As technology increases, industries are shifting priorities, as they migrate new tools into usual business operations. The pharma industry is no exception to this concept, and professionals are adapting to a new set of trends taking over this industry.
Hospitals are changing, which means pharmaceutical companies must change as well. If you combine both of these changes together, you get a new model of healthcare systems, that experts believe will be primarily focusing on patients.
“The resulting health care system will focus increasingly on paying for the value rather than the volume of medical care; in other words, it will be a more consumer-facing industry.” PWC reports.
The Patient Comes First
According to PWC, traditional ways of interacting with patients is obsolete and will no longer meet the standards that patients have in the healthcare realm.
Populations will become more targeted, forcing pharma companies to focus on meeting the needs of specific customers, as opposed to an umbrella of patients. With these new focuses, comes the need to be more proactive in their approach to customers, in order to deliver the proper experience.
“This patient-first business model helps establish pharma companies as valued partners of consumers and, by inference, of society at large. In turn, pharma companies that succeed in patient engagement efforts increase their chances of regulatory and commercial success as decisions about approval, prescribing, and marketing of drugs are more closely tied to patient results and needs.” PWC reports.
Showing the value of the pharma’s products and services is a priority for most companies, and this is not going away anytime soon. Instead, how to approach these situations will change. If the company decides to take into account the needs of individual patients, it will also meet the standards and needs of the changing hospital.
This has to do with the way companies are pricing products is among the many things that will change.
“The companies are also reexamining the way they look at the value of their products and their pricing and distribution structures while designing systems that let them communicate more effectively with patients and monitor outcomes.” PWC reports.
Data & Analytics
The pharma industry is at the forefront of digital transformation, as professionals in this field and adapting business strategies and operations around the usage of data and analytics.
Since data has grown so significantly over the years, the way the healthcare industry uses data and analytics in regards to patient care has shifted. Pharma companies have caught on, and are starting to adapt to these trends as well.
“The pharma industry is at the early stages of a fundamental shift in so-called enterprise analytics and advanced data sciences are embedded across the value chain to influence business decision making at all levels.”
Pharma companies can use data and analytics in order to track medication, to see what works and what doesn’t during trial periods. This is the most effective use of data when it comes to this industry, and can really position these companies to deliver effective, reliable drugs to the market. Clinical trials make up most of this industries operations, and using new technology will allow for seamless results.
The Millennium Alliance is pleased to announce that application for our bi-annual Healthcare Payers Transformation Assembly is now open. North America’s most prominent IT and business leaders from the Healthcare Insurance industry will be gathering on December 7-8, 2017, to discuss how to adapt to the industry’s customer-centric makeover.
Limited sponsorship opportunities are available. Download the Healthcare Payers Transformation Assembly Sponsorship Prospectus for more information >>
This is not just another “Healthcare” event. Spaces are reserved for the best in the business. Enquire about attendance here!