In the last few years, pharma has been very loud about the ways it is going to implement digital in all its processes. But the “digital era in pharma” doesn’t seem to be here yet…
Healthcare has remained strangely unaffected by the digital revolution for quite some time. The industry did not seem ready to change its business model and adopt new ways of working. Conservative cultures that base their decisions on perceived risks kept the industry back, not letting it move beyond its core. A general fear of “standing out” is evident.
However, a big shift was noticed due to the coronavirus pandemic. Covid-19 put high pressure on pharma companies, urging them to innovate, to form useful collaborations, and to accelerate their drug production processes. In a few words, pressure to perform better and faster. And it does not come as a surprise that technology was proven the main ally of the pharma industry in this race against time.
Now, in view of the new reality that has been created by the coronavirus pandemic, Pharma should carefully consider how digital and data analytics tools are going to be deployed in every area of its business, and implement Digital the right way:
- A successful digital transformation should start with the people. A change in management that focuses on preparing the company for the forthcoming change, while transforming the company’s potential to achieve its new goals in the most efficient manner. This process, involving all levels of the organization, requires finding the budget for new hires, going through the hiring process and creating a whole new team with a Digital focus
- Pharma companies need to understand their current level of digital acceleration and where, specifically, they need to improve to meet their strategic goals. They should identify clearly the areas they are lacking in power, and the gaps they need to fill. Then they should seek the right balance between their current approach- keeping or transforming what works for them so far- and their digital goals
- Companies should invest in re-designing their R&D processes and embedding digital technology into their products. This effort will most likely bear fruit if the digital initiatives are embedded into the entire process and not just as an afterthought. Here, the view of an experienced Chief Digital Officer would be critical
- Finding participants for clinical trials is a very important area that requires a significant amount of time and effort by Pharma. The implementation of Digital in this process will save the pharma companies valuable time and money, reducing the time that a drug reaches the market by 2-3 years approximately
- Selecting the right partner for Pharma’s Digital journey is another key parameter for success. There are no boundaries in the Digital collaborations that could be formed. All the company’s teams should be aligned and have open communication about their partnering activities. They should also take into consideration that the Digital space is a completely new area for them, involving new codes and new ways of working
- The regulatory framework has not always kept up with the pace of innovation. Pharma needs to work hard in order to find a common path with regulators when it comes to Digital. An element of increased creativity is necessary here for a successful collaboration
As it is evident, going from selling drugs to selling digital solutions is a process that will likely require a lot of steps back and a fundamental shift in the mindset and the culture of the industry. It will not be an easy effort, however, it is a necessary one, with a massive impact on patients.
#digitaltransformation #digitalera #digitalsolutions #pharmaindustry
Sources
https://digitalmarketinginstitute.com/blog/6-ways-digital-is-transforming-pharma-and-healthcare
https://arithmostech.com/digital-transformation-pharma-challenges-enablers/