- 1 Need for Digital Transformation in Pharma Industry
Need for Digital Transformation in Pharma Industry
Pharmaceutical companies are trying very hard to keep up with the revolution brought about by digital technology. Mobile communications, the cloud, advanced analytics, Digital Marketing, and the Internet of Things are among the innovations that are beginning to transform the healthcare industry.
Pharma executives are well aware of the disruptive potential of digital transformations and are experimenting with a wide range of digital initiatives. Many find it challenging to decide what actions to scale up and how, as they are still unclear what digital success will look like in the future.
We are in the middle of a revolution- A digital transformation in the pharma world. The pharmaceutical sector in India is expected to grow at a CAGR of 22.4 per cent from 2015 to 2020 to reach US$ 55 billion. To align with this growth, pharmaceuticals executives require ways to improve efficiency, uncover new business opportunities, and build better relationships with patients and prescribers. It will not be possible without a digital transformation.
Importance of Digital Transformation in Pharma Industry
Digital transformation can fundamentally change the way pharmaceutical companies do business. Going forward, better growth in domestic sales would depend on the ability of companies to adapt to digital marketing.
1. Reach potential customers in spite of governmental restrictions.
Being a regulated industry, pharma faces a lot of complexity and regulations in terms of advertising and marketing. If a proper digital strategy is worked upon, your company can reach out to the right target audience, while keeping within the framework of the law.
2. Satisfy the information requirement of customers
Pharmaceutical companies are no longer the sole provider of information about how their products work in the long-term. Recent digital transformation trends provide both patients and companies with unparalleled access to information surrounding the impact of a healthcare strategy or medical product, and how it may impact their overall well-being and daily life.
Although healthcare professionals will continue to be an essential part between the pharma industry and patients, digital trends are showing that an increasing amount of patients are looking online for medical information about products and treatments. If you have a great digital marketing strategy in place, your company can ensure that the correct information about your drugs, products, or services reaches the poeple.
3. Understanding customer requirements better
Digitization gives a pharma company the ability to know the customer requirements better. Tracking online forums, and analyzing data from the health apps, helps to get good feedback as to what people need. These insights will help you create products that people need and market them to the right target audience.
4. Understanding how the product is performing
Tracking online user feedback and data from fitness apps provides a pharma company with actionable insights about the safety and efficacy of their medicine. It will ensure that both new and old pharmaceutical companies stay the primary source of authority on the performance of their product.
Although in the last years the pharma industry has been slow to adapt to the digital transformation, there is a great need for it to speed up because now it spans across the entire pharma value chain — sales, marketing, digital, business, IT and extends to patients, HCPs and distributors. In focus
Are the many existing opportunities for improving performance by better connecting digitally with patients. Make sure you ride this digital wave successfully. Usher digital transformation in your company today.