IMD and Capgemini Consulting research unveils new opportunities and challenges for Pharmaceutical companies
Digital Patient Engagement is transforming the healthcare landscape
- A new report - Digital Patient Engagement: Insights for the Pharmaceutical Industry – published by the IMD Global Center for Digital Business Transformation and Capgemini Consulting presents an analysis of the current state of digital patient engagement
- Recommendations provided on how Pharmaceutical companies can overcome barriers and build successful digital patient engagement strategies to thrive in the digital age
- Read the report here (PDF)
IMD Global Center for Digital Business Transformation, in collaboration with Capgemini Consulting, released today a report entitled Digital Patient Engagement: Insights for the Pharmaceutical Industry.
In today’s world there are two paths: navigating towards a digital future or being engulfed by exponential competitive change.
This report highlights that many Pharmaceutical companies are unprepared for digital disruptions. Based on interviews with 30 business executives, the report finds that traditional pharmaceutical companies are taking a cautious approach to patient engagement. While non-traditional players, like the technology giants and new patient advocacy groups, are launching the most innovative patient engagement initiatives.
The pharmaceutical industry is being pressured to change. Yet, according to IMD data, only 20% of healthcare executives consider digital disruption to be already occurring. And 40% of pharmaceutical and healthcare executives foresee digital disruption impacting their industry in the next 3 years. Executives predict that 30% of today’s top pharmaceutical companies will be in danger of disappearing in the next 5 years.
Pharmaceutical companies that adopt the right digital patient engagement strategy stand to win big by leveraging patient generated health data to gain insights into patient experience, improve R&D and become the source of best practices for players in the industry.
“The pharmaceutical industry has been generally slow to react to digital disruption. Patient engagement is one area that is seeing rapid and dramatic change, mostly driven from players from outside the industry. The report defines and describes digital patient engagement and delves into the opportunities and challenges for pharmaceutical companies” said Michael Wade, Professor of Innovation and Strategy at IMD and holds the Cisco Chair in Digital Business Transformation.
Patients are becoming more knowledgeable and empowered about their own health options. They are demanding more control over their healthcare and want personalized health solutions, home-based care, and less invasive treatments.
“Digital Patient Engagement will play a major role in the future of healthcare and I believe that pharmaceutical companies can bring additional value to the healthcare ecosystem and help define the future” said Damien Vossion, Vice President leading Life Sciences & Pharmaceutical Practice at Capgemini Consulting, France.
Equipped with best practices and successful strategies, Pharmaceutical companies can use this knowledge to their own advantage and stay ahead of competition. Digital Patient Engagement will be a key enabler for long term success in this industry.