Digital technology is advancing at a rapid pace and it is transforming the healthcare industry, just like the media, retail, and banking industries have already been transformed. Pharma companies are trying hard to catch up to the changes brought about as a result. Being well aware of the potential that digital holds, the industry has started experimenting with a wide range of digital initiatives. But it is hard to determine what initiatives will lead to holistic growth over the next few years.
In this market riddled with disruptive trends, it’s challenging to identify areas of growth that needs to be scaled up and how. In order to gauge what digital success will look like five years from now, you have to identify the areas where digital will drive the most value in the industry. This will help you strategize an effective growth model.
Four Areas of Growth Opportunity
The four main areas where digital intervention is expected to drive growth and future value for pharma companies include:
- Personalized Care
Through the use of sensors and integrated digital services, healthcare professionals would be able to provide tailored, 24/7 treatment & care. Within the next five to seven years, most pharma companies will shift to a digital ecosystem designed to constantly monitor a patient's status and provide feedback. This will help improve health outcomes by tailoring treatments and enable remote monitoring with real-time alerts of when physical intervention is needed.
We will see the rise of products built around this digital ecosystem. Advanced data analytics will help in identifying optimal therapies and predicting how individual patients will respond to a specific treatment.
Digital-engagement solutions have opened up a whole new world of marketing that involves information exchange and engagement for all stakeholders involved. Many patients have already started using portals designed to keep track of their medical records and facilitate communication with their physicians. They are using apps for ordering medication online and also are a part of communities of fellow patients.
Through these engagement solutions, patients can be informed and influenced, physicians and caregivers can be nurtured. Anytime-anywhere virtual care will make patient care much more convenient. All of these interactions, extremely important for pharma companies, need to be realized through advanced digital marketing and engagement capabilities. The future of healthcare is shifting online and pharma companies have to nurture their customers via all available means to ensure effective growth.
- Data-driven Insights
Pharma companies are usually privy to a lot of valuable data. They have to now use advanced analytics to increase their pipeline and commercial value. There still remains a huge opportunity to derive further value from insightful analysis of the data available.
In R&D, digital discovery and advanced component testing will become the norm. Advanced analytics in marketing & sales will help in understanding prescribing behavior and potential patient profiles. By linking and analyzing data from insurance claims, laboratories, clinics, apps, social media and more you can generate real-world evidence about the efficacy of a drug, for guiding reimbursements and aiding clinical practices.
- Real-time Responsiveness
The pharma business processes are about to witness a complete overhaul with a new wave of automation. Cloud and mobile technology paired with next-gen business intelligence will help streamline, automated workflows with end-to-end, real-time transparency on these processes. Thus, a jump in efficiency, responsiveness, and agility of a wide range of complex and cross-functional processes can be expected.
From internal processes to clinical-trial management, there will be a dramatic change with advanced automation. Targeted online recruitment and remote-monitoring technology will reduce manual interventions and help in real-time nurturing of all stakeholders.
Growing as a Pharma Business
If you are a pharma company unsure about how to tread ahead in this seemingly confusing digital journey, focus on the above four key areas of digital success. Try to deliver more personalized patient care, engage more with physicians and patients, use data to identify growth opportunities and transform business processes to enable real-time responsiveness.
You don’t have to achieve maximum efficiency in all the four components, but choose which areas you can improve upon the most. To decide where to concentrate your efforts, you need to develop a growth model and identify the potential effect of each of these areas on your business’s growth. When it comes to crafting effective growth marketing ideas for pharma, you need the pioneer of digital growth marketing in India - Amura. We are one of the top pharma marketing companies in India, specializing in driving growth for your pharma business. By experimenting with multiple viable strategies, we lock in the ones that work best and scale it. This way, your business takes off on the path to growth.
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