27th July 2019
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Industry 4.0: Avoiding Digitization and Modernization 'Not an Option'
We believe that digitalization is no longer a choice but an obligation if you want to remain competitive in the market. Some entrepreneurs will argue that their industry is different and that they are not affected by digital transformation, but this is not logical since everything is affected by digital innovation. Innovation and investments in research and development involve radical changes in all business processes. Ignoring the technological changes and failing to adapt to them gives space to those competitors who have already understood that digitization is not a choice or something that can be used partially. Those who do not digitalize will end up being overtaken, left behind and eventually expelled from the market. This new business model is not a simple prediction: it is already a reality.
The next decade promises both tremendous potential and significant disruption for the biopharmaceutical industry, as companies transition their focus from blockbuster products and volume-based models to specialty products and value-based models. Both science and development operations are becoming increasingly more complex, with an average drug development cost of $2.6 billion per product. As development costs and complexities soar, stakeholder (patients, investigators, payers, etc.) expectations continue to evolve at pace, with technology advancements creating the need for a more convenient and personalized approach for products. Fortunately, new digital technologies exist to optimize the clinical development process, and, more broadly, the entire research and development value chain. Research shows that digitalization will be fueling one-third of the growth and an estimated 40 percent of the profitability in the pharmaceutical market by 2020. Research and development executives recognize digital as a primary driver to deliver patient outcomes, and companies that embrace digital report stronger performance across several key R&D capabilities.
To follow shortly
To follow shortly
Ranjith Prayankotveettil, PPD
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