Intelligent thinking: the digital revolution
Lu Rahman discusses the digital revolution and the life sciences sector
The digital revolution is everywhere and the life sciences sector is no exception.
The pharmaceutical sector is experiencing significant influence via digital technology. The concept of the market moving ‘beyond the pill’ has been well documented and we are now seeing the way in which digital innovation is impacting positively within pharma in clinical trials, for example.
Key players in the pharmaceutical world are embracing the benefits that digital technology can provide. Recently we learned that Bayer Healthcare has launched the Grants4Apps Accelerator 2015 program in Berlin which will be awarding grants to five digital health start-ups.
The EPM team is also part of the digital revolution with its Let’s Get Digital campaign which aims to support companies looking to take advantage of digital technology to improve the way information is received and analysed. This ultimately impacts on the way in which medication is developed and formulated. The digital revolution is an integral part of the way in which the industry needs to proceed to ensure the future of pharma is as streamlined and competitive as possible.
The effect of the digital revolution also extends to the way in which companies do and increase business. One area often overlooked by many companies is the way they market themselves. Eularis recently released E-VAI, a marketing analytics solution based on artifical intelligence, which is designed to allow pharmaceutical companies to understand and get value from marketing data. The company says it saw the opportunity to bring this type of technology into pharma marketing to reverse the trend of poor marketing and sales results and decreasing budgets.
Using digital technology is crucial within the pharma sector in order to retain competitiveness and a leading edge. The industry is at the forefront in terms of breakthroughs and cutting-edge developments. It is the companies that are using digital innovation to further boost their position in the market, that will steal a march in the coming years. Whether for marketing purposes or clinical trials, digitisation is becoming increasingly crucial for stake holders looking to maintain their lead in a sector where innovation rules.