The COVID-19 pandemic and technological interventions transformed the Pharma industry exponentially. We aren’t just referring to the invention of newer drugs and technologies to fight the virus. As social distancing became the new norm, technology enabled the consultation, treatment, and monitoring of patients online. Not just that! It enabled keeping track of medicines, increasing sales, educating the audience about their medical needs and much more. All these aspects contributed to the digital transformation. So, while the world grappled with one of the deadliest pandemic ever, digital transformation reshaped the pharma industry and continues to do so even today.
What is digital transformation?
According to the EU's i-scoop, “Digital transformation is the cultural, organisational and operational change of an organisation, industry or ecosystem through a smart integration of digital technologies, processes and competencies across all levels and functions in a staged and strategic way.” Simply put, digital transformation is a strategic change in the way organisations function with the use of technology and related competencies.
Digital transformation involves technological aspects like:
- Artificial Intelligence (AI)
- Machine learning
- Cognitive computing
- Automation and Robotic Process Automation (RPA)
- Big Data and advanced analytics
- The Internet of Things (IoT)
Most of these aspects are widely used in the Pharma industry today. Be it the use of telemedicine, predictive biomanufacturing, mobile clinical trials or supply chains backed by blockchain, digital transformation is redefining the Pharma industry. Let’s break this down for you and understand how you can use it to upscale your business.
Digital transformation redefining the pharma industry
1. Digital Analytics
Big data has dominated nearly all industries of the modern market. The pharma industry is no exception to this. Furthermore, applying data science to healthcare can result in some astonishing results, including improved diagnostic accuracy, efficiency, disease prediction, and healthcare practices. Given the massive amount of data generated daily, the pharma industry needs advanced analytical tools to make the most of it. That’s where digital transformation comes into the picture.
2. Digital Health Offerings
Digital health is an umbrella term that covers categories like:
- Software as a Medical Device (SaMD)
- AI & ML in software
- Medical device interoperability
- Mobile health (mHealth)
- Health information technology (IT)
- Wearable devices
- Telehealth and telemedicine
- Personalised medicine
Hence, applications for these technologies range from general wellness to complex medical devices. Digital transformation facilitates implementing and integrating these technologies in the pharma industry.
3. AI-enabled drug discovery
For biotech companies, drug development has always been an expensive process filled with guesswork. But over the last decade, Artificial Intelligence has played an integral part in the process of drug discovery. It has helped businesses use big data to identify patient requirements and develop viable drug treatments more efficiently and cost-effectively. Through the application of AI and machine learning, these businesses are expected to create tons of new medicines and a $50 billion market in the coming decade.
4. Tracking product performance
Pharma businesses can benefit immensely from user data collected through fitness apps or their feedback on any particular product. These insights can help businesses enhance the safety and efficiency of their offerings. That way, they can create better and more personalised products and services, build lasting customer relationships, and gain an edge over their competitors. Organisations can also collaborate with any leading pharma marketing company to bring about the pharma digital transformation for their business.
As the digital transformation of the pharma industry has become a reality, businesses need to be agile enough to reach their potential customers. A good starting point can be to understand various aspects of this transformation and get into the depth of it. Moreover, implementing the essential digital marketing strategies can boost their overall growth.
Pharma digital marketing does everything from generating quality leads to boosting overall sales. However, having marketing experts who can guide you in the right direction is just as important. And Amura Marketing Technologies, one of India's leading pharmaceutical marketing companies, can be your greatest ally in this transformation. Amura, through its data-driven MarTech solutions, has helped many leading pharma brands up their digital marketing game and can do the same for your business. So, are you ready to transform your pharma business digitally with Amura? Get in touch with us today!