A Peek into the Digital Pharmaceutical Industry
While the digital transformation may only be in its infancy in the Pharmaceutical industry, the winds of change are here. It’s only a matter of time until customers and patients demand a higher level of service, experience, and connectivity from those they choose to do business with.
Look around, physicians are already turning to their smartphones, tablets and laptops to connect digitally, in all facets of their lives. It won’t be long before the competitive landscape transforms.
Look ahead, 5 years from now, and it’s not hard to imagine a future that looks like this…
As one of Japan’s leading Oncologists, she is always connected, turning to her “go-to site” for the latest updates and everything else she needs to know about her particular specialty.
Visually, the site is beautiful, but what makes it effective is the personal touch, customizing itself to her particular interests. Within seconds, she can find the exact content she is looking for, with a liberal dose of fun, animated visuals to help her communicate with her patients.
Building on her interests, the advanced algorithm and smart A.I. directs her to the latest news on safety, efficacy, clinical trials and conferences she may be interested in. After all, she has a strong digital relationship in all aspects of her life. Spotify knows her favorite tunes, Netflix recommends her latest shows, and Amazon is there for all of her shopping.
As she rides the same Chuo line home, she remains connected. Engaging, eager to communicate, consume, engage and interact with a website she could not function so effectively without.
This change is coming, but not every company will be prepared. In a study conducted by CapGemini and MIT Sloan, it was uncovered that while “90% of CEOs believe the digital economy will impact their industry, but less than 15% are executing on a digital strategy.”
The key to remaining competitive, is digital transformation.
Innovating, implementing and ultimately, failing forward, as an agile organization readily able to navigate the changing times. The Marketing Director of the future may still have a sales background, but to succeed, they will need a strong understanding of omni-channel marketing.
Is your organization ready for the changes on the horizon?
The information demands are changing
At this very moment, patients and healthcare providers have access to more information than ever before, in any time in history. It’s no longer enough to “sell.” Healthcare providers and even patients want to see quantitative data and real-world evidence behind every treatment recommendation. Pharmaceutical companies need omnichannel portals for consultations, communication and credible information on-demand, to create a healthcare ecosystem that provides a coherent, and holistic customer experience.
The level of care is changing
Smart touchpoints, like sensors and other digital services will allow healthcare providers to provide a higher level of care, around the clock, while still remaining cost-effective and efficient organizations. With a focus on ensuring the right treatment outcomes, more than just offering a single product, smart digital healthcare services will be a key differentiator and a significant commercial advantage to the companies who act fast.
The volume of data is changing
Using artificial intelligence and smart algorithms, pharmaceutical companies need to centralize, control and manage the increasing amount of data. Using the aggregated information for greater insights on new product-development and swift go-to-market strategies, what’s critical will be the dissemination and distribution of the findings, so they can be rapidly actioned within the organization.
The efficiency needs are changing
Looking at the entire operational model for the pharmaceutical industry, it’s clear there’s never been a more pressing need for efficiency. Getting the primary care drugs to the patients who need it, while remaining cost-effective against governments pushing down prices. The entire supply chain needs to be re-imagined with streamlined and automated workflows, using smart technology to give companies real-time transparency on their end-to-end processes, and the bottom-line costs.
To remain competitive in an increasingly digitally-connected world, pharmaceutical companies must act quickly to ensure their entire organization has a digital focus. From the top, leaders must place a priority on developing innovative digital solutions that are customer-focused, agile, and above-all, collaborative. Everyone will soon have a digital relationship, and it’s critical yours is patient-centric.