The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global pharmaceutical industry spends a significant amount of revenue on research and development (R&D) activities that are failing to deliver projected returns. A recent survey undertaken to build this research report, has revealed that digital transformation with Artificial Intelligence (AI) at the forefront is seen as a major step forward towards enhancing R&D productivity and effectiveness.
48% of surveyed pharma professionals believe that R&D will see the most benefit from digital transformation, as compared to other activities. The survey also showed that AI (39%) and Big Data (23%) are expected to disrupt and transform the pharma sector the most over the next two years. According to survey results, these two technologies will also continue to dominate as investment targets in the near future.
Efficient and effective R&D is critical to a long-term success of any pharmaceutical company and therefore is under constant pressure to improve its productivity. Drug development is a very expensive and time consuming process followed by high risks and an uncertain success rate. The data obtained from the recent survey just confirms that pharma seeks for solutions and in fact sees digital transformation as one of the ways to control skyrocketing R&D costs.
The pharmaceutical industry is facing multiple pressures coming from competitors, regulators, healthcare systems and consumers who want to impose greater transparency, accountability and price control. At the same time, pharma companies must satisfy investors who expect profit growth. The need to optimize return on investment is forcing pharma to rethink its strategies, adopt innovations, and chose technology providers to collaborate with.
There have been numerous discussions around AI’s power to disrupt the pharma sector, and a lot of buzz around when and who will successfully commercialize the first AI generated drug. However, the reality is that the adoption of AI in pharma is still in quite early stages - meaning that will take time for AI to produce tangible outcomes due to trial and error experimentation that comes with it. While no AI generated drugs have reached the market yet, AI application have been successful in fields such as diagnostic imaging and radiotherapy which is already a big step ahead. AI will eventually find its position in pharma’s value chain and strengthen the R&D, the question is how, when and at what cost?
Majority of technology implementation leaders named cybersecurity, cloud computing, big data and blockchain as the main areas of investment which suggests that IT and businesses strategies are not well aligned. While pharma executives may see digital transformation as a way to optimize R&D, it seems that technology leaders tend to prioritize infrastructural development. This lack of coordination within organization can prove to be costly and slow down the innovation process as it may push the businesses to different directions.
The report “Digital Transformations and Emerging Technologies in the Healthcare Industry - 2019” provides an assessment on how the digital transformation is impacting healthcare industry and how it is expected to affect the sector in the near future.
- Digital transformation generally refers to the utilization of emerging technologies to solve traditional problems. Instead of simply supporting traditional methods, digital transformation has the ability to lead to innovation in a business setting. The integration of a new technology across all business areas results in fundamental changes to its operations.
- This report provides an assessment on how the digital transformation is impacting healthcare industry and how it is expected to affect the sector in the near future.
Reasons To Buy
- Stay up to date on the scope, challenges, and essentials for the digital transformation within the healthcare industry.
- Explore how innovations are transforming the healthcare industry and what impact on the sector these technologies will have in the near future.
- Develop and design your corporate strategies through an in-house expert analysis of the key factors of digital transformation and emerging technology in the healthcare sector.
- Develop business strategies by understanding the key factors of digital transformation and emerging technology in the healthcare sector.
- Identify emerging industry trends in the uptake of emerging technologies to gain a competitive advantage.