Virtually every pharmaceutical company recognizes the importance of digital technology to its business and has digital and analytics initiatives underway.
Many firms now appoint dedicated chief digital and technology officers (CDTOs), experienced in leading such transformations, to head up their efforts. Leading players are incorporating digital and analytics into early-stage drug discovery and clinical development to shrink timelines and improve the probability of success. Many have also begun to reinvent their interactions with healthcare providers and patients, using technology to enhance and tailor experiences that achieve better treatment outcomes.
Still, as observed in McKinsey’s 2022 review of the industry, pharmaceutical companies have only scratched the surface. Siloed use cases and impact stories abound, but investments have rarely led to profound organizational changes. Few have yet succeeded in deeply embedding digital and analytics throughout their organizations. Executives are growing frustrated by the lack of broader, transformational impact.
There is a way forward. McKinsey has examined companies that have successfully scaled their digital and analytics pilots into large-scale delivery and transformation with substantial bottom-line impact. Their analysis suggests five proven actions pharmaceutical CEOs and CDTOs can take to advance from small-scale experimentation to industrialization of digital and analytics in the next 12 to 18 months.
Their 5 suggested actions are:
- Rethink operating models and reorient around outcomes
- Dive into DataOps to drive innovation
- Industrialize AI with MLOps
- Rapidly transform talent strategies
- Define a digital health strategy
Enter the full article in order to delve into these 5 suggested actions.
