The use of this site and the content contained therein is governed by the Terms of Use. When you use this site you acknowledge that you have read the Terms of Use and that you accept and will be bound by the terms hereof and such terms as may be modified from time to time.
All text, graphics, audio, design and other works on the site are the copyrighted works of nasscom unless otherwise indicated. All rights reserved.
Content on the site is for personal use only and may be downloaded provided the material is kept intact and there is no violation of the copyrights, trademarks, and other proprietary rights. Any alteration of the material or use of the material contained in the site for any other purpose is a violation of the copyright of nasscom and / or its affiliates or associates or of its third-party information providers. This material cannot be copied, reproduced, republished, uploaded, posted, transmitted or distributed in any way for non-personal use without obtaining the prior permission from nasscom.
The nasscom Members login is for the reference of only registered nasscom Member Companies.
nasscom reserves the right to modify the terms of use of any service without any liability. nasscom reserves the right to take all measures necessary to prevent access to any service or termination of service if the terms of use are not complied with or are contravened or there is any violation of copyright, trademark or other proprietary right.
From time to time nasscom may supplement these terms of use with additional terms pertaining to specific content (additional terms). Such additional terms are hereby incorporated by reference into these Terms of Use.
Disclaimer
The Company information provided on the nasscom web site is as per data collected by companies. nasscom is not liable on the authenticity of such data.
nasscom has exercised due diligence in checking the correctness and authenticity of the information contained in the site, but nasscom or any of its affiliates or associates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this site. The information from or through this site is provided "as is" and all warranties express or implied of any kind, regarding any matter pertaining to any service or channel, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and non-infringement are disclaimed. nasscom and its affiliates and associates shall not be liable, at any time, for any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communications line failure, theft or destruction or unauthorised access to, alteration of, or use of information contained on the site. No representations, warranties or guarantees whatsoever are made as to the accuracy, adequacy, reliability, completeness, suitability or applicability of the information to a particular situation.
nasscom or its affiliates or associates or its employees do not provide any judgments or warranty in respect of the authenticity or correctness of the content of other services or sites to which links are provided. A link to another service or site is not an endorsement of any products or services on such site or the site.
The content provided is for information purposes alone and does not substitute for specific advice whether investment, legal, taxation or otherwise. nasscom disclaims all liability for damages caused by use of content on the site.
All responsibility and liability for any damages caused by downloading of any data is disclaimed.
nasscom reserves the right to modify, suspend / cancel, or discontinue any or all sections, or service at any time without notice.
For any grievances under the Information Technology Act 2000, please get in touch with Grievance Officer, Mr. Anirban Mandal at data-query@nasscom.in.
Digital technologies are rapidly changing the DNA of the life sciences & healthcare sectors leading to making digitalization essential for organizations to succeed in a dynamic business environment.
This blog explores the problems and opportunities organizations encounter as they transition from just doing to being digital in the life sciences & healthcare sectors.
Embrace Digital Opportunities
While many organizations in the life sciences sector have been looking into the possibilities that digital technologies can present, many have not yet taken systematic, continuous, and ambitious steps to benefit from the new capabilities. Deloitte and MIT Sloan Management Review’s fourth annual study on digital maturity shows only around 20% of biopharma enterprises have reached a mature digital stage¹. The way firms apply digital, scale learnings, collaborate, and support change differs from those in the earlier stages of digital maturity. More technologically advanced businesses also roll out digital projects gradually, starting with trial programmes and scaling up carefully after learning from their mistakes.
Organizations have voluminous collections of unstructured physical and digital documents such as low-resolution PDFs, scanned documents, images, excel files, word files, emails, voice notes, and flat files that contain business data, operational data, healthcare records, clinical data, research data, manufacturing data, sales, and commercial data.
Digitalization will offer opportunities to execute efficiently, engage effectively, and innovate new products and services. It will aid in streamlining procedures to increase effectiveness and reduce prices and in creating a digital culture that opens new perspectives and capabilities. Further using digitized data and cutting-edge platforms, organizations can stimulate the development of new products, services, and business models to create value for their customers.
Here are outline examples of potential digitalization opportunities across functional areas in the life sciences sector
Drug Discovery
Transforming conventional human-led scientific methods by incorporating artificial intelligence into research processes would enable researchers to analyse molecular structures more quickly and identify potential molecules.
Research scientists reported that their organisations are now making investments in AI (81%) and cloud (71%), according to a survey². Additionally, research professionals see the key value levers that may be realised through digital innovation as increasing research efficiency (95%), lowering drug development costs (76%), and increasing pipeline diversification (67%).
Drug Development
Giving study deliverables more digital agility by redefining their nature from static papers that must be rewritten for each trial to living collections of digital pieces that may be constructed and disassembled in accordance with trial requirements.
According to a survey³ report, pharmaceutical organizations are now prioritising cloud expenditures (80%) and AI investments (76%), both of which are important for the development of new drugs. The main value levers that clinical leaders believe may be realised through digital innovation are shorter time to market (76%), shorter time to evaluate data (65%), and lower study execution costs (57%).
Manufacturing
Productize and scale digital innovation by moving away from decentralized digitalization initiatives and treating it as an internal engineering challenge, and by utilizing external resources through ecosystems and alliances to standardize digital innovation across manufacturing locations.
Building smart factories necessitates not just allowing digital advancements but also changing the infrastructure and culture within the manufacturing organisation, according to a study⁴ on the biopharma factory of the future. The primary value levers identified by factory executives as being delivered through digital innovation include improving asset efficiency (100%), yield rates (67%), and safety and sustainability (50%).
Supply Chain
By establishing connection with other processes and removing the silos that once separated supply chain operations, it is possible to coordinate business planning and decision-making for increasing organizational resilience.
76% of the supply chain leaders who participated in a study⁵ said that their companies are already prioritising AI investments and are likely to do so in the future. Less than 50%, however, believe that over the next five years, investments in IoT and data lakes—which are probably crucial for improving supply chain visibility—should take precedence. Lowering customer cycle time (67%), decreasing lead times (57%), and enhancing delivery time accuracy (52%), are the main value levers achieved through digital technology investments according to supply chain professionals.
Commercial
Sensing market dynamics proactively by deviating from a retrospective knowledge of factors like competition, patient perception, and marketing effect and towards a predictive strategy based on continuous learning.
According to a survey⁶ findings, most businesses are currently prioritising cloud computing (68%) and AI (82%) investments, in order to lay the groundwork for precision experiences. Leaders in this domain who were surveyed feel that digital technology has the potential to expand access channels (64%), boost customer conversion (76%), and raise marketing and sales performance by (80%).
The Digital Front-Door of Pharmaceuticals
Currently, it takes 13 years and an average of €1.9 billion to bring a medicine to market, according to research⁷ in the Journal of Health Economics. But pharmaceutical companies hope to accelerate the process of drug discovery by accessing enormous amounts of data with the aid of AI and other technologies and hope to reduce the length of the clinical trial cycle.
Many leading corporations have acknowledged the significance of digitization. According to an article⁸ in Financial Times, a group of 10 companies, including Johnson & Johnson, AstraZeneca, and GSK, have joined forces to exchange priceless data using a safe, blockchain-based system that enables their machine learning algorithms for drug discovery to explore each other’s data without revealing trade secrets. They believe that the AI-driven collaboration may hasten the laborious and expensive process of identifying novel drugs by anticipating how molecules would behave.
The statistics in an article⁹ by Pharmaceutical Technology also shed light on the biggest industry innovators.
Recently, Pfizer Inc. led the pharmaceutical industry in digitalization innovation. The firm, which has its headquarters in the United States, submitted 72 patents relating to digitalization. This increased from 66 over the same time period in 2021.
Johnson & Johnson of the United States, F. Hoffmann-La Roche Ltd. of Switzerland, and Thermo Fisher Scientific Inc. of the United States followed with 57 digitalization patent applications.
The data is compiled by GlobalData¹⁰, who keeps track of patent applications and grants from international offices. One of the main areas monitored by GlobalData is digitalization.
Life sciences organizations are now working with both well-established and young digital businesses, and they recognize the advantages of taking part in larger health ecosystems.
It is now vital for them to build the digital skills they will need, make the financial expenditures required to harness the wealth of data, and join the rapidly developing digital ecosystems that have the potential to significantly improve healthcare.
That the contents of third-party articles/blogs published here on the website, and the interpretation of all information in the article/blogs such as data, maps, numbers, opinions etc. displayed in the article/blogs and views or the opinions expressed within the content are solely of the author's; and do not reflect the opinions and beliefs of NASSCOM or its affiliates in any manner. NASSCOM does not take any liability w.r.t. content in any manner and will not be liable in any manner whatsoever for any kind of liability arising out of any act, error or omission. The contents of third-party article/blogs published, are provided solely as convenience; and the presence of these articles/blogs should not, under any circumstances, be considered as an endorsement of the contents by NASSCOM in any manner; and if you chose to access these articles/blogs , you do so at your own risk.
Introduction
3D printing, also known as additive manufacturing, is transforming various industries, including healthcare. This innovative technology allows for the creation of three-dimensional objects from digital models, layer by layer. In home…
Is healthcare a customer service industry? There considerable debate on this aspect, whether patients have to be treated like customers, and if healthcare should focus on their revenue value.
I’d say that healthcare is a customer service industry,…
The primary goal of the healthcare industry is to cure health-related issues through proper care, medication and monitoring.
And in the current scenario, the market for global healthcare is on a rise, owing to multiple factors like rise in chronic…
In the context of the enduring global health challenges, the significance of proactive In the midst of global health challenges, the significance of preventive healthcare has become increasingly evident. From managing persistent ailments to…
From enabling healthcare providers to deliver patient-centric services to shortening drug discovery lifecycle for pharmaceutical firms, artificial intelligence and its other aspects are revolutionizing our approach toward global healthcare, disease…
Building on the foundational elements of people and technology discussed in the first part of our guide, where we discussed some practical steps for data governance in the healthcare sector, we now turn our attention to the equally crucial…
