The Realities of a Digital World
Advanced digital technologies are sweeping through the world and changing the way we live our lives and do business. And although change is often disruptive, digital technology is allowing pharma to reap the benefits of advanced analytics like never before.
Mobile communications, the Internet of things, the cloud, advanced analytics… digital technology is advancing rapidly and changing the world around us. Significant transformations have already been witnessed in a number of industries, including retail and media – will healthcare and pharmaceuticals be immune? Olivier Leclerc, senior partner at McKinsey & Company, believes that the digital revolution of the pharma industry has already begun. In 2014, $6.5 billion was invested in digital health, a 125 percent increase compared with 2013 (1). The traditional models of the pharma industry are changing as patients begin to take healthcare into their own hands by seeking information online or tracking their health through mobile apps. This provides an unprecedented transparency into outcomes, and pharmaceutical companies need to adapt by becoming solutions companies. Many digital technologies are available to enable this shift, but how do companies harness them? A recent white paper co-authored by Leclerc sought to bring structure and clarity to this issue (2). Two outcomes seem certain: i) there will be disruption, ii) there will be opportunities for business growth and innovation. We spoke with Leclerc to find out more.
What digital technologies are the ones to watch?
Digital technology is having a growing impact on every level in the pharma enterprise, but many companies in the field are struggling to understand what digital initiatives they should be focusing on. We believe that there are three fundamental technology gaps that should be watched closely.
But given the rate of change, it is no surprise that some executives are struggling to identify and prioritize all of the opportunities.
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