land grab 29% 54% More competition expected from… within the same industry 40%lessmore Open business models (ecosystem) Platform business models REDEFINING BOUNDARIES | Insights from the Global C-suite Study Healthcare – Industry Point of View
- 3. 3 Healthcare CxOs also seem to be downplaying the significance of technology. It’s still the main game-changer, as far as they’re concerned – and the proliferation of medical devices bears them out. But they don’t accord it the same importance as they did two years ago, when we completed our previous C-suite Study (see Figure 4). A different take on tech That said, Healthcare CxOs aren’t ignoring what technological advances could achieve. They’re deeply interested in the Internet of Things and mobile solutions – both key technologies for enabling digital health (see Figure 5). They’re also exploring the potential of cognitive computing. Figure 5. Healthcare CxOs are focusing on smart and mobile solutions 2015 Healthcare 2013 Healthcare 68% 74% 61% 59% 54% 53% 54% 59% Figure 4. Healthcare CxOs don’t rank technology as highly today 70% 82% Technology factors Regulatory concerns Market factors People skills Socio-economic factors Global Healthcare Cloud computing and services 63% 56% 61% 65% 57% 66% 37% 40% 28% 15% 23% 6% 12% 43% 10% 8% Mobile solutions Internet of Things (IoT) Cognitive computing Advanced manufac- turing technologies New energy sources and solutions Bio- engineering Man-machine hybrids REDEFINING BOUNDARIES | Insights from the Global C-suite Study Healthcare – Industry Point of View
- 4. 4 However, they recognize that new technologies bring new challenges. Their top concern is IT security, as it is for the CxOs in our overall sample. But they also worry far more than other CxOs about regulatory compliance violations (53 percent versus 35 percent). Stringent rules on protecting patients’ electronic health records are probably a factor here. Healthcare CxOs are, likewise, quite wary about taking the lead. Eighty percent of Torchbearers aim to reach the market first, when they’re launching new business models or new offerings. By contrast, only 51 percent of Healthcare CxOs aspire to be pioneers. Of course, caution is important – and safety critical – in an industry where lives are, quite literally, at stake. Yet, in an era of disruptive innovation and intensifying competition, coming late to market with marginally superior offerings isn’t good enough. Any healthcare organization that wants to thrive must dominate the market before its rivals do and demonstrate that it’s the best. REDEFINING BOUNDARIES | Insights from the Global C-suite Study Healthcare – Industry Point of View You can see the various installments of our latest Global C-suite Study at ibm.com/csuitestudy © Copyright IBM Corporation 2016. Produced in the United States of America IBM, the IBM logo, ibm.com and IBM Global Business Services are trademarks of International Business Machines Corp., registered in many jurisdictions worldwide. Other product and service names might be trademarks of IBM or other companies. A current list of IBM trademarks is available on the web at “Copyright and trademark information” at ibm.com/legal/copytrade.shtml. IBM Global Business Services Route 100 Somers, NY 10589 U.S.A. REDEFINING BOUNDARIES | Insights from the Global C-suite Study Healthcare – Industry Point of View