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.
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.
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.
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