Digital Transformation and Emerging Technologies in the Healthcare Industry – Thematic Intelligence
All the vital news, analysis, and commentary curated by our industry experts.
Explore trends and insights from the following data in our ‘Digital Transformation and Emerging Technologies in the Healthcare Industry’ report:
- Stay up to date on the scope, challenges, and essentials for the digital transformation within the healthcare industry.
- Explore how innovations are transforming the healthcare industry and what impact on the sector these technologies will have soon.
- Develop and design your corporate strategies through an in-house expert analysis of the key factors of digital transformation and emerging technology in the healthcare sector.
- Develop business strategies by understanding the key factors of digital transformation and emerging technology in the healthcare sector.
- Identify emerging industry trends in the uptake of emerging technologies to gain a competitive advantage.
How is the ‘Digital Transformation and Emerging Technologies in the Healthcare Industry’ report different from other reports in the market?
- Benchmark the level of business readiness and adoption.
- Better understand the business functions impacted the most.
- Assess barriers to adoption.
- Define requirements for success.
- Determine the importance of emerging technologies to healthcare organizations.
- Evaluate levels of investment and identify current and future investment priorities.
- Assess the impact of COVID-19, inflation, and other events on digitalization efforts.
- Explore how artificial intelligence (AI) is disrupting the pharmaceutical sector.
We recommend this valuable source of information to anyone involved in:
- Pharma Manufacturers, Distributors, Pharmacies, Parallel Trade Organizations
- Executives leading the Digital Healthcare Segment
- Startups, Research Scientists, Healthcare IT Specialist
- Biotech/Pharmaceutical Companies
- Consulting Companies/Technology Companies and Start-ups
- Professional Services (e.g., Investment, Equity Companies, Banks)
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Digital Transformation and Emerging Technologies in the Healthcare Industry Overview
The pharmaceutical industry is undergoing constant changes resulting from declining profit margins, cost pressure, and the need to replenish pipelines and maximize peak sales, while at the same time meeting stringent regulatory and legislative requirements. Although the adoption of innovative technologies can ease these pressures, digitalization is a challenging, time-consuming, investment-heavy process that requires continuous commitment and open dialogues with various stakeholders, from employees to investors to regulatory bodies.
Most surveyed healthcare industry professionals confirmed that they already had a digital transformation strategy in place or were working towards one. Additionally, more than 70% of healthcare professionals believe that the COVID-19 pandemic had the greatest impact on digital transformation in the healthcare sector. A significant portion of these professionals also believe that the digital transformation has accelerated due to the pandemic.
It appears that more organizations are seeking to embrace emerging technologies to remain competitive, as technological uptake brings a broad range of benefits to organizations, such as improved efficiency of their operations, increased engagement with customers, and enhanced long-term resilience to changes in business conditions that may occur.
The Digital Transformation and Emerging Technologies in the Healthcare Industry report provides scope, challenges, and essentials for digital transformation within the healthcare industry. The report explores how innovations are transforming the healthcare industry and what impact on the sector these technologies will have soon.
|Key Emerging Technologies||· Digital Media
· Social Media
· Big Data
· Cloud Computing
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Digital Transformation Strategies in the Healthcare Sector
The percentage of respondents having an enterprise-wide digital strategy in place has increased since 2019, reaching the highest percentage this year since the survey tracker was first launched. Similarly, in 2022, R&D and sales & marketing were chosen to benefit the most from digital transformation, across all surveyed regions. R&D is one of the most complex and capital-intensive activities in pharma. Incorporation of innovative technologies can help R&D to address productivity challenges, enhance efficiency, and improve the drug development process.
Emerging technologies can also assist in enhancing the marketing and sales process. They can improve data collection and processing, and timely insights on users’ behaviors and preferences that can help deliver more effective marketing campaigns or more accurate sales forecasts. Implementation of technologies in this area can help to understand better customer behavior, anticipate their actions, and enhance customer outcomes.
Digital Transformation Objectives in the Healthcare Sector
To cement a place in a competitive business environment and cope with the impact of various macro events, pharma companies seek to improve and enhance their operations with the adoption of innovative technologies. In 2023, operations enablement and innovation were selected as the main scope of digital transformation. In fact, it has been the main digital transformation objective for the past three years. Innovation helps organizations to move forward, drive growth, build resilience, and remain relevant in this ever-changing business environment.
Furthermore, inflation can act both as a catalyst and a hindrance to digitalization efforts. While some businesses may use digital transformation and adoption of technology solutions as a long-term strategy to combat rising costs, some may pause investment in technologies to concentrate on short-term, more urgent business needs.
Impact on Investment in Emerging Technologies by Inflation and Rising Costs, 2023 (%)
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Emerging Technologies — Investment Trends in Healthcare Sector
The key technologies that pharma is prioritizing for current investments include digital media, AI, social media, big data, cloud computing, cybersecurity, and RWE among others. Big data together with digital media are indicated as the top investment priorities by surveyed respondents in 2023. Digital media has been trending as the current investment priority for the past 2 years now, after gaining a big increase in investments in 2021. Digital media enables more targeted customer engagement and provides valuable insights into customer behavior. It is also a great source of big data, the use of which pharmaceutical companies are leveraging to enhance R&D as well as customer reach.
Emerging Technologies in Healthcare Sector, 2023 (%)
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- Digital transformation steadily advancing in the pharmaceutical industry.
- Operations enablement and innovation continued to be the main purpose of digital transformation in the healthcare sector.
- The majority of survey respondents were optimistic about the growth of digital transformation in their organizations.
- Lack of specific skills and talents, insufficient funding, and organizational silos are hindering emerging technologies uptake.
- Digital privacy and data security issues and increased cyber risks were the leading concerns associated with digital transformation.
- Building a constant culture of change and strong leadership were seen as the most important drivers of a successful digital transformation.
- Pharma executives are prioritizing Big Data, digital media, and cloud computing for current investment, and AI, Big Data, and digital media for the near future.
- AI and Big Data are set to remain the most disruptive powers in the healthcare sector for the next two years.
- Inflation can act as both an obstacle and an enabler for digital transformation.
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Table of Contents
- 1. Study Design
- 2. Key Findings
- 3. Overview of Digital Transformation
- 4. Digital Transformation Strategy
- 5. Digital Transformation Objectives
- 6. Obstacles to Digital Transformation
- 7. Concerns Associated with Digital Transformation
- 8. Necessities for Digital Transformation
- 9. Emerging Technologies — Investment Trends
- 10. Artificial Intelligence
- 11. Case Studies
- 12. Summary of Key Findings
- 13. Appendix
- 14. About the Authors
- 15. Our Thematic Research Methodology
- 16. Contact Us
Frequently asked questions
What are the benefits of embracing digital transformation in the healthcare industry?
Digital transformation brings a broad range of benefits to organizations, such as improved efficiency of their operations, increased engagement with customers, and enhanced long-term resilience to changes in business conditions that may occur.
What are the key emerging technologies in the digital transformation of the healthcare industry?
The key technologies that the pharma sector is prioritizing for current investments are digital media, AI, social media, big data, cloud computing, cybersecurity, and RWE among others.
Which emerging technology had the highest share in the digital transformation in the healthcare industry?
Big data together with digital media were indicated as the top investment priorities by surveyed respondents in the healthcare industry.
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