Life Science
15 March 2024
Healthcare is being transformed to better meet the needs of today’s patients – and those of tomorrow. Digital products and services offer a wide range of benefits that can deliver operational efficiency and commercial effectiveness starting from drug discovery and development, through to commercialisation. Importantly, new and innovative digital services supply a more precise understanding of what people need, enabling a more personalised interaction for patient’s and ultimately improving their health outcomes.
A quick introduction to digital transformation
Digital transformation is the process of adopting and integrating innovative technologies to improve the way a business operates and ultimately performs. This may start with piecemeal adoption of new technologies, operational governance, and workforce development that aim to address specific challenges, but it will ultimately lead to more radical overhauls of legacy infrastructure in favour of modern cloud-based and AI-enabled ecosystems.
One easily overlooked aspect of these journeys is the shift in culture and approaches to technology that they require. Organisations that undertake digital transformations must learn to place a premium on iterative approaches, become comfortable with experimentation, and be willing to learn from failure.
Understanding the benefits
Increased efficiency and cost savings
Remaining competitive and profitable is a key concern for those in the pharmaceutical industry. It still takes between 12 and 15 years and $2.5 billion to bring a drug to market. Digital technologies can improve the accuracy and speed of data collection and analysis as well as automating repetitive and time-consuming tasks. They enable real-time monitoring and analysis across many functions, in particular compliance, preventing errors and supplying insights that were once hidden in the vast data.
Optimised drug development and clinical trials
Bringing new treatments to market faster and more efficiently is the impending leap within pharmaceuticals. Machine learning (ML) and artificial intelligence (AI) can accelerate this process, reducing the time and cost needed to find promising candidates for further testing. Data gathering and analysis can improve the efficiency and effectiveness of clinical trials, and big data and analytics will provide real-time insights to optimise trial designs and ensure that results are accurate and reliable.
Pfizer is among the industry-leaders when it comes to digital adoption, highlighted by the launch of its Center for Digital Innovation in 2019. It’s applying technologies to help speed up the drug discovery and development process to ultimately enhance the patient experiences and outcomes. The Pfizer Digital Companion, its Medibot AI support service, and partnership with Zipline are all examples of this approach put into practice.
Merck is hot on the trail, launching its own digital transformation initiative called Merck Digital Sciences Studio in 2022. Using the power of cloud computing, it will enable the next generation of start-ups using AI and ML for drug discovery and development. Merck is also using digital technology to enhance a whole host of other areas of its business, from supply chain management through to new digital services, such as its Diabetes Online Risk Assessment tool.
Enhanced distribution and supply chain management
Delivering enhanced supply chain management and drug distribution is a complex proposition. Digital products and services can streamline these processes, improving efficiency and reducing costs. They can be used to provide real-time visibility into inventory levels by tracing the movement of medicines through supply chains. They can automate and optimise product distribution, reducing the time and cost required to get life savings medications to patients, dramatically improving their health outcomes. And they can improve the accuracy and efficiency of ordering and billing processes, improving relationships with customers and suppliers alike.
Improved patient engagement and customer service
Communicating with customers is, somewhat paradoxically, both harder and easier than ever. Websites and mobile apps that include the latest digital services can provide patients access to important information about their condition and strategies to improve their quality of life. They can track their medication use and offer feedback to important healthcare teams and providers. Collecting and analysing customer data reveals unique and important insights on patient preferences and behaviours that can be used to develop personalised and more favourable experiences, mitigating the risks and challenges associated with adoption and adherence.
Novartis specialises in the development of innovative drugs and therapies. In recent years, the Swiss company has pledged that it’s “going big on data and digital” and hopes to become the leading medicines company powered by data science and digital technologies. Among its efforts, Novartis is using AI to increase patient access, improve customer experience, drive automation, provide predictive analytics, and detect potential misconduct - as well as to drive the response to and recovery from COVID-19.
Navigating and overcoming challenges
Compliance and regulations
Embarking on a digital transformation journey will always involve balancing potential rewards with an awareness of any potential risks. Digital technologies can introduce the spectre of a whole host of regulatory concerns that could threaten to damage credibility if not handled properly. But these risks can be heavily mitigated with sufficient planning and careful management. Moreover, when implemented correctly, digital tools can significantly reduce the risk of costly and damaging compliance violations, particularly by connecting siloed systems and data, imposing standardised best practices, and exposing potential vulnerabilities.
Data privacy and security
Managing data privacy and security concerns is paramount for pharmaceutical companies. The dangers of sensitive patient information becoming publicly available - whether through data breaches, cyber-attacks, or user error - should be obvious. Pharmaceutical companies implementing digital technology must ensure that robust systems are in place to protect data privacy. Fortunately, improvements to security are typically a significant aspect of any digital transformation project.
Complex implementation
Integrating innovative technology at scale is always going to involve challenges. There is the initial cost of designing and implementing a new architecture across the business. Teams must be trained on how to operate and maintain these systems, ensuring they remain secure and effective. The pace of technological change is already leading to a rapidly evolving, ever-changing landscape that’s increasingly complex to navigate. Digital technology providers are constantly revisiting and updating their offering to take responsibility for this aspect of innovation. Leveraging a skilled implementation partner is a critical element if digital transformation is to have long-term success within large enterprise.
Resistance to change
Altering ‘business as usual’ is never easy. Times are changing, and what may once have been a successful strategy may not be for much longer. Existing systems and approaches may not be well-suited to the changing business environment and may be a barrier to the adoption of modern technologies. If a digital transformation project is to be a success, colleagues must be brought along for the journey at all key stages of implementation. Leaders must effectively educate and communicate the thinking behind the technological changes, as well as the outcomes likely to be achieved, to foster a culture that’s open to change and innovation.
Looking to the future
Staying competitive in an ever-changing world
Pharmaceutical companies are facing increasing competition and pressure to reduce costs. They must embrace digital technologies whilst overcoming their challenges to remain competitive in today's shifting marketplace. By prioritising digital transformation, organisations can drive growth, improve the quality of healthcare, and ultimately benefit the patients, their friends and their families.
Ready to talk?
Stratt is a global consultancy firm specialised in enterprise digital transformation. We believe in healthier business for people and the planet. Our experts ensure that these organisations can harness the full potential of their technology, data, and analytics to maximise commercial performance and deliver better results for their end consumers in a sustainable way.
References
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