Digital transformation has become the heart of modern business solutions, and that includes the pharmaceutical industry. Pharma company leaders are facing a sea of challenges, and they are turning to digital solutions for help. According to a Statista survey, 28 percent of pharmaceutical and life sciences executives reported that using technology for tasks previously performed by employees was a priority in their business strategy for 2020. Following up as a close second, executives also wanted to digitally upskill their existing workforce.
While these priorities existed even before COVID-19, the pandemic has brought a new perspective to future processes and the road ahead for pharmaceutical companies. With rapidly changing technology, economic uncertainty, cyberthreats, and changing consumer behaviour threatening the traditional pharma industry model, biopharma leaders must shift to prioritise technological transformation and strengthening research and development. In this article, we will consider the major changes occurring within the pharma industry, as well as how digital transformation solutions like the Now Platform can address these changes to generate better and faster business outcomes.
The Evolving Pharma Industry Model
The pharma industry business model is evolving quickly, and traditional research and development processes are not effectively addressing this changing landscape. According to data collected during the peak of the pandemic by The Deloitte Center for Health Solutions, pharma company leaders cited changing consumer behaviour, cyberthreats, and accelerated technology advances as the three biggest challenges they expected to face over the next year.
On top of these three challenges, pharma companies must also adapt to countless other industry changes, including the following:
- Price pressure from the public healthcare sector, which requires more cost-efficient research and development processes
- The shift to digital healthcare products and services as driven by tech companies’ new business models
- Changes in policy and regulatory activity due to COVID-19-related treatment research
- Retirement of key leaders in the pharma sector, which will leave companies without valuable knowledge of systems and processes
- Difficulty with finding new medications
These changes and challenges are just the beginning. As the world continues to adapt to the lack of security introduced by the pandemic, pharma companies must adjust their procedures to provide better solutions to address the needs of the industry. One way to do so is to prioritise transforming their processes with the help of digital and information technologies.
The Traditional Pharma Business Model Isn’t Enough
Pharma companies have been weighed down by a traditional business model as they attempt to adapt to rapid changes in technology and consumer expectations. The traditional pharma model is plagued by poorly integrated systems and manual processes. Without an integrated digital platform, companies find themselves receiving late feedback and experiencing stilted cooperation between hospitals, patients, and Contract Research Organisations (CROs). These insufficiencies can drive up the cost of failure in Phase III of the development stage and lead to a long and expensive process.
With the pharmaceutical landscape continuously being reshaped by competitive and technological pressures, companies cannot afford to maintain the same processes to address the ever-evolving needs and challenges of the industry. They must be resilient as they navigate the world of compliance with regulations and changing public perceptions. Luckily, tech-driven companies are developing new solutions for the pharma industry to combat these challenges, including products and services with digital platforms, smooth data flows, and real-time analytics.
By adopting these efforts to digitally transform their solutions, pharma companies can reduce errors, standardise processes across departments, and ultimately provide better patient care and offer solutions with greater value.
The Future of Digital Transformation
Digital connectivity has become the center of much of our communication, allowing us to connect seamlessly with each other through an automated experience. As the rest of the world continues to take advantage of digital solutions in their day-to-day lives, so will the healthcare industry. Pharma business leaders will turn to automation and embrace new technologies to bring products and services to their patients faster. And if they don’t, they will struggle to survive in a competitive market that is constantly adapting to provide better solutions.
As the pharma industry adapts to more digital products and services, companies will need to prepare for risk and emergencies without letting it hold them back. The urgency of existing threats to infrastructure—like cyberthreats, changing consumer behaviour, and rapidly changing technology—can make it difficult to plan ahead for long-term investments. However, it is necessary in order to thrive for years to come. While pharma leaders search for solutions that will make a long-term difference to their business model, they will need to create cohesive processes and systems that improve the experience of everyone involved, including researchers, patients, employees, and providers.
The Now Platform
For pharma organisations searching for a secure and adaptable approach to digital transformation, the Now Platform may be just what they are looking for. The Now Platform streamlines the pharmaceutical development process by offering operational support. With full integration to existing processes, the platform provides individualised solutions to pharma companies with a centralised hub of digital solutions. Besides existing as a complete pharma research ecosystem, the platform also allows for the following capabilities to create faster business outcomes:
- Storage of EHR, which can only be accessed by authorised personnel
- Machine learning technology that allows for insights and analysis throughout the development stage
- No-code/low-code capabilities that allow for the creation of other digital solutions, including app creation
- Digital workflows that connect systems, apps, and data
With its customised and compliant solutions, the Now Platform enables organisations to streamline their processes, accelerate speed to market, and prioritise their business goals. Pharma companies don’t need to cling to traditional solutions to solve modern problems—they can find the adaptable, resilient, and industry-specific solutions they need in one comprehensive platform.
Crossfuze and ServiceNow deliver tailored transformational solutions for optimised digital processes. We strive to help pharma companies drive efficiency within their organisations to save time, money, and resources by offering industry-specific solutions that meet your specific needs. For digital transformation that lasts, reach out to us at LetsTalk@Crossfuze.com.