Forging the links across the value chain
The pace and scale of medical and scientific innovation is transforming the biopharma industry. The need for better patient engagement and experience is spurring new business models. Data generated, captured, analysed and used in real time by innovative medical devices is biopharma’s new currency.
The rise of AI across biopharma
Although there is a high level of innovation in the industry, biopharma companies are facing a
complex and challenging environment due to increased competition and research and development research and development (R&D) cycle times, shorter time in market, expiring patents, declining peak sales, pressure around reimbursement and mounting regulatory scrutiny.
As we have shown in our series of reports on ‘Measuring the return from pharmaceutical innovation’, these factors are contributing to an alarming decline in the projected return on investment that large biopharma companies might expect to achieve from their late-stage pipelines, threatening their long-term futures.
A key differentiator for companies is the extent to which they are able to generate insights and evidence from multiple data sources. Consequently, digital transformation is a strategic imperative.
The Intelligent Biopharma series outlines how artificial
intelligence-enabled technologies will impact the biopharma value chain and accelerate biopharma’s digital transformation.
Digital transformation could provide a lifeline to biopharma research and development (R&D) and help reverse this trend. Digital transformation will also impact beyond research and development (R&D), as companies look to improve their operational performance, productivity, efficiency and cost-effectiveness across the entire biopharma value chain.
Digital transformation will also impact business models, the development of new products and services, and how companies engage with health care professionals, patients and other customers. Ultimately, digital transformation is the next step in the evolution of biopharma companies. Embracing digital transformation will enable biopharma companies to innovate new products and services, engage customers more effectively and execute processes more efficiently.
Global Life Sciences Consulting Lead
UK Life Sciences & Healthcare Lead
UK Centre for Health Solutions