The life sciences industry in India is witnessing an impact of digital technologies such as cloud, IoT, analytics etc. Combined with the eagerness to explore undiscovered horizons in scientific advancements, these innovative technologies are enabling life sciences companies to easily scale their operations and achieve new efficiencies, thereby empowering patient-centric business models.
While these companies primarily associated with third parties for their research, manufacturing, SCM, administration, and marketing services, new trends in digital technology have helped them to establish better capabilities with enhanced business models.
Key transformation drivers
Technologies continually evolve and enable new capabilities for businesses. Key technology trends can act as catalysts for driving a transformation to meet new market demands and customer expectations. Some of these tech trends, enabling patient-centric business models, are listed below:
Digitally connected patient
Smart devices and technologies have connected patients to physicians, healthcare providers, and other patients. They remain informed and educated by sharing sensitive information with their doctors and experiences with other patients. Connecting patients, thus, allow Indian health science companies to deliver efficiency and higher value at a lower cost.
Digital connectedness has enabled companies to offer patient-centric services. From the huge database of information, it has now become possible to personalize therapies and treatments for each patient with enhanced care. The personal approach to medication improves the efficacy and reduces cost, providing better outcomes.
Research on the cloud
With the introduction of cloud computing, research & development in India has gone through significant changes. The cloud-based platforms are utilized to store huge amounts of patient information which then allows companies to draw patterns to produce result-driven treatments. They can improve their products & services and identify diseases whose products must be made available in the market.
Efficiency with insights
Today, everyone is connected with smart devices. Life sciences companies have an added advantage of gathering data and leverage it for insights on genomics and other fields of study, producing innovative medicines. IT has opened the doors to newer opportunities and advancements which allow Indian companies to become more efficient and improve their responsiveness to their patients.
While accumulating incredible amounts of data is an achievement in itself, it still remains vulnerable to cyber attacks. Confidential patient data, clinical studies, and other information need to be protected. Security concerns posses some risk to health science companies but with the introduction of AI and innovative technology, it is getting better day-by-day.
Why life sciences must transform
The life sciences industry in India is no more isolated from digital technology. With the emergence of competitors like Apple and Alphabet, digital health has moved beyond its boundaries. With newer business models, value-added digital services are enhancing the core capabilities of life science companies. Focusing on outcome-based technologies improves the customer experience and transforms the current market while also boosting the revenue. Thus, it becomes necessary to keep up with key technology trends that can enable life science companies to achieve this objective.