The pharmaceutical sector used to be seen as a purveyor of pills to the medical industry and not one that looked to engage with stakeholders to utilise the latest technologies with end consumers.
This is all changing due to the behaviours in the way people view their own health needs and an explosion of new affordable products that support a more proactive approach to individual’s health and well-being.
Previously the industry focused more on its marketing engagement with doctors and medical teams and less on the end consumers, current trends still show a growing demand for more patient centric care and seek to be better information about how preventative action can help them change their lifestyle for a healthier future.
It is widely reported that the new global health economy is worth over $3 trillion and globally consumers will collectively spend more than $14 billion annually on medical products which will only increase as we see greater embracing of how and what technology can bring to world health, particularly with the worlds younger generation using technology more and more as a lifestyle enabler.
The industry does recognize the challenges they face and many are already investing in areas such as big data, data analytics combined with digital technologies such as the growth in consumer spend on wearable devices.
Pharmaceutical healthcare companies that are investing are seeing huge benefits with it innovation and maximising current more affordable technologies, for example some industry leaders are using social media as a way of engaging end consumers to see what kind of patient centric care they want. several have been and continue to increase their annual spend on machine learning, AI data analytics gathered through a number of digital channels such as wearable devices as they see how people are more accepting of using wearable devices in their daily life.
This means vast amounts of quality data is readily available to all stakeholders with more joined up data being translated quicker that benefits all stakeholder groups whether the pharmaceutical companies having more data around clinical trials helping them develop medicine of the future or being able to prevent patient problems earlier with existing drugs.
However there is also evidence showing that the lack of technical adoption, speed of change and developing new digital solutions is building up a bigger problem for the sector to address.
This can’t continue as governments put more pressure on the cost of medicines and emphasizing the need for greater preventative solutions, emerging tech solutions disrupting traditional pharma companies with digital solutions and newcomers not constrained by previous cultures which delay or block the change, all of which will only add greater pressure on the sector as a whole.
It is vital that digital technology solutions are integral to the business strategy and that business leaders take more time to understand what and how their businesses can truly transform.