Executive Briefings

Pharmaceutical Companies Can Play Major Role in Digital Revolution of Healthcare

Pharmaceutical companies are running hard to keep pace with changes brought about by digital technology. Mobile communications, the cloud, advanced analytics, and the Internet of Things are among the innovations that are starting to transform the healthcare industry in the ways they have already transformed the media, retail and banking industries. Pharma executives are well aware of the disruptive potential and are experimenting with a wide range of digital initiatives.

Yet many find it hard to determine what initiatives to scale up and how, as they are still unclear what digital success will look like five years from now. Disruptive trends indicate where digital technology will drive the most value in the pharmaceutical industry, and they should guide companies as they build a strategy for digital success.

Payors and governments have an ever sharper focus on managing costs while delivering improved patient outcomes, putting an even greater onus on pharma companies to demonstrate the value of their drugs in the real world—not just in randomized controlled trials—if they are to retain market access and premium pricing. In this environment, digitally enabled “beyond the pill” solutions, which include not just drugs but also sensors to collect and analyze data to monitor a patient’s condition between visits to healthcare providers, are becoming critical to serving both parties’ needs. These solutions help drive the adherence to treatment and outcomes that payors and governments seek, and they generate the data that pharma companies need to demonstrate their drugs’ superior efficacy.

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Yet many find it hard to determine what initiatives to scale up and how, as they are still unclear what digital success will look like five years from now. Disruptive trends indicate where digital technology will drive the most value in the pharmaceutical industry, and they should guide companies as they build a strategy for digital success.

Payors and governments have an ever sharper focus on managing costs while delivering improved patient outcomes, putting an even greater onus on pharma companies to demonstrate the value of their drugs in the real world—not just in randomized controlled trials—if they are to retain market access and premium pricing. In this environment, digitally enabled “beyond the pill” solutions, which include not just drugs but also sensors to collect and analyze data to monitor a patient’s condition between visits to healthcare providers, are becoming critical to serving both parties’ needs. These solutions help drive the adherence to treatment and outcomes that payors and governments seek, and they generate the data that pharma companies need to demonstrate their drugs’ superior efficacy.

Read Full Article