Banking & Pharma…how BIG DATA is linking these industry giants.
'Simply having a strategy is not enough, the power and value of strategy comes from its implementation, even when the strategy is grounded in non-absolute terms or general directions’.
In the first of a series of strategy articles, we’ll investigate how two industry giants, ‘Banking’ and ‘Big Pharma’, faced with similar regulation challenges, could offer shared growth prospects in the domain of BIGDATA.
Within the Life Sciences industry, Biotech/Pharmaceutical firms are witnessing significant levels of change, analogous with that of an ‘industrial revolution’.
The global banking industry is also faced with rebuilding the reputational and fiscal challenges of the past and moving forward.
Let’s also add an example of regulation that is industry agnostic – ‘General Data Protection Regulation (GDPR)’, a new law which comes into effect on 25 May 2018, replacing the existing data protection framework under the EU Data Protection Directive.
Both industries, Banking and Big Pharma must respond to this new regulation and demonstrate their compliance however compliance is not a synonym with strategy (or innovation for that matter).
However it is at this point that the thought process underpinning this mind-set, the culture of a company must change.
Whilst industry leaders are dealing with their respective strategies using well defined strategic tools, there appears to be a missing link. What if we could say with certainty that the advent of new regulation would actually foster innovation?
That with the advent of GDPR, companies willing to embrace data performance could bridge the gap between industries and create new market opportunities.
It is already highly likely that more personal DATA is collected than you realise, for example Banks can capture category specific information, with consent on;
Biometric data – Fingerprints, Facial and voice recognition, for identification purposes.
Health data - when providing products and services or to support you in times of financial difficulty or bereavement.
Drug healthcare can also be measured not just in terms of drug efficacy but also fiscal efficiency. Data measurement can be applied to the level of health improvement by Quality Adjusted Life Years ‘QALY’ and the ‘cost per QALY’ or ICER.
From an ethics viewpoint, the concept of Banking & Big Pharma merging DATA on the world population gives new meaning to the term ‘financial health’.
Ethics quickly come into question particularly when compared with societal drives such as the Health Impact Fund. Data privacy is also large concern factor and recent headlines on Facebook certainly generate consternation.
Market opportunities will exist. However, market changing opportunities, those that exhibit true disruption, will only exist for the company that is prepared to take action and implement.
This will require a new type of leadership, adaptive leaders who are outward looking and agents of change.
Leaders that bring a culture of innovation to a company by leading by example, leaders who are committed, purposeful, intentional and industry innovative, those that may not be bound by stereotypical boundaries of discipline.