Digital Transformation in Pharma

Written by Troy Woolery

"Digital technologies are rapidly changing how patients engage with pharma and purchase therapeutics. Even before the COVID-19 crisis, the sector was experiencing immense change. The global online pharmaceutical market is estimated to be worth 128 billion by 2023, growing 341% since 2014." 
Statista, Global Online Pharmacy report 

The pharmaceutical industry has experienced tremendous growth in recent years, and projects to continue acceleration of growth in digital capabilities. Digital transformation is essential to respond to the acceleration of consumer trends and future-proof organizations from disruption. 

Now more than ever, digital transformation is essential to pharma companies, as changes in consumer behaviors are causing a change in strategic thinking.  A recent Deloitte study on the future of health showed that 80% of respondents chose changes in consumer attitudes and behavior as an issue that will have the greatest impact on their company. 

To address the changes in consumer attitudes, pharma companies are investing in three key areas: 

Research and development (R&D), expanding global market footprint, and transformation of functions using digital and information technology. 

The increase in spending on digital investments will provide several dividends for pharma companies, including:  

• Gaining insights into executive business strategies 
• Improving efficiencies in research and development processes 
• Increased responsiveness to demand for products 
• Better consumer and patient engagement 
• Reduce costs 
• Improve safety 

Within our Managed Services division at Vaco, our expertise in both digital and data position us a trusted partner to our clients, who not only look for our strategic guidance but also the functional execution needed for the strategic and operational support to scale digital initiatives within Pharm client goals, including: 

• Digital platform strategy and capabilities focusing on people, processes, and delivery culture: 
• Building internal teams and resources 
• Working with our clients to accurately scope body of work at scale 
• Partnering with our clients on execution strategies 
• Marketing automation to manage tasks, personalized messaging, precisely target consumers, and scale-up campaigns across multiple channels 
• Modern data platform to help manage the execution (both strategic and operational) for a wide array of end users (customers, clients, platform at scale)

Recommended literature/articles for further reading

Vaco Digital Insights: https://www.vaco.com/insights-spotlights/webinars/process-the-unsung-hero-of-digital-transformation/

Deloitte Insights: Biopharma leaders prioritize R&D, technical transformation, and global market presence 

The Keenfolks: How Can Digital Transformation Reshape the Pharmaceutical Industry?

Vaco Contact Information

Vaco Managed Services, please visit here 

Digital transformation capabilities, please contact Troy Woolery at twoolery@vaco.com 

Cloud and data modernization capabilities, please contact Brian Henn at bhenn@vaco.com