McKinsey January 10, 2025
CEOs in pharma, biotech, and medtech are increasingly building patient-centric businesses but are struggling to do so. Avoiding five common roadblocks can help leaders build successful businesses.
Life science companies have traditionally kept patients and consumers at arm’s length. Pharmaceutical, biotech, and medtech companies have viewed providers and payers, not patients, as their key customers and have rarely interacted with them as end customers. This approach has had to evolve in recent years. Consumers are now accustomed to apps and smartwatches that provide a 360-degree view of their well-being, and they engage with direct-to-consumer brands such as Apple Health, Hims & Hers, and Noom to manage their own health.
In response, life science companies have rapidly launched new ventures and...
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