The pharmaceutical industry today is in a state of flux as it tries to maintain a delicate balance between the need for novel blockbuster drugs and the need for improved operational efficiencies in an increasingly competitive market space. As healthcare is becoming increasingly democratized, patients are emerging as key decision makers—digitally enabled by the entry of non-traditional tech companies such as Apple, Facebook, and Google—pushing pharmaceutical companies to go beyond-the-pill. However, in the midst of this chaos, there are pioneering companies offering solutions that apply cutting-edge technologies to build digital convergence across the pharmaceutical value chain.
“Digital transformation in pharmaceuticals is leading to tectonic shifts in the way companies and stakeholders traditionally conduct business by introducing novel business and data monetization models and investment opportunities,” said Neelotpal Goswami, Senior Industry Analyst with Frost & Sullivan’s global Transformational Healthgroup. “The move toward a value-based care model is driving the need for better drug adherence and efficacy, which in turn is driving the need to optimize performance.”
Frost & Sullivan’s recent intelligence, Digital Transformation In Pharmaceuticals Industry, 2018, Companies-To-Action, provides a detailed analysis of the key digital enablers, such as artificial intelligence, big data, internet of things (IoT), and blockchain that are bringing digital continuity across smart R&D, flexible manufacturing, connected patients, and digital pharmacy. It also includes key market participants that are altering the status-quo by highlighting novel monetization models and strategic investment opportunities.
“We expect digitalization to continue driving the evolution across the pharmaceutical value chain,” said Goswami. “To avail themselves of the opportunities for growth, vendors will need to rely on strategic commercial engagements and R&D alliances, along with developing proprietary and patented technology as per patient needs.”