The Market in the Pharma Industry is $900 billion and this figure is fully expected to exceed $1,1 trillions in the next few years. In fact, recent studies show the industry is growing at a rate of 5%, which is just behind the two other major healthcare segments – medical services and equipment. As a rule, drug affordability and disease prevalence continue to drive this rate, while government policies and regulation can impede or slow down this growth. However, it’s clear that this demand is not likely to slow down anytime soon and online trends can also attest to this statement.
Digital shift
As a matter of fact, most of the innovations are happening outside the domain of traditional Pharma. It involves a wide spectrum of products and services, which are leveraging digital models while foraying in the Pharma domain. No doubt, the innovations are amplifying the healthcare capabilities with a deep analysis of data for outcome-based solutions.
Starting from the invention of biosensor technologies to portals and a suite of smart tools, multiple exciting breakthroughs are coming to the scene. It enhances the self-monitoring capabilities and patient adherence – which further rationalizes clinical decision-making and treatment success. Adding to that, comes data and analytics fueling a profound transformational shift.
Rise of Telehealth:
Especially in the COVID crisis, Telehealth making timely and responsive care accessible while maintaining the social distancing norms. Leveraging the Predictive Analytics model, it helps in better prognosis, thus helping doctors to come up with a proper treatment plan well in advance. With every passing day, telemedicine is taking pharma communication “ beyond the pill” and providing customized support & education to the end-users.
Open Doors to Microlearning:
Digitization is making Microlearning in Pharma a reality. It makes the vast knowledge bank accessible, which was originally owned by a specific group of Pharma Companies. It results in better R& D and aids in more accurate clinical trials.
Technology as we all know, is barely the answer. A new business model and a fresh mindset is. As an industry, are we willing to broaden our innovation mandate and make it our business, literally, to scan the environment for disruptive technologies that restructure various aspects of healthcare delivery. Do we think it is our responsibility to provide better solutions to our customers that are ‘beyond the pill’?
This puts the onus on Market in the Pharma Industry at the highest level of management to bring in a new way of thinking and behaving. What does the industry need to do for the next quantum leap? It is quite likely to require the reinvention of the pharmaceutical company. Whatever enabling technologies drive that reinvention, we should know that delivery of enhanced customer experience will be both the driver and the measure of success. How well are we prepared for it?
