The concept of digital transformation is about more than embracing modern technology. Through the careful integration of digital resources into all areas of a business, it’s about achieving something much more important. Digital transformation allows for organizations to fundamentally change their operations to deliver as much value to their consumers as possible.
It’s a concept that has previously touched every industry. In 2020 alone, global spending on these types of digital transformation initiatives reached an incredible $1.3 trillion, a massive increase of over 10% year over year.
In some industries, this isn’t simply inevitable; it’s also urgent. If you had to make a list of the industries that need to embrace new digital initiatives promptly, pharmaceuticals would undoubtedly be right at the top as the ongoing COVID-19 pandemic has proved.
Yet again, this concept isn’t about the technology itself. It’s also about the collaborative changes that technology quickly helps to unlock.
Bringing the Power of Digital Transformation to the World of Pharma
The biggest reason this type of digitization is important is that it helps organizations overcome the types of barriers that they’re likely to face in this modern era.
For example, pharmaceutical companies must serve the public, but they’re also businesses that deserve to make a profit. Digital transformation helps to dramatically cut down on the cost of output and staff training.
When executed properly, the right transformation strategy may be the key to reducing overhead, which could lower the cost of medicine for patients who need it. It allows the pharma companies to find solutions to new problems as quickly as possible. It also empowers new ideas and more informed, forward-thinking decisions. In terms of the bigger picture, it helps people communicate and collaborate more efficiently, which is the most important goal.
Digitization in this context also allows organizations, especially smaller ones, to strengthen and fortify areas of weakness. In particular, it’s common for pharma companies to have issues with distribution. After the transformation is completed, the technology may lead to an open doorway to newer and more cost-effective opportunities.
Collaboration, when enabled, allows for like-minded individuals to work towards the same goal. Remember the old saying of “two heads are better than one”? It’s true. The more people in a team that helps solve a problem, the likelihood increases that a solution will be found. The pandemic has all but underlined the importance of this that few will ever forget.
This is especially important in terms of situations such as drug development, a process that has historically always moved at a rapid pace. When this type of transformation allows the sharing of data between departments in a single organization and across separate businesses, it’s possible to arrive at the desired result faster than before. This helps to reiterate why different kinds of partnerships are increasingly important. Whether preclinical research or actual clinical trials, two parties can collaborate in a way that allows them to work more efficiently than they could on their own.
Overall, it’s important to understand that no two pharma companies are created equally, which means that there is no “one size fits all” approach to digital transformation. Collaborative innovation is the end goal, but the path to get there solely depends on your business and its operations. That is why finding the right partner is so pivotal; it’s needed for someone who can come in, spend time understanding your unique qualities, and come up with a valid strategy to help accomplish your priorities most effectively.
The team at DMI is proud to act as an “end-to-endless” partner in every sense of the term – one that is as invested in the success of its clients as they are in themselves. DMI takes pride in the ability to act as an extension of a client’s team, assisting with not only the type of collaborative strategy for digital transformation but also the implementation of said strategy.
If you want to find more information about finding the right partners to leverage new technologies in pharma or to ask questions for additional helpful information, contact DMI today.