Digital Transformation Takes Pharma Beyond the Pill
October 10, 2018 | Frost & SullivanEstimated reading time: 2 minutes
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.
Disruptive innovations driving growth within the pharmaceuticals industry include:
- Application of AI and big-data analytics, by companies such as Benevolent AI and Exscientia, to crunch through structured and unstructured data is expected to improve drug discovery success rates.
- Virtualization of clinical trials, by Science 37 and Transparency Life Science, by using cloud and mobile-based models transforming trials methodologies and reducing timelines and errors.
- Application of IoT models and blockchain-based methodologies in operations and supply chains will reduce inefficiencies and improve functional visibility, as provided by Elemental Machines and iSolve.
- Novel e-commerce, digitally-enabled pharmacies such as PillPack, and distribution models will reduce costs and improve access to novel treatments;
- Improved patient connect using AI-enabled patient focused mobile apps as well as use of big-data analytics to improve patient care and drug adherence as provided by companies such as Proteus Digital Health and uMotif
- Using mergers and acquisitions (M&A) to build life science digital capabilities, for example, Roche’s acquisition of Flatiron.
“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.”
Digital Transformation In Pharmaceuticals Industry, 2018, Companies-To-Action, is part of Frost & Sullivan’s Transformational Health Growth Partnership Service program.
About Frost & Sullivan
For over five decades, Frost & Sullivan has become world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success.
Suggested Items
Digitalisation and ESG
04/19/2024 | Marina Hornasek-Metzl, AT&SDigitalisation and ESG are prominent and high-priority topics in the global business community. The first focuses on applying technology throughout the value chain to produce faster, smarter, and more desirable business outcomes. The latter emphasises the broader value a business is expected to create for its stakeholders from an environmental, social, and governance perspective.
Real Time with... IPC APEX EXPO 2024: Looking Back, Looking Forward With IEC
04/19/2024 | Real Time with...IPC APEX EXPOIEC came to the RTW booth and discussed both the legacy of IEC's past and the vision for its future. Industry veteran Bruno Ferri highlighted his quarter-century tenure in the industry and with IEC since its founding. He still exhibits boundless enthusiasm for the industry. Brando Stone, a young professional and a future face of IEC, talked about IEC's plans going forward and his experience at this year's IPC APEX EXPO.
Seeking Employment: Meet Parker Capers
04/18/2024 | Barry Matties, I-Connect007Parker Capers, a cybersecurity professional with a decade of experience in the SMT industry, earned a bachelor’s degree from DeVry and is CompTIA Security Plus certified. He is open to various industries but has a strong affinity for manufacturing due to extensive familiarity. Parker appreciates smaller companies where personal connections matter. Are you hiring?
SEMI Applauds CHIPS Program Office Progress to Diversify U.S. Semiconductor Industry Workforce
04/18/2024 | SEMIThe SEMI Foundation, the arm of SEMI dedicated to supporting economic opportunity for workers and the sustained growth of the microelectronics industry by creating pathways and opportunities for job seekers, applauded strides made by the CHIPS Program Office to diversify the U.S. semiconductor industry workforce and its release of the First Annual Report Regarding the Opportunities and Inclusion Activities Undertaken by the Department of Commerce.
VDMA: Machine Vision Navigating Through Uncertain Times
04/18/2024 | VDMAFor over a decade, the European machine vision industry has reported steady growth, with turnover increasing by an average of 9 percent annually between 2012 and 2022. Despite a temporary setback in 2020 (minus 4 percent) due to the Covid-19 pandemic, the industry rebounded strongly in 2021 (plus 17 percent) and 2022 (plus 11 percent).