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Why Digital Transformation is the Key to Building the Future of Life Sciences

Digital transformation is no more a mere catchword - it has become a strategic imperative. Life sciences organizations should utilize their best benefits to drive an enterprise-wide digital transformation for their business and customer engagement.

As a result, this undeniable trend - increased connectivity across the globe and personalization at the individual level. This refers to the usage of digital technologies such as telemedicine, virtual conferences, and remote equipment that enable us with a plethora of information sources. The life sciences industry has much to gain from digital transformation and solutions and could take advantage of lessons learned from other industries.

This blog will take a quick look at the landscape of digital transformation in life sciences, highlighting a range of perspectives.

Digital Transformation 2021: A Life Sciences Perspective

Currently, the life sciences industry is at a tipping point. Companies know that digitally-enabled organizations are creating the future of health and wellness. However, many approach digital transformation without a holistic business transformation lens. Since 2020, a confluence of events has reshaped the life sciences industry by elevating and accelerating digital plays for the future of digital health. Enterprises that know these impacts are also aware of the change they need to adopt digital transformation in life sciences.

In today's increasingly digital health care world, a mere scattershot approach won't work wonders. Because enterprise digital transformations aren't a fad; rather, they are a competitive edge to magnify the chance of success in a digital health ecosystem. Organizations need to grasp this to move at speed and have an advantage over those who engage with random acts of digital.

Top Four Benefits of Digital Transformation in Life Sciences

If the impact of digital transformation wasn't prominent before, the last year was a wake-up call for its significance, both in innovation and navigating the unknown. The advantages of a complete digital transformation are longer-lasting, and they will create the way for new capabilities that will essentially bring a shift for the industry.

Digital Ecosystems

The industry is experiencing challenges like never before. A vast number of touchpoints and sources make the entire experience complex. When it comes to digital transformation in life sciences, having a digital ecosystem helps here as it creates a repository of all the data. This ensures only one source is present to enable valuable decision-making across the organization.

Developing a viable and lasting digital ecosystem means having sustainable aspects. Some of the examples that are outside the health care industry are -

  • Apple's digital ecosystem has incredible user retention along with excellent brand loyalty among consumers

  • BMW has maximized its very first data management, enabling users to avail a superior range of privacy and security.

An ideal life sciences digital ecosystem can help in every step of the patient's journey, such as -

  • Providing drug treatment for people and overall, a better quality of life for utterly affected

  • Precise and accurate diagnosis for early-stage patients

  • Offering better awareness, sustainable health conditions, and predictions for patient care when at a preclinical stage and unsure of the disease

Digital Twin

Digital Twin is one of the increasingly compelling benefits of digital transformation in life sciences. Constructing a digital twin means having a full replica of a real-life process, instrument, or structure. Organizations such as NASA, GE, and Boeing have utilized this concept for years to model engine operations and predict their function and service needs over time. For the life sciences industry, digital twins improve patient outcomes while decreasing the operating margins. It can also help in strategic planning and immersive digital replicas of patients.

As indicated above, the digital twin is a process assistant having online and real-time access to data. This includes all historical information and current process conditions. Now the digital twin can be utilized to create simulations based on all the feasible, effective models often based on Bayesian analysis. But how can it save pharmaceutical and healthcare manufacturers? Well, digital twins can help in saving millions in expenditures across multiple aspects of the manufacturing process and reducing the quantity of needed process performance qualifications to setting a dynamic control strategy.

Take Atos as an example of how digital twins can help in process optimization and drug development. Atos is a digital transformation consultancy based in Bezons, France. In collaboration with Siemens, the engineering firm Atos launched a project last year. This project was meant to help the pharmaceutical industry improve production through innovative solutions based on digital twin. This project focused on developing a digital replica of the entire pharmaceutical manufacturing process. The involved technological facets are the artificial intelligence, advanced analytics, and Internet of Things (IoT). Each element was put together to deliver better flexibility and efficiency across the production of several pharmaceutical products.

Digital Experience

Customers' digital experience has become 'en vogue' for the life sciences industry– with good reason. As technology evolves and creates better opportunities to serve patients, the possibilities are becoming endless. In addition, a solid digital experience can deliver more targeted and valuable customer insights to your organization.

It is necessary to accomplish the other increased revenue and innovation goals for pharmaceutical and med-tech companies. With strict restrictions on face-to-face meetings since last year, digital experience has become one of the few ways to connect with customers. This made it possible to emphasize CX, which accelerated majorly via virtual trials and telemedicine.

Pharma and med-tech companies must think in grander terms about these different experiences since patients feel about their experience more broadly too. Expanding CX can bring new business opportunities for pharma and med-tech companies. For example, if your company is selling a hip or knee implant to hospitals, think beyond just selling, such as having a digital experience by showcasing the surgeon walkthrough of how to complete the procedure.

Intelligent Automation

Intelligent Automation can automate and optimize end-to-end processes, resulting in reduced costs, improved performance, better productivity, and business agility. The perfect synergy of AI and machine learning, content services and digital process automation can be a game-changer.

There are several automation opportunities available across life sciences, pharmaceutical, and medical device businesses. Additional intelligence, predictive trend analysis, and process automation can help deliver medicines and devices quicker to the market. Intelligent Automation can also integrate data and extract information from several documents to optimize and speed up the process of regulatory documentation, patient monitoring, and participant recruiting.

To make communications and processes more agile, intelligent Automation can be of great help. For example, businesses can receive tracking information on the supply and distribution of critical medicines from raw material to development to distribution, improving overall deployment. In addition, life sciences and med-tech companies can create robust human connections with IA by supporting the patient care centers. For instance, chat bots can tackle tasks like updating patient information so that HCPs can work more on patient interactions.

Moving Forward in A Digital World

The healthcare industry is currently facing tremendous change and opportunity. However, most enterprises have yet to move on from their limited knowledge of driving digital transformation. To redefine the future, it will be crucial for med tech and life sciences enterprises to start embracing and initiating a broader digital transformation program that will position them as industry leaders.

Are you ready to take the leap into digital? Connect for a 1:1 here.

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