Clarkston’s 2018 Pharmaceutical Trends Report Referenced in Express Pharma
October 31, 2018
A TECH”TONIC” SHIFT
Wide-ranging factors like rising R&D costs to pricing pressures, and increasing regulatory burden to tax reforms in different countries have created an irrefutably perplexing innovation and commercial environment for pharma companies. Hence, they are increasingly looking at automation and digital technologies to reimagine their current strategies across the value chain.
As Amitabh Mishra, Chief Information Officer and Chief Digital Officer, Emcure Pharmaceuticals informs, “Group business leaders in pharma are realising the following: first, digital is a crucial business need in order to obtain a competitive advantage. Second, digital challenges status quo and enables a paradigm shift. The result of all this is that digital (and, by extension, automation, which is a subset of digital) asks the tough questions on major business processes, and in some cases, even redefines the business model itself. Pharma leaders are waking up to these truths, and committing large budgets to automation and digital. And they are open to accommodating changes to major processes as a part of the technology push.”
Ram Yeleswarapu, President and CEO, TAKE Solutions also points out, “Companies that have a deep domain understanding, a holistic top down process understanding and a bottom up operational understanding are ready to evolve and meet the changing needs of the industry which will define the next generation of blockbuster solutions for these sectors. While late to get off the blocks, the pharma industry is rapidly advancing automation and digitalisation across the board.”
So, let’s take a look at a few key aspects of the pharma industry wherein rapid adoption of these disruptive technologies are bringing in new approaches and outcomes.
Enhancing value creation
A report, ‘2018 Pharmaceutical and Life Sciences Trends’, from Clarkston Consulting points out, “As stakeholders in the healthcare value chain consolidate, align, and integrate for increased leverage and purchasing power, the life sciences industry will be further pressured to demonstrate the differentiated value they offer to patients, caregivers, and other partners in the healthcare landscape.”
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