Biopharmaceutical companies carry out major strategic transformation: reversing the dilemma of digital transformation

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The original English version of "Biomedical companies carry out major strategic transformation to reverse the dilemma of digital transformation" was released by Deloitte Global, and the Chinese report was translated by Deloitte China's life sciences and healthcare industry team. The life sciences industry is stepping up its digital transformation efforts, but only a few life sciences companies have mature digital capabilities. This report explains how life sciences companies should carry out digital transformation at the enterprise level and promote strategic changes in leadership, talent and funding.

Key ideas/main results

For most industries, including the life sciences industry, digital transformation is no longer just a buzzword, but an urgent strategic imperative. Although the first-mover will gain a competitive advantage, if the transformation strategy is limited to small-scale pilots and trials, no company will be able to fully carry out business activities across the value chain, and will face the risk of falling behind competitors.

Opportunities for digital transformation exist everywhere life sciences companies conduct their business, from operations such as manufacturing and support to interactions with patients, physicians, health systems, and payers to develop new products and services. This report explores three ways digital transformation can help life sciences companies seize each opportunity.

• Efficient execution - Through continuous strengthening of cooperation, centralized integration of digital technologies to streamline delivery, and continuous improvement of enterprise and departmental capabilities, enterprises can use digitalization to improve performance, reduce costs, and thus improve execution efficiency.
• Effective Interaction - Companies can use digital technologies to provide key customers, employees and ecosystem partners with attractive and differentiated digital experiences that have far-reaching impacts. Key measures include using digital platforms to engage patients and other stakeholders remotely, leveraging social and other community networks, and combining user data to provide personalized experiences to create greater value.
• Innovative products and services - Taking digital transformation as an opportunity, companies can conceive and launch innovative products and services to create value; at the same time, they can also increase R&D returns by shortening drug development cycles or reducing costs.

From Deloitte Consulting: //t.cn/EL36XNA

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