With the help of disruptive innovations and technologies, digital transformation is shaping our economy, and the pharmaceutical sector is no exception. While the world is still fighting the COVID-19 pandemic, pharmaceutical companies are looking for new ways to cater to the needs of patients, provide significant gains to the stakeholders and keep up with the latest digital transformation trends so they can sustain today’s ever-changing environment.
This article will discuss the top four trends in pharmaceutical companies for the year 2021. We’ll see how various cutting-edge technologies are impacting the pharmaceutical sector and driving its growth.
Trend #1: Patient Empowerment
Because of the entire digital paradigm and the power of the Internet, the barriers between patients and healthcare providers are faint. When patients end up making a self-diagnosis, it is often wrong and leads to the loss of influence of healthcare providers over their patients. This impacts the pharmaceutical sector directly.
To prevent this from happening, the industry is now adopting a patient-first business model. Companies are investing in new communication techniques to engage patients in making decisions based on their needs. Since hospitals are currently overwhelmed by COVID-19 cases, many healthcare providers conduct medical visits remotely to avoid spreading the disease.
To empower patients further, leading companies in the pharmaceutical sector have developed gamified mobile applications so healthcare professionals can send them all the information regarding diagnosis and treatment in a personalized way. Within these apps, patients can find informative content about their treatment and possible side effects. In addition, healthcare providers can also monitor their patients’ progress by reviewing their answers.
Trend #2: Artificial Intelligence
Artificial Intelligence (AI) is one of the most popular digital transformation trends for 2021. With AI, pharmaceutical companies and healthcare providers can harness real-time data to deliver highly targeted patient content. AI allows pharmaceutical companies to develop strong relationships with their customers by engaging with them better.
For example, a series of questions in automated chat conversations with patients allows pharma companies to identify customer needs. This helps sort data into individual patient personas, each with its unique use cases. A document scanning solution, such as Smooth Solutions, can come in handy to sort patient data so healthcare providers can keep track of their cases and monitor their progress.
According to a recent report published by Forrester, only 15% of companies are exploring the world of AI to enhance customer experience effectively. In pharmaceutical marketing, the presence of AI is very minimal, but once it is put in use, AI can ensure better optimization and complete control over marketing.
Trend #3: Telehealth and Online Patient Care
The rise of telehealth and online patient care is one of the latest trends in the pharmaceutical sector. People are turning more and more to their mobiles for help, and hence, online care has become a game-changing aspect of the sector.
Due to COVID-19, healthcare providers worldwide have shifted to telehealth platforms through phones, apps, or websites. These telehealth platforms offer patient care and have created several opportunities for pharmaceutical companies to explore other digital mediums. According to research conducted by the Future of Work 2020 IPA and BCG, over 70% of healthcare providers are interested in pharmaceutical companies using digital mediums.
Telehealth companies with doctor referral platforms are using emerging technologies like machine learning, voice response, and document management solutions as the key technologies to make it convenient for healthcare providers to provide on-demand care for patients suffering from diseases or disorders that match their expertise and schedules.
Trend #4: Connected Virtual Monitoring in Patients
Digital transformation in the pharmaceutical sector has also led to the development of connected devices like wearables. These devices help with self-monitoring and do not require the assistance of healthcare providers. Patients can get all the necessary equipment at their homes for a much affordable cost so they can monitor their conditions and progress.
With wearables, the device readings are transmitted to healthcare providers so they can review and analyze them. With the help of AI and the Internet, expert doctors review the readings before providing actual prescriptions. What this does is that it empowers both patients and healthcare providers, allowing them to be connected virtually on a self-monitoring healthcare platform.
Technologies like AI and document management systems like Smooth Solutions play a vital role in enhancing the growth and efficiency of many sectors, including the pharmaceutical industry. The pharmaceutical industry has received many benefits by adopting disruptive and innovative technologies during the COVID-19 era, such as improved value propositions and better patient care and support.