Cheers to technology innovations, inspiration, and success stories from other industries, the life sciences industry is undergoing digital transformation across clinical and commercial spaces. This transformation has been overdue and critical for accelerated and efficient drug development, better patient care, improved transparency, and cost-effectiveness. The availability of data and cutting-edge technology (cloud, computing prowess, software, AI, and ML) accept accelerated the inquiry and evolution (R&D) process, with repetitive lab piece of work replaced past AI-ML algorithms. Clinical trials are also picking upward pace with the information from previous trials, helping fine-melody nowadays trials.

Advances in analytics technology and the availability and integration of vast amounts of healthcare data have helped automate processes and improve the data quality across clinical evolution efforts. With higher predictability of information and fast-tracked R&D processes, drug development is on an all-fourth dimension loftier, with more than and more drugs introduced to the market place.

Research and discovery grew at 70.5% CAGR between 2016 and 2021, cheers to increased spending on AI.

AI is condign a versatile tool used in drug development stages, such as identifying and validating drug targets, designing new molecules, repurposing old drugs, improving the efficiency of clinical trial conduct, and pharmacovigilance (PV).

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While we do meet an increased apply of technology and digitization in the industry, equally compared to the previous decade, other industries such every bit e-commerce, travel, hospitality, and telecom are far ahead in their digital maturity, making pharma look like a laggard. According to Mckinsey‘due south assessment on digital maturity beyond industriesi, the industry lagged backside others like banking and retail in the Digital Quotient and was beneath the global average in adopting digitization. Data, which is the fuel of digital transformation, is still siloed and applied science investments in the manufacture lag significantly.

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Traditionally, the industry has been conservative and slow to adapt to change due to its bear on on human lives, loftier regulation, and complex controlling structures. Digitization is nowadays, but only in a few processes in the value chain. The levels of digitization are not the aforementioned, and we can detect companies that are leading the game and others that are notwithstanding to develop a robust digital strategy. Due to siloed efforts in digitization and lack of investments, product commercialization has taken a hit, especially for smaller companies than larger firms more then in chief care channels.2

“~40% of products launched over past 15 years have underperformed pre-launch forecasts by > 20%”

The gap in expectation and bodily performance of new production launches cuts across therapeutic areas particularly, cardiovascular, immunology, oncology, etc. While digital transformations are hard to kick-start, organizations find it challenging to sustain the effort and performance levels expected by the digitization investments.

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Picture of Success

Deployment of technology to business and operational processes is the central to having a successful digital strategy. Notwithstanding, before pumping in large investments, it is important to look at the objectives and success factors that pharma companies want to achieve with their transformational journey.

Vision of success

Integrated 360

While HCPs and HCOs (Providers) are considered customers for pharma companies, the way forward is to prefer a patient-axial arroyo, with the patient being the ultimate consumer. The future of a 360
customer integrated ecosystem lies with companies partnering with the 4Ps – Providers, Patients, Payers, and Policymakers to drive meliorate wellness outcomes. Digitization volition exist critical for companies to bring the correct content to the correct profile using the right aqueduct to enable a 360

Accelerated R&D and more product launches

Moderna and other futuristic biotech companies are paving the way for technology-led R&D and clinical development, leading to more product launches. Tech-enablement is helping in early launch planning to overcome adoption barriers and manage performance expectations. With a pregnant number of products going commercial, business operations involving cross-functional teams need streamlining. Phased launches like testing products in local/regional markets before moving to a global landscape may be considered as an splendid approach to learn and replicate.

Hybrid Sales Model

Fifty-fifty with the Covid-19 restrictions easing out, the likeliness of returning to the traditional sales rep-provider interaction model is less. 58% of sales reps feel that their role has been permanently contradistinct3. Although a digital-first arroyo in B2B interactions is the future, Covid-19 has accelerated its presence in the pharma sales model. With a sales rep-driven arroyo not ruled out, sales reps need to be comfortable adopting channels other than face-to-face interactions to drive engagement with providers. By digitizing sales channels with email, chat, calls, webinars, MSL-driven calls, pharma companies can create a true omnichannel feel for customers.

Omnichannel Orchestration

A hybrid sales model alone cannot ensure a successful omnichannel implementation. It requires the sales and marketing teams to come together as one and redesign processes and implement engineering, aided by the correct data to take a telephone call on the right channels and investments. A significant amount of investment is required both in technology platforms and business processes to achieve the goal of a unified omnichannel orchestration. Information technology can meliorate customer experience by influencing the number and adherence to treatment through integrated marketing and promotional efforts.

Building a feedback loop

The success of a transformation tin can simply be truly determined when all the stakeholders and customers are comfortable with the alter. Continuous improvement and work during the transformation journeying tin be through a continuous feedback loop. While commercial outcomes and results are used to change the course of operations, feedback from customers is not sought to the required level. Information technology is extremely critical for companies to enable client engagement and collect feedback which can be incorporated in the transformation journey.

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“Segment of One”

A client and patient-centric approach to marketing is the style frontward in the pharma industry. Implementation of “Segment of I” marketing i.east., tracking and agreement private customer behaviour, is slowly becoming the holy grail of marketing. With the increase in specialty and genetics, “segment of one” is becoming crucial in the pharma industry. With investments in data capture, standardization, integration, and analysis, a personalized marketing approach is achievable in this manufacture.

Taking the transformation route

So the question is, how do pharma companies close the digital gap and prefer digitization as a culture? How exercise organizations ensure that the efforts and investments in the transformation journey ensure tangible and sustainable results? The historic period-old debate between taking a concern-axial approach or a technology-centric path becomes the key strategic determination for companies before commencing this journey.