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Pharmaceutical Industry Rapidly Expanding Partnerships With New Entrants in Health Care Space, Ernst & Young Finds
Date:2/14/2011

the activity in Pharma 3.0 will occur in communities such as social media, online networks, and patient and disease groups. These communities have their own rules of engagement — requiring openness, unbiased information, and a foundation of trust. Engaging with stakeholders in these Pharma 3.0 communities in ways that are transparent, unbiased and demonstrative of their intent to improve outcomes will go a long way toward helping rebuild trust.

"Success in Pharma 3.0 will require diverse capabilities — from the ability to mine insights from vast pools of dissimilar health data, to rural distribution networks in emerging markets and wireless communication platforms," says Patrick Flochel, EMEIA Life Sciences Leader at Ernst & Young. "No single company has everything that it will take. And in today's resource-strapped business climate, companies will benefit by leveraging investments that other companies have already made, rather than reinventing every wheel.  'Not invented here' was once an admission of inadequacy in this industry. In Pharma 3.0, it will be a source of pride. Collaboration — radical collaboration, and lots of it — is the future."

About Ernst & Young's Global Life Sciences Center

Ernst & Young's Global Life Sciences Center brings together a worldwide team of professionals to help life sciences companies address their challenges at every stage of development. From the emerging biotech or medtech firm to the well-established, global pharmaceutical company, our industry teams bring deep experience in providing assurance, tax, transaction and advisory services. The Center works to anticipate market trends, identify implications and develop points of view on relevant industry issues. Whether it's forming innovative alliances, improving operations, new regulations or exploring new markets, we can give you a clear perspective on how to drive value in an increasingly comple
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