Due to its highly regulated, high-risk environment, the pharmaceutical industry has traditionally been slow to adopt new technologies. A conservative approach to technology implementation means that pharma companies may be missing out on the advantages digital technologies offer and have lagged behind other industries in creating rich customer experiences; however, the Covid-19 pandemic significantly accelerated digital transformation throughout the industry.
The latest healthcare technologies promise to transform the development and delivery of innovative pharmaceutical therapies and elevate the experience for patients and providers. Digital transformation is “the process of using digital technologies to create new – or modify existing – business processes, culture, and customer experiences to meet changing business and market requirements.” Here are four of the biggest health technology trends shaping pharma's future.
From employee on-boarding and clinical-trial management to launch monitoring and sales operations planning, automated processes streamline workflows for pharmaceutical companies, saving them valuable time and money. Automated processes can also improve the patient experience in ways such as identifying all drug financial assistance programs for which patients are eligible and helping them successfully initiate and stay on therapy.
According to the 2021 CAQH Index, automation has reduced the annual cost of healthcare administrative transactions, such as eligibility and benefit authorizations and prior authorizations, by $166 billion. And there’s a huge opportunity to save an additional $20 billion simply by transitioning fully to electronic transactions.
Advanced analytics, which also includes artificial intelligence (AI), machine learning, deep learning, and natural language processing, helps companies draw insights from their vast data to make more informed and strategic decisions.
A recent report forecasts that the global healthcare analytics market is expected to grow at an annual rate of 28.8%, reaching $93.3 billion by 2027. The report attributes the rapid expansion to “the development of advanced analytical solutions tailored to the specific needs of healthcare organizations and facilities providing financial, operational, clinical, and administrative services.”
Pharma companies sit on a wealth of data. With advanced analytics, they can make use of real-world data to analyze medication adherence rates, clinical outcomes, social determinants of health (SDOH), and cost savings that can inform how they respond to a rapidly evolving patient experience. This can empower pharma companies to employ personalized, data-driven interventions to drive medication adherence and demonstrate value to payers among other use cases.
According to a recent report from Gartner, digital life science platforms will be mainstream within five to ten years, which will enable companies to “nimbly adapt their business and operating models in response to external disruption and change in business strategy.”
A digital platform handles end-to-end business processes to optimize operations and improve the experience for both internal and external stakeholders. Ideally, it enables a data-driven ecosystem that cuts across organizational information silos and technology investments.
In addition to enhancing patient engagement, digital platforms can help pharmaceutical companies:
- Strengthen commercial and marketing operations
- Deliver the experiences patients expect and demand
- Optimize distribution and drug fulfillment channels
Biosensors and wearable devices
Driven by technological advances in mobile devices, remote patient monitoring, and disease detection and diagnosis, the global wearable biosensors market is expected to surpass $49 billion by 2027. The potential of wearable technologies to collect real-world data, enable personalized care, and improve patient outcomes presents significant opportunities for the pharmaceutical industry.
McKinsey & Company gives an excellent example of how a digitally enabled approach to patient care using biosensor technologies may “improve outcomes to the extent that they could become a condition of reimbursement, particularly for expensive specialty drugs”:
“A care plan for a Parkinson's patient might include a medication regimen with "chip on a pill" technology to monitor drug taking along with a smartwatch that monitors the patient's condition, sends him or her reminders to adhere to the prescribed treatment, and sends the neurologist compliance and health-status reports. The neurologist can then coach patients on lifestyle changes or even customize therapy remotely.”
Are you ready for the future?
Automated and secure data systems with next-generation analytics are vital to capitalizing on opportunities in healthcare. To ensure the commercial success of their life saving therapies, life sciences organizations would be wise to consider partnerships with technology vendors that can help them enhance their use of data to elevate the patient experience and drive overall brand value.
As an end-to-end commercialization partner, Phil delivers a digital platform that streamlines medication access and adherence while providing an integrated approach to data analytics across the prescription journey. Get in touch today to discover how you can drive market access with deeper data insights.