Digital advancements in the pharmaceutical industry play a central role in revolutionising healthcare entirely. Dubbed Pharma 4.0, leveraging the opportunities presented by digital is integral to the future success of companies in this industry. Pharmaceutical technology is changing the landscape of healthcare worldwide.
“Digital transformation in pharmaceuticals is leading to tectonic shifts in the way companies and stakeholders traditionally conduct business by introducing novel business and data monetisation models and investment opportunities,” says Neelotpal Goswami, senior industry analyst from Frost & Sullivan’s global Transformational Health group. “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 optimise performance.”
Below, we outline a few pharmaceutical technology trends affecting the drug and healthcare landscape.
Empowered patients: Today, patients play active role in their care. While healthcare professionals will continue to “mediate” the relationship between patients and the pharma industry, digital innovations are enabling more and more patients to engage with and better understand their medical treatment. According to a McKinsey survey, over 85% of patients feel confident in their ability to take responsibility for their health and understand where they can access the digital and online resources they need.
Outcomes-based care: Pharmaceutical technology solutions go beyond drugs and include sensors used to collect and analyse the data that monitors a patient’s condition between visits to the doctor. These solutions drive treatment adherence and generate the data pharma companies need to showcase the efficacy of their medications.
New competitors: In the past, providers’ paper-based medical records were the main source of patient health data. Today, some of the globe’s biggest technology companies, like Apple, and IBM, are using the patient data they collect through apps, health and fitness devices to move into healthcare.
Enhanced drug development: Beyond improving patient care via advanced analytics and other emerging digital tools, digital solutions and data are also making is easier for pharma businesses to improve drug development. With access to real-time patient information pharmaceutical companies can gain a clearer understanding of how a drug affects the user, which can help them to optimise the medication’s effects and minimise any potential side effects.
All of this makes it possible to offer more personalised 24-hour care, to open up new channels of communication between physicians and patients and to unlock critical data-driven insights. If healthcare businesses and pharma companies want to make the most of these technological shifts, they need to start developing business model that leverage digitalisation to streamline their processes and, ultimately, improve patient care.
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