A recent £260 million investment from the UK Government highlighted the undisputed importance of the pharmaceutical industry in the development of new treatments to help people live longer and healthier lives. With increased pressure from stakeholders, the industry is beginning to see a seismic shift, as it transforms to meet a new set of challenges. Most notably we are seeing more outsourcing to specialists who can support the drug development process, as well as an increased focus on technology to support innovation, with 77% of business leaders viewing digital innovation as a competitive differentiator. With the value of the market forecast to reach £25bn by 2023, our report explores the significant opportunities available for businesses operating within the sector.

Whilst the Covid-19 pandemic provided a host of unique and unprecedented challenges, it highlighted a shifting pattern of behaviour within MedTech. More providers are using tech to shift to a ‘patient-centric’ operating model, with a reported 80% of consumers preferring to use digital channels when communicating with healthcare providers, and a further 56% of professionals
reporting that their satisfaction was improved by engagement in digital healthcare practices. We explore how the speed of adoption lies with businesses who can embrace the latest technology, and innovate products and services to deliver better patient outcomes for all.

Although the concept of Health & Wellbeing has been around for a long time, it is now being viewed through a much broader lens, with reports estimating the value of the market to be more than $1.5 trillion globally. With 79% of consumers believing that wellness is important, and a further 42% considering it a top priority, the market has increased substantially as more consumers have taken health into their own hands. We explore why consumers are the main driver behind this change, how the expansion of the market has led to a digitisation of services, and the growing importance of mental wellbeing.