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Saul Marquez:
Hey everybody! Saul Marquez with the Outcomes Rocket, and welcome back to The Future of Health series that we’re doing with Deloitte. And we just are having such incredible conversations around the future of health, and are you preparing based off of the things that you are learning? I hope you are because today we have another extraordinary guest, and his name is Simon Gisby. The name is familiar because he’s been on the podcast, but let me tell you a little bit about him. He’s a senior corporate strategy and M&A professional with over 20 years of experience serving the life sciences and healthcare industries, as well as founding and leading the life sciences and healthcare practice at Deloitte Corporate Finance, he leads The Future of Health for Deloitte Risk and Financial Advisory and co-leads the Healthcare Strategy and Growth Practice. Mr. Gisby has advised on numerous strategy affiliations, partnerships, and M&A engagements, and he’s currently focusing on facilitating partnerships across the entire life science and healthcare ecosystem. When I first interviewed him, I thought he was a doctor, but he says the only plays one on TV. So, Simon, it’s a pleasure to have you back on the podcast.
Simon Gisby:
Saul, it’s great to be here. Thanks for inviting me back, and as always, looking forward to the conversation.
Saul Marquez:
Likewise, so today, we’re going to be covering a very important topic, and that’s business archetypes. Tomorrow’s market leaders will play in one or more of ten key archetypes, and Simon, you set the foundation for this, but I’d love to hear more about this concept from you.
Simon Gisby:
I appreciate it. So as we develop The Future of Health and we start to think about how our clients were going to adapt to this new business environment, this consumer-centric focus on healthcare, we identified ten business archetypes, and in its most simplest form, it breaks down the industry into data and platforms, aggregating data, being a convener of data, then driving science and insights from that data, right? The data analytics. What is the data telling us? That’s a whole conversation around artificial intelligence and machine learning. And then, obviously, that data has got to be wrapped around an infrastructure, right? How do we disseminate the data and make it readily available for us as consumers, for employers, for insurers, and, most importantly, for the clinicians and the physicians who are providing the care? So we’ve got the data and platform. Then we’re changing the business model. As you think about it, we talked to the conversation about going from sick-care to healthcare to well-care. We need to focus on well-being and care, the explosion of virtual health, meeting the consumer on their time and in their location, the localized health hub, the hospital at home, retail clinics, making healthcare more accessible to all of us in a really hyper-localized environment. Product developers just having a product or a drug, is not going to be the focus; it’s how we use the product. Do we take the drug? That’s going to matter going forward. So we got to think of ourselves as developers, product developers, to engage with the consumer to use the products that are being manufactured to allow us to maintain our health, and then finally, that specialty care operator, hyper-focused centers of excellence that really can drive improved outcomes at a lower cost. And the last part of the archetypes are on care enablement. There’s got to be an infrastructure change to make the businesses run on time the connectors, the intermediaries, the supply chain, the fulfillment, the ability to get drugs at home, medications at home, testing at home, right? And in a healthy challenge to how we pay for all this, can we migrate to unique insurance policies that cover care that I need that others may not? So that’s a big overview of the sort of business archetypes, data and platform, well-being and care, and then care enablement.
Saul Marquez:
That’s a fantastic framework, Simon, and I really love how it flows. It’s really easy to understand and captures a lot of what’s necessary to have the success that businesses want to have in healthcare. This picture on The Future of Health is big, and it’s inspiring, actually, to me. How does The Future of Health impact incumbent stakeholders, new entrants, employers, and consumers? There’s a lot of people playing in this space.
Simon Gisby:
Yeah, a huge amount of people playing this space and overlay that healthcare is a highly regulated industry, right? So it’s not as if we can completely throw out the existing framework, but we definitely need to modify it, right? So incumbent stakeholders, let’s break down how we can get the incumbent stakeholders to really engage with us as consumers, right? Stop thinking about us as patients, start thinking about us as consumers. Because if we can do that engagement, then we’ve got the whole opportunity of nudging our care, impacting our care, getting health of certain conditions. Again, that foundational migration from sick-care, I engage in a healthcare system where I’m sick today. How does the healthcare system engage with me when I’m well to prevent becoming sick? Sick-care to health care to well-care. So I would say, look, incumbent stakeholders, be proactive, use data, use consumer engagement tools to engage with us as consumers so you can help us manage our own care. The new entrants coming in, a lot of new entrants coming in, a lot of them are going to truly transform healthcare. Some of them don’t appreciate the complexities and the regulations that go along with healthcare, but those new entrants partner with incumbents. Don’t push incumbents out the way. Partner with incumbents, educate incumbents, bring fresh capital, bring fresh ideas, bring fresh talent, and then engage with employers and consumers. What do we want? We want to be able to access healthcare when we need it on our terms. We want pricing to be transparent. We want to have the knowledge to understand how to help ourselves, right? Engage with us. Don’t tell us, educate us. And then I think you’ll find an empowered consumer is willing to become part of this transformation, right? Because at the end of the day, that’s what we’re driving for. We all want better healthcare, and we want it to have a relative pricing that is cheaper. It’s got to be everyone working together.
Saul Marquez:
Totally agree, Simon, and honestly, like just thinking about this well-care and a hospital or a provider engaging with us when we’re healthy, you know, it’s sort of like, whoa, what are you going to get? What are they going to offer you? How can they help? These are the questions that I think we need to be asking ourselves, and the answers might be surprising, or they might be common sense, a really great to think about the big picture here. What do classic players, industry, native disruptors, and established players entering the health space prioritize in The Future of Health?
Simon Gisby:
It’s a great question, right? So if I’m thinking about getting into the healthcare industry or thinking about how I can possibly impact the healthcare industry, and look, healthcare is 70 to 80% of GDP, right? It’s one of the biggest expenditures. It’s also something that we can happily say is going to impact all of us during the course of our lives. Well, we all need healthcare. We’ll all engage in the healthcare industry. We’ll all engage with physicians and clinicians. We know this. What can they prioritize? Again, coming back to some foundational building blocks. Prioritizing outcomes, standardizing outcomes, addressing issues of the disparity of outcomes that we know exist, the pandemic exposed that, right? Prioritizing convenience. The statistics that show people go to the doc and get a script but don’t fill it because they don’t have enough time. They allocated time out of their busy day to go to the doc, but also not the time to also go to the pharmacy. How can we just help that cycle, right? How can we help the cycle that says, Hey, your script comes up for renewal, I’ll make it easier for refills, and so on and so forth? So really think about it, as how can I make it easier for the consumer? It’s a simple question, it’s devilishly difficult to pull off, but that’s the prioritization. Think about every other part of our lives. We become incredibly consumer-centric. Retail, travel and hospitality, financial services, entertainment, they’re all relentlessly focused about empowering the consumer. Let’s do that. I’m confident we’ll just change the paradigm where everybody is focusing on health. Prioritization has got to be around education, getting everyone involved in the diagnosis, managing their own health, the relentless consumer engagement, and we’ll talk about later on. But really thinking about that circular effect of information flow, what we call network effects, would be super important.
Saul Marquez:
That’s a great North Star for really the focus area where people should prioritize. And as people look to think about The Future of Health in their own businesses, their own organizations, how does Future of Health impact incumbent stakeholders, new entrants, employers, and consumers?
Simon Gisby:
Incumbent stakeholders, right? It’s super easy for people like myself to talk about the future and challenge incumbent stakeholders to quote-unquote, self-disrupt, but let’s be candid, it’s devilishly difficult to do that. There’s a lot of infrastructure, there’s a lot of regulations, there’s a lot of culture, there’s a defined way of doing business. And to run around and say, you should throw all that out and start all over again is impractical. But it doesn’t mean that we shouldn’t think about what we can do on the margin to start this journey to The Future of Health. So follow-ups, treat people because they’re sick but engage with them constantly to keep them well, that’s a consumer engagement platform. Can you do that by yourself? Why bother? There are other organizations, these new entrants, that do consumer engagement really well, everyday part of our lives. We are engaged as consumers, whether it’s retail or streaming services, leverage their expertise, don’t try and build it by yourself. But if you have that engagement, you’re driving towards health and wellness, right? Think about, can we try and keep engaged with people in different locations? Sure, we can, at home, and clinics, at the employer. How do we do that? There’s the clinical expertise for the engagement, but do you need to home, own the home environment? No. Let someone else do that, engage with them, and partner with them. We get whatever we want delivered to our doorstep. Why don’t we get healthcare delivered to our doorstep? It’s complex, but there are other organizations that do that really well. So that’s, I think, where it becomes interesting is incumbent stakeholders keep doing what you’re doing because you do it really well, but think about others and what they do really well and how can you partner together to meet the demand, to engage.
Saul Marquez:
Yeah, I love that, Simon, and you think of it, and it almost seems like common sense, but it’s not because you get so ingrained in, Hey, I got to own this territory, right? I got to own this journey. And the truth is, if you open up, you’re able to grow and do a much better job. The example I think about, and maybe you have a better one, Simon, but I think of Elon Musk, right? When he literally opened up the all of his patents for the electric car. It was just eye-opening when he did that, but just being open and letting others build the market with you creates a more viable infrastructure. And you use the word network, right? You’re creating a broader network of capabilities.
Simon Gisby:
I’m glad you pointed that out, because if you open up, then you get more responses, more data, more feedback, more insights, and it just grows exponentially, right? The healthcare system is good, but I engage in it based upon the unique physician I go to. Honestly, I choose either based on location, referral from a family or friends, they’re part of my insurance network, but honestly I don’t know whether that doc has access to all the right information. They do because they have access to a lot of it because they will trade, but imagine if we could open up, even crowdsource to a certain extent, all the information that’s out there, it’d be transformative. We’d all get access to the best care. So creating those open platforms, right? The Future of Health is based upon interoperable data sets on open and secure platforms. Interoperable datasets, open and secure platforms. Open up the data platforms, allow everyone to get access to the best insights. I thought your example was just fantastic, right? Do I need to own it all? No. I need to own the consumer experience, but I don’t need to own every single part of that journey. But I need to own the fact that consumer wants to come to me for their health, sick, and well-care needs. My colleague Boris is going to talk about this in the next episode. I’m going to create a platform where they come to me, and on that platform, I will find data and insights. I will find specialty care operators and local health hubs, and virtual health. And on that platform, I’ll find the care enablers and the product developers. If I own the platform, if I influence the platform, and the consumers come to my platform, I will aggregate all those different needs and capabilities, but I don’t need to own them. And for anyone who thinks this is a little bit unique, just think about what happened in the retail industry, or the hospitality industry, or the transportation industry. The biggest players in those industries don’t own shops, retail locations; the biggest players in hospitality, don’t own the hotels; the biggest players in transportation, don’t own the cars, but they own the platform. That is a super exciting opportunity. It takes a lot of people to play together. But I know, that’s the cost, that’s the ecosystem we’re building, that’s the platform we’re building. Let’s get away from being constrained in silos where I’ve got to own everything but recognize what you do really well, recognize what others do really well, and figure out a way to engage together.
Saul Marquez:
And thank you for highlighting our next episode in the series, Simon, on ecosystems and platforms. I do have one more question for you, but just prefacing here. Business archetypes, a must to think about: data and platform, well-being and care, care enablement. You got to own the entire chain from sick to health to well-care. Just so well done. And then the concept of ecosystems and platforms comes up, which we’re going to have Boris Kheyn-Kheyfets talk to us about, so definitely stay tuned on that, and make sure that you listen to that next episode. But before we go there, I’d love to ask you one final question, Simon. As leaders think about what they’re going to do, what should they do as the industry is on the cusp of transformation?
Simon Gisby:
Be honest about what you really do well, and feel comfortable partnering and engaging with others to benefit and leverage what they do really well. And let’s get out of this mindset that I need to own and control everything. I think that’s going to be the challenge. It’s a little narrow, a little parochial, and it doesn’t allow any organization to really leverage its expertise, really hone in on what it does well, because it doesn’t allow you to benefit from the expertise, the talents, the insights of other organizations. And if, generally, if we can bring that partnership mindset, that collaborative mindset into the healthcare industry, I, for one, believe that we will improve outcomes, we’ll lower cost, we’ll make it more accessible, we’ll nudge, educate, encourage people to manage as best they can, their own health, which at the end of the day will allow all of us to lead healthier lives and really accelerate that journey from a reactive sick-care system, where we are today, to a proactive well-care system where we’re going to be in the future.
Saul Marquez:
Well said, Simon, and that’s The Future of Health that I want to live in. That’s The Future of Health that I want my son and wife to live in. I love the picture of hope and also a very inspiring one that you left us with, Simon, so can’t thank you enough for sharing your thoughts here today, and definitely looking forward to staying in touch with you.
Simon Gisby:
Saul, I appreciate it. Fantastic, as always, to talk to you. Hope we do it again soon.
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