THOUGHTS

Pharma Companies Embrace Digital- Staying Competitive with Technology

May 16, 2017

At a time when healthcare is being drastically transformed through digital health technologies, pharma companies cannot afford to stay aloof from the digital revolution. With enormous investments in digital health, several major pharmaceutical companies are revamping their strategies to stay relevant in the competition. The three key premises which have emerged with all these developments are:

  1. Reinventing pharma companies as solution companies
  2. Better connection with consumers
  3. Harnessing of technology to its advantage

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Pharma Companies: More than just asset companies

Traditionally pharma companies were more of an asset-based company. But as technology giants and healthcare start-ups have ventured into the pharmacy, there is a pressing need for pharma companies to reimagine themselves as more than being just a products-and-pills company. It is in this context that imbibing the ethos of technology becomes more important.

One of the best examples of how pharma companies can evolve as solutions companies is Google’s partnership with Novartis to combat diabetes. This venture is employing technology to upload glucose and insulin levels of the patients to the cloud in real-time, to improve the overall quality of diabetic care.

Connecting with end-consumers

From being mere end-receivers of medicines, patients have now evolved into having greater control over their health and therapeutics. This makes it critical for pharma companies to accept this change in the equilibrium and connect with the consumers in an efficient manner. This can be done by understanding patient behavior through patient-physician interactions, online communities, engagement in active dialogues, and the adoption of quantitative methods to measure and analyze the data.

Harnessing Technology

It is high time that pharma companies move away from their conservative cultures and perceived image on IT and embrace it as a vital tool for its growth. Also, the mindset of shying away from risk-taking needs to be shunned. Rather, companies need to take calculated risks and engage technology to their advantage

Digitalization is a reality. Moving ahead without taking it into consideration is sure to bring severe implications. Therefore, the need of the hour is to switch to appropriate technological solutions for focused strategy building.

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