Digital technology is enabling new biopharma value propositions.
Technology is increasingly a strategic topic for biopharma leaders, as digital and data analytics are exploited for competitive advantage. Many new opportunities exist—from screening potential research targets and using big data analytics in clinical trials, to leveraging digital to create more efficient processes and disruptive products and services that fully engage and provide value to key stakeholders.
Exploiting technology is a complex challenge. Leaders in biopharma are taking a more strategic approach to technology in several important areas: digital, big data and advanced analytics, simplified technology, capability building, and technology-enabled transformation.
In the near term, the digital revolution is particularly relevant to product marketing and stakeholder engagement. New channels—including online marketing campaigns and smartphone apps—hold the promise of increasing the top line and reducing costs. Companies must see multichannel marketing as the transformation of an entire process, not simply as an add-on to traditional marketing.
The digital revolution is also an increasingly important topic in R&D and operations—from enabling new models of collaboration in research and efficiency in operations to creating disruptive “beyond the pill” solutions that allow patients and consumers to better manage their medical conditions.
The winners in the digital arena will be companies that take an agile approach to strategy, digitize the core business, create disruptive products and services, capture value from data, and build capabilities and a differentiated ecosystem. Technology is a crucial enabler of success in the commercial, operational, and scientific sides of the business.