The time has come to unlock the potential of digital tools in pharma
Despite the ongoing trend in digital tech across the board, pharma is still lagging behind in unlocking the potential of these useful tools…
As we learned in early March from research by Accenture, there may be potentially billions of pounds that could be unlocked by pharmaceutical companies through harnessing digital technologies, yet many companies are not taking advantage of new technologies and the potential they hold.
“Most pharmaceutical companies we work with recognise that digital technologies can drive transformation and growth, but many aren’t yet realising this potential,” said Yen-Sze Soon, managing director at Accenture.
There are several ways that companies could employ digital technologies to transform the sector, according to the analysis from Accenture. Not only could it be used to tackle productivity challenges but it could also support patients in an integrated way through the use of wearable technologies and can back up personalised medicine through additive manufacturing, for example.
Other research commissioned by DHL looking at the impact of digitalisation on the supply chain found that most companies are not fully capitalising on this revolution. This research revealed that even though many companies are testing the water with new technologies this uptake is still slow.
“There is no doubt that digitalisation is having an incredible impact on supply chains and operations across the globe and is here to stay,” explained Lisa Harrington, president, lharrington group LLC, who created the report. “Companies are faced with many options as new products and applications enter the market and gain acceptance in the industry. Having a purposeful strategy for supply chain digitalisation is now essential to assess the new technological landscape and chart a way forward to reap the benefits and stay ahead of the competition.”
Yet, there are some companies that are taking advantage of the potential of digital solutions. Novartis and Pear Therapeutics, for example, have joined forces to develop digital therapeutics for patients with multiple sclerosis (MS) and schizophrenia. This solution will be used in conjunction with medication in the treatment of patients, providing real-time patient monitoring and support through a patient facing smartphone app and clinician-facing web interface.
“Psychiatric and neurodegenerative diseases place a heavy physical, mental and economic burden on patients and their families,” said Dr Jay Bradner, president of the Novartis Institutes for Biomedical Research. “With widespread adoption of digital devices, prescription digital therapeutics could potentially play an important role in future treatment models for a range of diseases with high unmet medical need.”
In another collaborative effort, Phillips-Medisize is working with Dance Biopharm to develop a connected version of the Dance 501 inhaler. “Advancements in drug delivery device technology have created new ways to administer drugs, thereby improving reliability and therapy adherence,” explained Bill Welch, chief technology officer, Phillips-Medisize.
However, most of these companies that are making headway in the digital space all agree that it isn’t a case of simply looking at the digital transformation in a linear fashion but more as an overall approach in which each individual component is carefully thought about — in other words ‘smart’ thinking — and as ever making sure the patient and his/her experiences are thought about is vital too.
“The solution is what we call Industry X.0, an action plan for embracing and profiting from technological change. More than just transforming into digital businesses, pharma companies must look at how they reinvent operating models, production and value chains,” added Soon.
In the following Digital Health Supplement section we will address the potential of digital solutions, the challenges they pose and how pharma can flourish in the transition to digital.