The pharmaceutical industry is facing numerous challenges in trying to improve the productivity of its R&D investments and prepare itself for the low-margin generics market that is at present seeing fast growth.
Due to the increased pressure on reducing costs and outcomes, all investments ranging from R&D to cost of sales are under scrutiny.
In this scenario, technology has taken centerstage as an enabler for the following:
Regulate: Not only federal compliance, but also recently introduced norms on controlling costs, are being driven through technological intervention
Enable: Innovation in analytics, ERP, and mobility-driven services are increasingly being thought of, as key enablers across the value chain in the pharmaceutical industry
Drive outcomes: Growing focus on personalized medicine and driving outcome through analytics are steadily being utilized to monitor R&D productivity and drive the next-generation of growth
It is in this context that digitization is becoming imperative across the value chain – whether in drug discovery, clinical trials, operations, or distribution. Pharmaceutical firms need to consider digitization not only as a strategic sourcing initiative but also as an initiative to transform different components of their value chain to become more nimble, productive, and profitable.
With an eye towards the future, this viewpoint analyzes the value chain digitization imperatives for the pharmaceutical industry across the following sections:
Unraveling the pharmaceutical conundrum: The challenges faced by the pharmaceutical industry
Value chain digitization: The need for technology and digitization in the pharmaceutical industry value chain
Succeeding in the era of digitization: Imperatives and implications for both the pharmaceutical firms and IT service providers
Note: this report is from 2012. See our most recent R2R research report.
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