According to PWC, pharma’s future has never looked more promising – or more ominous (1).
With 7.6 billion people living on the planet by 2020 and growing health problems, novel medication will be needed and therapies are becoming more complex. As in the past, pharma industry would mainly be focused on maintaining lasting relationships with doctors. Fair enough, since this was historically how profit was made.
Today though, digital transformation keeps testing this relationship. Why? Because patients are starting to seek information and services in addition to their traditional source at the doctor’s. And just like that, patients are turning into decision makers and have officially joined the party.
According to McKinsey’s vision of medical affairs 2020 pharma industry needs to enhance patient access and patient-centricity (2). Sounds feasible but needs engagement on the pharma side too. So what’s in for the pharma industry? Engaging directly with patients can generate more and valuable real life data. This is a huge chance for the pharma industry to improve R&D and gain better positioning in the market. When collected and analyzed, patient data can lead to product improvements. And enhance pharma’s chances of attractive pricing and reimbursement. Up until now, there was little need for the pharma industry to concentrate on patients. But times are changing. Patients expect to be front and center, doctors want to provide more personal care without disrupting their practice routine. And in an increasingly value and outcomes based system, pricing and reimbursement will depend on it the future is promising. Getting there will require a paradigm shift.
Preview: Pharma must master patient centricity.
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P.S.: Ariana is the patient engagement platform for the healthcare industry who supports when people become patients – get in touch to learn how she does it.
- PwC, Pharma 2020: From vision to decision. (https://www.pwc.com/gx/en/pharma-life-sciences/pharma2020/assets/pwc-pharma-success-strategies.pdf)
- McKinsey&Company: Pharma medical affairs 2020 and beyond. (https://www.mckinsey.com/~/media/mckinsey/dotcom/client_service/pharma%20and%20medical%20products/pmp%20new/pdfs/pharma_medical_affairs_2020.ashx)