Pharmaceutical companies have a lot of opportunities when it comes to healthcare. This is especially pivotal in the digital world. Digital technology keeps moving forward at a faster pace and the pharmaceutical industry is working hard to keep up with all the changes. Innovations like cloud technology, mobile communications, analytics are transforming the industry in ways similar to media, banking, and retail.
But, what does it exactly look like in for this industry?
- Outcome-based care has moved into the spotlight
Many industries and governments have put a significant focus on cost management and still show an improve patient outcome. Pharmaceuticals are being made to demonstrate the value of their products in a real-world scenario and not just rely on controlled trials like in the past, especially if they want to retain their share of market access and keep the premium pricing they enjoy. Their solutions can analyze data they have collected to monitor the condition of their patients with the service of their healthcare provider. These solutions must be adhered to when it comes to the treatment and outcomes that governments and payors expect and the data then demonstrates the superiority of their drug.
- Increase in patient engagement
Due to today’s technology, patients are less dependent on a doctor’s advice and have become enables to take greater control of their health. The vast information available through online sources and apps has empowered many patients. In fact, more than 85 percent of patients have become confident in taking responsibility for their health and use online resources effectively to help them do so. All this information has made patients more critical of different healthcare services and products since they bear the burden of the costs. Having the ability to engage patients while they evaluate these services and products is a crucial factor in a pharmaceutical’s success.
- New competition is entering the market
The healthcare industry no longer has control of a patient’s history or clinical pathways. What was once a paper-based time of the past, and a patient’s data was kept confined within the walls of a pharmaceutical company has moved into the digital world. Big tech companies like Apple, IBM, and others have entered the market. These companies have shown widespread engagement through apps, fitness and health devices, and even online communities. Each collects valuable data from these areas along with medical records, and even insurance claims as a way to capture useful insights. Because of this, the pharmaceutical industry must find a way to position themselves for competition and collaboration as these new players enter the field.
- More information is freely available about the performance of a product
In the past, pharmaceutical companies held this knowledge about their products. With new digital tech available, pharmaceuticals have seen their control weaken as unique and independent information has opened up in numerous channels. Online communities have opened to discuss a patient’s experience, and apps help monitor therapy on a patient’s life daily. Analysis and data aggregation work with complex sets of data to generate new insights into the safety of drugs and their efficacy. Due to this, pharmaceutical companies must anticipate and react quickly to this new information if they want to remain the authoritative resource on their products.
- Digital technology has improved process efficiency and agility dramatically
For many pharmaceuticals, thriving in the digital world will mean deploying next-generation technology to keep their business streamline and relevant within the industry. They will also need to achieve almost a real-time transparency of their trials to meet the expectations of their employees, customers, suppliers, and patients.
- Personalized care on a 24/7 basis
Personalizing transactions is the driving key from digital tech in any industry. For pharmaceutical companies, this is realized in the use of digital services and sensors that provide care that is tailored to the patient around the clock. This might mean installing and implementing advanced chatbots, automated calls-centers and other pieces of Customer experience software.
- Provide better engagement between patients and their physicians
These new technologies have opened up new doors in the marketing landscape when it comes to exchanging information and even recruiting people for trials. Pharmaceutical reps, patient-service teams, medical-science advisors can inform and also influence patients, doctors, and even caregivers through many different channels.
- Advanced analytics are used to increase the flow and commercial value of the data-driven insight
Pharmaceutical companies have a large amount of information. Today, many are using this data to improve their strategies, products, and even commercial value. This presents many with the opportunity to use both internal and external data sources to drive more results.
- Real-time responses, and automated processed to improve their company interactions, improve costs, and their market agility
The new generation of business intelligence along with cloud and mobile technology, have brought with them a new set of business processes. These are more streamlined and automated that show real-time transparency on things like progress, costs, and even overall value of the business. This will give pharmaceuticals better workflows and increased transparency along with clinical-trial management whether its recruitment or submission that will see more automation.
As the pharmaceutical industry starts to build more digital capabilities, its resources and talent can remain fragmented. They need clear, direct, and strong sponsorship to secure the funding and even human resources required to capture the value. Critical issues like talent and partnerships are essential to overcome legacy IT issues, digital capabilities, and specialty skills. Many are left unable to extract the value from these partnerships. To lead the way in today’s digital revolution, pharmaceuticals must develop a strategic plan to overcome these obstacles and secure the value from the digital revolution.