This is a summary of a presentation made by industry experts from Own and Salesforce to representatives from the world’s leading pharma companies. It’s the inside scoop on the data-related challenges headed for pharma in the coming years and the four main drivers of this change. Read on to learn what this means for your company and how global leaders are handling this shift.
Digitalization is fundamentally changing healthcare and every industry associated with it, including pharma. Healthcare providers and stakeholders have moved massive amounts of data to the cloud, and pharma companies all over the world are using technologies, innovations, and digitized data to develop medicines that improve patient outcomes. At the same time, healthcare payers and other pharma customers are demanding more and better data about each medication’s efficacy and its effects on quality of life. Not surprisingly, pharma companies’ concerns about protecting their data are coming to the fore.
This digitalization has major implications for how pharma companies (and life sciences in general) will invest and grow in the coming years. It’s expected that by 2025, life sciences organizations will compete over the delivery of integrated, personalized, outcome-based care.
Let’s take a look at what’s driving this transformation so you can understand how pharma companies might react and keep pace.
Ecosystem Integration
Industry value networks are on the rise. They’re bringing integrated, digital connectivity to the wider healthcare and pharma ecosystem. This is a significant boost to HealthTech companies and technology-enabled services providers who want to streamline and improve healthcare delivery. It supports coordination across the healthcare ecosystem for payers and providers, and also encourages investments in innovative, tech-based newcomers who focus on digitalization.
Pharma companies are increasingly working to co-create care solutions in order to achieve mass customizations (for different types of providers of varying sizes and in different regions). This means they’ll have an increasingly complex portfolio of capabilities, contractual relationships, and KPIs to integrate and monitor, all of which will benefit greatly from ecosystem integration.
Personalization of Care
Individualized solutions are on their way in the coming years. This is thanks to the increasing ability to leverage DNA information and other genome features into precise and personalized medicine. Advanced analytics and predictive modeling are also being used to create tailor-made solutions. Moreover, patients are becoming more active partners in managing their own care, through a range of technologies, tools, and incentives.
Today’s advancements combine new wearables, sensing technologies, data analytics, and machine learning, so that personalized care is potentially available anytime, anywhere. These tailored healthcare therapies, drugs, care solutions, and services rely deeply on data, and are putting data security and privacy protocols in the spotlight.
Tech-Enabled Health
The life science analytics market is expected to double in the next five years, reaching $42 billion. AI and cloud services are being used more and more often to boost life science operating models across R&D, manufacturing, and commercial operations. That’s not surprising given the increase in the digitalization of online assessments, diagnoses, and patient treatments, as well as the proliferation of healthcare technologies to deliver services that move “beyond the pill' — using drugs plus differentiated patient services to deliver better health outcomes.
Outcome-Driven Value
Finally, there’s an increasing emphasis on value creation that’s being driven by payments based on real-world outcomes. Additionally, many life sciences companies are turning to more than descriptive analytics from their products. By offering prescriptive analytics, they can reach into new markets. This capability alone is projected to have a very high CAGR in the next five years. Global leaders are already moving in this direction, which is highly dependent on large amounts of secure data and digitalization.
"A recent HBR study predicts a 36% growth rate in healthcare data over the next 5 years, faster than any other industry."
What This Means For Your Company
As innovation cycles accelerate, pharma companies are growing increasingly reliant on software as well as simulation and automation technologies. These innovations have significantly reduced the cost of experimentation while raising R&D throughput. Today’s leaders are adopting technologies and new partnership models, while remaining focused on speed. It’s a real force for change when coupled with new, globally aligned and coordinated relationships with regulators.
The byproduct of this push to digitalization is the creation of even more data and an increase in data’s overall importance. Complying with emerging and evolving data security, quality, and interoperability standards around patient-generated health data is critical to seamless data sharing among healthcare stakeholders.
To learn more about healthcare data protection, download our ebook below.
Navigating SaaS Healthcare Data Protection and Regulatory Demands
