How digital is changing the pharma and healthcare industry
Sharda Hospital discuss six growing trends of digital adoption in pharma and healthcare and discuss the implications for the industry
Discover how new ground-breaking digital trends are changing the face of the industry
Digitalization is taking the pharma & healthcare industry by storm. In a survey by Accenture, it was found that approximately 78 per cent of the people are willing to receive healthcare services virtually. In fact, physicians themselves are using digital modes for improved patient care. These advancements are just the beginning of an era which will lead to a great future of the health and pharma industry.
With the launch of various technologies, modes of communication and apps, it seems as if the pharma and healthcare industry is laying a foundation with digital technology.
Below are some ground-breaking trends that show how digital is changing the pharma & healthcare industry!
- The launch of new business model
One major change digitalization brings to the pharma sector is introducing new business strategies. According to Pharma 2020, companies will be binding to restructure their portfolio, change their business processes and collaborate in strategic alliances to stay functioning and keep their market share.
Furthermore the introduction of a collaboration model will affect the profitability of the pharma companies. No single company will be able to profit alone. It has to join forces with academic institutions, hospitals or other similar services to make a profit.
This is where digital innovations will ease the process. It will provide collaboration and integration amid numerous parties of the companies’ network and make it easy to function.
- Active role of patients in treatment
Because of the availability of a plethora of information, the patients have become more active in their treatment process.
Traditionally, when a patient suffered from a condition, they would make an appointment with a doctor. Previously, the patients relied on the instructions and drugs prescribed by the doctor. However, with digitization, patients usually research everything before seeing a doctor. They match their symptoms to conditions. Some may even talk to other patients with a similar problem and try to devise a cure.
In addition to the above, patients are more aware of their rights and have high expectations from healthcare professionals and products.
- Access to wide range of medical products
The pharma and healthcare sector is data rich, and is growing richer with every passing moment. Gone are the days, when medicinal product information was only limited to pathways of pharma companies. In fact, consumers and patients were disclosed insights on a need-only basis. However, with the introduction of digital technology in the pharma industry, the secrecy no longer exists. Information about every medicinal product is available on the internet.
Patients and consumers can easily find various cures for their conditions just by hitting the search button. Other than this, they can find alternatives to their drugs without spending a penny.
- Day-to-day health tracking apps
According to facts, every 2 out of 5 physicians suggest their patients try healthcare apps. The aim is to make patients aware of their health and drive change. Some of the most common apps used by the patients are Omnio, Iodine, PubMed Ontap, etc. Even doctors are using apps for professional use. Some of the most common apps used are Medscape, Visual DX, Epocrates, etc.
This digital mode offers more convenient ways to get medical services and access to healthcare information. Moreover, the medical apps are also proving to be a big help in countering emergency situations.
- Increasing channels of communication
When a patient had any concerns regarding their health they previously rushed to the doctors' clinic. However, with a growing digital presence, patients use various social media platforms, hospital sites, e-mailers to connect to the doctor. Other than this, patients have online access to medical records which they can share with their doctors.
Using these mediums, healthcare companies can advertise and influence the patients and doctors to consider their product for use. Moreover, companies like Pfizer, Johnson & Johnson, Dr. Reddy's Laboratories, etc., are living proof of how digital is changing the pharma & healthcare industry!
- Introduction of pay-for-performance
While the idea of pay-for-performance in the pharma industry isn't new, the number of agreements between payers and government has grown tremendously.
According to this concept, a payer agrees to allow access to a new drug with the stipulation that it gets compensated for those patients for whom the drug was not effective.
As a continuation of this method, digitally enabled beyond the pill solutions were introduced. These solutions include ingestibles, wearables, and implantables which will offer pharma companies the opportunity to have an impact on the overall health of their consumers, as well as to know how well their products are working.
Like other industries, digitalization will also have a major impact on the pharma industry. Besides, there are still a number of trends yet to come that will change the healthcare industry entirely.