The revolution in healthcare induced by the fast advancing field of personalised medicine influences dramatically the existing business models of pharmaceutical companies and other healthcare industries. The aim of personalised healthcare comprises not only targeted individualised treatment, but also focuses increasingly on effective and efficient prevention strategies. Diagnostics is one of the fields that expand tremendously due to the new function of medical care in the citizen’s life. The healthcare industry must develop now new concepts providing a flexible and sustainable approach to address the new demands of the global market.
Another emerging trend in the healthcare sector is “frugal” or “reverse innovation”.
High-tech healthcare is often costly and cannot be transferred easily to less favoured countries or applied in rural areas. However, poor countries with their only very limited resources can also be drivers for innovation. “Frugal” innovation” is a strategy where innovation is driven by the local or regional demands and according to the availability of the resources. To prepare Europe for the challenges in healthcare and open the ERA for innovative approaches we will discuss this area with experts from countries representing emerging markets.