The future of digital transforming Pharma and health care ( What’s Next ? )
Digital technology today and for some time now is an integral part of the Pharmaceutical industry and it continues to make a big impact as practices and processes within marketing, communication, research, and market access are rewired in our neural networks for the ever transforming digital world we live in.
Digital is really a very broad term today in Pharmaceutical s as it has multiple applications from communication, research, patient engagement ,improving diagnostics , R&D and Supply Chain efficiency , Real world data and drug development and many other inter connected mutually inter dependent areas.
By embracing the digital transformation, Pharma and life sciences companies and its industry are achieving superior patient outcomes and are also providing care in a cost effective manner around the new networks of digital transformation where the business model in the future points to not only provide block buster drugs but integrating a holistic approach through new digital eco –systems which will change a lot of existing systems with more AI and human supervision connecting in real time all stake holders and even integrate the patient intricately in the eco system.
The KPMG International publication Pharma outlook 2030 says: From evolution to revolution discusses three types of ‘archetype’ that will prevail in the future industry. One of these is the value chain orchestrator, a company that does not own anything physical but creates various solutions ‘virtually’. These companies will own data — lots of it — on therapies, patients, and research. Successful life sciences companies will have an integrated digital data strategy — one that prevents silo mentalities and that can integrate internal and external processes in a seamless manner. ‘
The key to the future is how will the data to the exchange of information between stake holders , patient , patient data, R&D , and production through communication between supply chains ,patients , doctors , insurers and other key influencers . The key will be how these processes are digitized with the exchange of their data for future digital eco systems. One key change will be the changing roles of key players and all concerned.
Future eco systems will need efficient internal systems and processes to play any important role. To communicate effectively strategy would require internal information flow must support these dynamic eco systems. You could imagine a scenario of manufacturing teams having direct access to data of its marketing and sales which could have so many implications including precisely forecasting demand and utilization. Research departments will be able to transfer data signatures via blockchain ensuring easy access to collaborating partners without the necessity of intermediaries. The potential is immense and all based on effective synergy of digital strategies.
The future through more digitization is not going to be hospitalization but ingestible sensor procedures with other on body devices taking treatment directly home. Wearable fitness trackers would facilitate health monitoring with a lot of information about peoples condition and available treatment through dynamic synergy of digital networks. According to KPMG International publication Pharma outlook 2030 ‘ From evolving to revolution suggests that some successful life sciences companies will opt for the ‘ Virtual value chain orchestrator ‘ archetype. This is where the life sciences companies owns all its data on therapies , patients and research and guides patients through a complex healthcare value chain , from cradle to grave , supporting health care practitioners to provide tailored care each time , developing a digital strategy by taking the entire value chain into account, which is the first step in the right direction.’
Defining characteristics of new pharmaceutical digital eco – systems will be a migration from treatment, diagnostics and even prevention to more holistic health care service providers. The whole new eco systems promise to clear the way for more R&D initiatives and improved services and products. The current eco system is rooted in its old organizational establishment structure this will be redefined as roles change since digitization can only work with integrated systems.
These changes would bring about a lot of change with new opportunities for industry players which require all stake holders to be better integrated to the system and to proactively drive change with new roles and cooperative responsibility. Companies expect a wide range of benefits from these changes. Today, digitization is just used to increase internal efficiency all this will make way to a more dynamic platform for synergetic relationship with all players and also being more holistic and patient centric.
Faced with these coming challenges Industry will need to focus on developing strong internal systems with efficiency, optimizing quality and universal compliance processes. Digital transformation represents a major opportunity and requires Industry players to think globally and act locally in a global village rethinking its approach to patients and transforming the whole supply chain.
In the long term a move to digital requires a lot of investment both on infrastructure and human resources with redefined roles. However the transformation will see a lot of improvement in flexibility of production systems, faster and more collaborative developmental process with improved monitoring.
Time and risk of failure are the two main factors for high costs in pharmaceutical research. Through the use of digitization with modern data and analytics technologies can improve even the industries forecasting of returns on investment leaving more time for other important roles. Today according to Narrative Science AI is being used to identify opportunities you would otherwise miss and plays an important role in developing drugs, can also tackle diseases thought difficult to take on, can be used in drug adherence, for studying clinical data, correcting patients trials and this is the tip of what AI can do in transforming the coming landscape. It is going to play a big role in the future and can help save more lives than ever before.
Blockchain will become key with sensitive data and transactions of growing number of stake holders and players. Blockchain have a number of advantages for pharma as it can be used in areas of supply chain management , serialization , transaction processing , identity management , contract, licensing management and document management .Blockchain will help increase sensitivity of integrity of data related to distribution of drugs , development and testing.
Pharmaceutical companies are increasingly using cloud computing so that they can optimize complex processes. The use of sharing and storing resources improve the performance of overall networks and infrastructure while reducing cost of doing business through its applications. With the enhancement of these cloud based service it will now move to analytics from these resources. Big data and data analytics can be used in decision support and decision making on the ground in day to day activities. The cloud will be used beyond data storage and exchange. Cloud based solutions will improve elasticity of cognitive computing and bring analytics and solutions in real time to all concerned.
Cyber security will become most crucial as it will be important to protect data and have a clear strategy for any breach in security. Putting crucial defense strategies will become crucial. According to KPMG LLP publication Life Sciences innovation and cyber security ‘Inseparable indicates that companies are elevating cyber security to a strategic imperative but at a pace that lags behind their desires to adopt digital technologies to drive innovation. ‘
Automated technologies will evolve in such a way that they not only improve processes but in doing so disrupt a lot of traditional stringent chain of processes. Robotic process automation will have an increased presence redefining roles of human and machine. Robotic process automation ( RPA ) will be a big part of the eco system which refers to automated software’s, artificial intelligence AI and intelligent automation .
When questioned about the biggest challenges in digitization Pharmaceutical companies now mention reliable and efficient human resource and sufficient financial resources. Developing the right skill sets for the new environment is the biggest challenge for pharma companies by adjusting to new defined roles and skills partnering with RPA’s. A crucial parameter looking into the future is the required personnel with skills sets that adopt and are more synergetic to evolving digital eco systems. Although as we go through this transformation the industry should not only focus on digital competence but human touch and patient centricity keeping the path into the future holistic which is going to be the key with evolving systems and networks. As the industry explores the new eco systems there will have to define their role and be able to perceive from the flow of information. The way forward is to identify data and processes that are relevant for successful business operations and compliance for evolving digital eco system. They are though several challenges still on this road to the new digital transformation in the Pharmaceutical Industry.
We have to step into the future with confidence and optimism as Science fiction writer Issac Asimov states ‘ I do not fear computers . I fear the lack of them.’
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