The Next Stage of Pharma's Digital Revolution
Senior Industry Leaders Shared Their Insights
This timely webinar presented by the Financial Times in partnership with Infosys, brought together life science leaders and technology experts to examine how pharma companies are embracing digital to deliver real and impactful change in their organisations while overcoming barriers to change. It explored the evolution of digital in pharma, what’s next on the horizon and how the on-going digital transformation will impact and reshape the operational and business models of the industry.
Key Takeaways
Digital Integration
The industry has progressed some way on its digital journey over the last few years, with digital moving from the back office to become a fully integrated part of business. Pharma companies are a ‘dedicated and committed’ to their transformation, with an overwhelming recognition that data and technology will make a difference.
Adaptation
Adopting digital at scale requires changing ways of working, building new capabilities, altering processes and changing mindsets. Too often, digital projects get stuck at pilot stage, and many pharma companies lack capability to innovate independently, and are dependent on high-cost external partners. Being able to measure impact of digital programmes will be needed to unlock budget for digital initiatives.
Human Software
The real transformation in pharma is ‘human software’ rather than computer software. Improving data literacy across is vital to digital success. The ecosystem around pharma is changing, and consideration is needed of what that means for our business and talent.
Health Equity
Issues exist around health equity. Many digital apps today are built by healthy people for healthy people, rather than for those who may suffer most, or have greatest need.
Artificial Intelligence
Artificial intelligence (AI) brings sizeable advantages to pharma, but many primary algorithms still in use today have been in use for decades without significant advances. Quantum leaps in computing power will be needed to resolve some of the biggest scientific challenges, for instance, protein folding. Big tech may have advantages here, and pharma companies will need to decide whether to compete or collaborate, and IP issues will need to be resolved.
Business Structure
How pharma organises and structures the business for digital is also a current issue, and it remains to be seen whether centralised, top-down models, or more federated structures and business models will predominate.
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"An incredibly well-curated event. A great combination of thought-provoking discussions and networking."
Chanelle Duley University of Auckland
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