Digital Transformation in Pharma

Digital Transformation in Pharma – No more a choice, it is a mandate!

 

Highlights

  • Digitalization is required in today’s pharmaceutical industry.
  • Manufacturing digitalization is required for operating performance, advancement, and reliability.
  • To be successful with digitalization, both opportunities and challenges must be prioritized.

The buzzword these days is “digitalization”. It pervades every aspect of our lives. How can the pharmaceutical industry be unaffected by it? In fact, because it is a technologically driven industry, it benefits the most from digital transformation.

Digital time travel 

The barriers between the physical and virtual worlds are more blurred than ever before, and the future of the internet and technology suggests that these lines will continue to blur. Digital transformation is not a one-time event; it is a cultural shift that requires organisations to embrace continuous trial and error as well as adaptation to the competitive dynamics.

As the transition of perceptions from physical to digital space accelerates, many pharmaceutical companies have already begun their digital transformation. Patients are demanding more from pharmaceutical companies every day, and traffic to their websites is at an all-time high. The future is becoming more digital. Leading pharmaceutical companies will be the ones to adapt.

Leveraging the advantage of digital transformation allows your firm to provide easy access to information, and more personalized services, and demonstrate your distinct value in comparison to competitors.

Why is digital transformation necessary in the pharmaceutical industry?

In the pharmaceutical industry, we are in the midst of a revolution—a digital change.

Pharmaceutical companies are working very hard to stay up with the digital technology revolution. The pharma sector is being transformed by advances such as mobile communications, cloud computing, advanced analytics, digital marketing, and the Internet of Things.

Pharma executives are quite well aware of digital changes’ potential implications and are experimenting with a variety of digital initiatives. Many people are having trouble deciding what actions to scale up and how to do so since they are unsure what digital success will look like in the future.

The sooner you implement a digital transition, the better! Future generations, who will be accustomed to everything being digitized, will have a better chance of being catered to.

Why is ignoring digital change so difficult?

In the aftermath of digitization, the old product-oriented business model is being challenged by patent expirations, increased customer demand, greater competition, and rising pricing pressures. Digital transformation is now shaping sectors as digital services beyond the product are integrated into the spectrum of offerings.

“We cannot solve our problems with the same mindset we used to create them,” Albert Einstein once correctly stated, and this is true when we are embarking on the digital transformation journey.

The Pharmaceutical Industry 4.0 will contribute to entirely automated technologies in the future and may assist in enhanced manufacturing, such as personalized medication, additive manufacturing, localized 3D printing of therapies, and so on.

How significant is the transformational challenge?

Murphy’s Fourth theory asserts that “if there is a probability of several things going wrong, the one that will inflict the most damage will go wrong.”

There will be hurdles in managing new projects as a result of digitalization, as well as in keeping employees on board with new propositions. There will be a need to implement change, keep them informed about future initiatives, and motivate them to provide their best effort.

Flexibility is not synonymous with digitalization. It might be as simple as replacing a paper book at a visual inspection workstation with a tablet. Any individual would use the tablet to enter their inspection results into the enterprise resource planning system instead of writing them down in a paper book. It could also be a more difficult method, such as digitizing formerly paper-based operations and incorporating them into the new software.

Being a digital professional is no more a choice; it’s a mandate!

We are on the verge of a future in which digital technologies use a virtual interface to bridge the gap between two real worlds. The pharmaceutical industry, where the worlds of patients and healthcare providers collide, is undergoing digital change thanks to these digital tools and technologies.

Digital advances can aid in improving efficiency, providing better patient care, ensuring cost-effectiveness and transparency, and speeding up drug development.

From a business standpoint, digital transformation trends can benefit the pharmaceutical industry in accelerating operations and making data-driven decisions. The pharmaceutical sector can be transformed in a multitude of ways thanks to the digital revolution.

Why is it so important to you as a pharma professional?

Today, topics like SEO, Web security, Microsite, QR Code, Omnichannel marketing, etc. may look very different to you but soon this all will become part and parcel of your daily work environment. Do not be surprised if you will be asked digital questions in your next promotion interview.

PharmaState Academy has designed a Digital Tech In Pharma Series (D-TIPS) – Learning Path, where the intention is to make pharma professionals aware of digital & its practical implication in pharma. To register for the complete learning series, View Details Here >

References:

https://iide.co/blog/digital-transformation-in-pharma-industry/

https://www.mobiquity.com/insights/digital-transformation-pharma

https://research.aimultiple.com/digital-transformation-pharma/

https://www.sciencedirect.com/science/article/pii/S2590156721000244

https://www.researchgate.net/publication/305488279_Digital_Transformation_in_the_Pharmaceutical_Industry_-_From_Products_to_Services_’Beyond_the_Pill

https://www.avenga.com/magazine/digital-transformation-pharmaceutical-industry/

https://www.powershow.com/view0/90648e-NDljY/Pharma_Digital_Strategies_7_Ways_Digital_Transformation_is_changing_the_Pharmaceutical_industry_powerpoint_ppt_presentation

Written by: PharmaState Academy Editorial Team.