Improving clinical benefits are being driven by digital innovation.

The digital revolution has radically reshaped how pharma companies function in portfolio strategy, medication research, direct-to-patient marketing, reimbursement, brand creation, and other critical areas.?

While technology advancements continue to influence and redefine the business daily, the digital revolution in medicine is only a step toward the main objective: patient benefits.?

New technologies and their applications are providing stakeholders with tools to increase efficiency, identify new business possibilities, and, most critically, strengthen connections with patients, practitioners, and payers.

Among the many things artificial intelligence can do is finish complicated and recurring operations quicker and more effectively. With the introduction of implants and wearable medical devices, patients, health professionals, and scientists now have access to a constant data stream that can help pharma companies and professionals truly understand medical conditions, treatment responses, and the variables that contribute to enhanced outcomes.?

When you realize that obtaining a new treatment from concept to market costs an estimated $2.6 billion, the significance of digital innovation and knowledge becomes clear. PhRMA member businesses reported R&D investments in 2017 at a record $71.4 billion. Add to it the expense of promoting new pharmaceuticals, which has risen from $17.7 billion in 1997 to $29.9 billion in 2016.

One common misperception in the health sector is that when a doctor issues a prescription, the patient immediately has it filled.?

Having a patient started on therapy and giving access to a recommended treatment are the initial stages. Then there's adherence, which is especially important with newer treatments like gene therapies, which add intricacy to a treatment plan.?

Going to the heart of the matter?

Given the large quantities of money invested in creating and manufacturing new medications, significant thought and work go into generating distinct value propositions for medicines. Manufacturers are recognizing the benefit that technology may bring in assessing the competitive landscape and planning on how to effectively present their solutions within that ecosystem.

Formularies are still a crucial tool for third-party payers in determining whether they will fund a new medicine or therapy. Traditionally, manufacturers have provided static, typically paper copy, evidence items such as dossiers for formulary review. This technique has prevented manufacturers and third-party payers from working together.?

The feasible solution would be to provide a tailored-fit digital platform where payers can obtain the most up-to-date medical studies and financial brand details for informed decision-making. For manufacturers, the platform may deliver meaningful insights on payers' information and value demands, as well as how their solutions compete economically vs the outcome provided.

Disruption, Disruption

The health industry is on the verge of massive change. The previous system's characteristics - detached pricing from results and incentives for treating illness rather than sustaining health - are no longer viable. Nonetheless, I believe that after decades of financial success, most established sector participants will have to bring-in substantial improvements to their corporate structures. Disruptive innovations to reimagining medicine are the ultimate solution to improve patient's life and quality of life.

References

Strengthening Biopharmaceutical Innovation: The growing role of corporate venture capital. Pharma. Oct. 2018. Retrieved from https://phrma-docs.phrma.org/files/dmfile/PhRMA-CVC-Report.pdf

United States - Security and Exchange Commission. n.d. Retrieved from https://www.sec.gov/Archives/edgar/data/1395064/000119312518350381/d608344d20fr12ba.htm