Download Digital Transformation in Pharma

Digital Transformation in Pharma

Digital Transformation in Pharma

It is not a secret how fast digitalization transforms the world. The changes are immense and unforgiving, and they happen fast whether one’s prepared or not. Digitalization has already changed forever the way people interact with each other, consume news, look for information or educate themselves.

Unfortunately for all stakeholders in healthcare, the pharmaceutical industry is lagging far behind other sectors in terms of digitalization and preparedness. And regulation is not an excuse, as other regulated sectors like banking and insurance are far ahead.

Currently pharma is facing serious challenges. The cost of research and development of a new drug has risen to $ 2.6 billion and is expected to rise exponentially over the next years. That makes the process of inventing a new drug and bringing it to market a tedious one. But R&D costs are only the beginning of a long journey full of underwater rocks. Unsuccessful or delayed clinical trials cost millions and even after that pharma faces price pressures from payors, requests for transparent and accessible information on conditions, drugs and treatments from patients, as well as fiercer competition, eating market shares and driving prices even further down.

While all these arguments may sound harsh the reality is even harsher. The current state in the industry is, as the CEO of Silicon Valley Data Science Sanjay Mathur puts it “Change and survive or be acquired”3 But change in what direction?

Certainly, a lot of solutions for the digital era of healthcare are already available. There are apps, devices and services for patients; digital platforms and networks for HCPs; CRMs, marketing and clinical trial solutions for pharma.

What can jumpstart the system of healthcare is a safe and secure medium, in which all participants and stakeholders have their own space, but also interact in a fast, convenient, secure and professional environment. Because only when the stakeholders digitalize their activities together and not individually can they fulfill their potential and this synergy will introduce us to the healthcare of tomorrow. This medium we call CredoWeb. A place where digitalization meets healthcare. For us digitalization means much more than the individual efforts it means first and foremost collaboration and communication.