Insights on digital health’s role in Oncology ft. Pfizer, Advocate Health, Verily, OncoHealth, and more.
Every Quarter we host an Expert Roundtable Series. In Q4 2023, we hosted eight executives across some of the largest players in Oncology. Companies included Pfizer, Advocate Health, RA Capital, Verily, OncoHealth, American Cancer Society â BrightEdge, Jasper Health, and VivorCare [Link to full video here].
So what did we learn from the discussion?
Let’s recap:
We hosted a fireside chat with the Global President of Oncology at Pfizer, Suneet Varma, as well as a discussion with current and former Chief Innovation Officer and Chief Medical Officers of Advocate Health and Point32Health, Rasu Shrestha MD MBA and Michael Sherman MD.
CEOs and executives with deep domain experience sat down with us to discuss how they are thinking about innovation, and how each of these stakeholders are partnering with large payer/provider/pharma organizations to deliver innovative oncology solutions. Other panelists included Rick Dean (OncoHealth), Adam Pellegrini (Jasper), Hil Moss (VivorCare), Melisa Tucker (Verily, Flatiron Health), and Alice Pomponio (ACS – BrightEdge). Below are some of the key highlights from our discussion:
Biopharma / Life Sciences
Plans / Providers
Startups
Technology, AI, and Other Insights
So what does this mean for innovation?
Itâs evident that Oncology is experiencing a transformative phase that is focused on rapid speed-to-market for new therapeutics, and an emphasis on the shift towards value-based care. This has significant implications for pharmaceutical companies. That said, health plans, providers, and entrepreneurs have a vital role to play in the distribution of services.
For large pharmaceutical companies like Pfizer, there’s a clear shift towards embracing more external innovation and partnerships. This is not limited to novel drug development, like complex biologics and CAR-T therapies, but extends to how clinical trials are conducted and even how patient care is delivered. The trend towards remote accessibility in clinical trials and the FDA’s favorability towards oncology treatments indicates a more agile and patient-centric approach in drug development and approval processes. As evidenced in Suneet’s breaking announcement of the approval to acquire Seagen that very morning, we also expect to see more reports that highlight partnership and external innovation happening in pharma, particularly oncology. Other large players that have publicly announced large digital health strategies include AstraZeneca’s Evinova platform, a unit that will operate as a separate business within AstraZeneca to oversee digital health solutions as a market primed for growth.
An interesting report from Allis highlights over 300+ partnerships have been formed in the market for digital oncology solutions since 2014, emphasizing Artificial Intelligence (60%) and Real-world data/Real-world evidence (20%) as the two largest areas of investment. Remote patient monitoring (10%), and Digital therapeutics (10%) were also included, albeit less overall investment.
For healthcare providers and plans, the focus is intensifying on not just the clinical efficacy of treatments, but also on their economic viability and impact on patient quality of life. This requires a multi-faceted approach that includes disease management, utilization management, and a more robust integration of AI and digital health tools into workflows. The challenges of measuring value in oncology care go beyond traditional metrics, calling for a more nuanced understanding of patient outcomes and experiences.
For entrepreneurs, the opportunity lies in developing solutions that address the immediate and long-term needs of both providers and payers. Solutions that offer cost containment, clinical enablement, and improved patient engagement, especially in the first year, are particularly valuable as payers continue to focus intently on ROI. Additionally, there’s a growing need for technologies that can bridge the gap between payers and employers, offering direct benefits to patient care while addressing the financial concerns of both parties.
As part of a follow-up from our discussion, Jasper’s CEO, Adam Pellegrini, shared insights from the company’s thesis, which builds upon a study published by the Harvard Business Review from the Memorial Sloan Kettering (MSK) Cancer Center. Jasper is now actively partnering with MSK to develop this next-generation concept, aiming to deploy it more broadly across employers and healthcare systems (learn more about employer trends here and download their patient savings report here).
For biopharma, the opportunity to enhance patient access to care and leverage data more effectively remains a priority. Digital health companies are uniquely positioned to address unmet needs in oncology by tapping into real-world patient data. This data has been untapped due to its existence in fragmented and siloed systems such as EHRs. Alice and Melisa both placed emphasis on accessing and utilizing data from routine care settings, where the majority of patients are treated, which can open up new avenues for understanding and treating cancer more effectively.
Furthermore, the discussion also touched on the potential of Generative AI in transforming oncology, with applications ranging from automating back-end processes like medical coding to enhancing patient engagement. The key lies in identifying the use cases where AI can deliver substantial ROI, but it must be able to demonstrate minimal risk of patient harm. The American Cancer Society’s involvement in grant funding for AI projects, especially in survivorship and precision oncology, underscores a growing interest for AI’s role in improving cancer care and helping oncologists practice at the top of their license. Additionally, BrightEdge recently launched their BrightEdge Entrepreneurs (BEE) program, which supports the translation of therapeutic, diagnostic, medical device, and digital health innovations from research institutions into the market (read more about BrightEdge and their annual report here).
In selling to the pharmaceutical industry, folks have seen a noticeable shift towards pharma demanding quicker ROI and a focus on resolving immediate challenges, rather than making long-term strategic bets. This environment will require startups to demonstrate clear, immediate value in their solutions, emphasizing outcomes over outputs.
In essence, the integration of digital health and AI in oncology is not just about technological advancement, it’s about reshaping the landscape of cancer care to include siloed data, drive efficiency, and create a more patient-centric environment.
Opportunities
The oncology landscape is becoming increasingly collaborative, with a greater emphasis on integrating innovative treatments, digital health solutions, and value-based care models. There is a clear opportunity for new companies that can navigate the complex interplays of clinical efficacy, cost-effectiveness, and patient-centered care. From the perspective of AI integrating into workflows, the readiness for the “holy grail” of clinical decision support and treatment decision-making through AI remains uncertain. However, there are a few areas that AI could begin to disrupt these existing processes. Specifically, coding and back-end automation, patient engagement and navigation, rationalizing design in clinical trials, drug development and product develop workflows, and the inclusion/introduction of siloed data and analytics into processes.
Building in the Oncology space / Interested in learning more?
Please reach out to Jon@www.flarecapital.com
