Today, the pharma and life sciences industry is embracing the transformative characteristics of technological innovations and introducing massive changes in their entire workflow. By providing innovative ideas for research and development (R&D) of new drugs and handling the confidential patients’ data, technological advancements have become one of the most influential and prominent aspects of the pharma and life sciences industry. As an experienced decision maker, Bozidar Jovicevic, VP of Global Head of Digital Medicines at Sanofi, shares his insight on how technology is the biggest opportunity to be leveraged by the pharma and life sciences industry.
What, in your perspective, are some of the predominant challenges that pharma and life sciences industries face and how can they be addressed?
The pharma industry is riddled with numerous challenges. The unidirectional approach toward the growth of primary care drugs that have kept the industry considerably stable for many years is the first of many challenges. This stability has given rise to the need of staying innovative with time and translating them into pharma drugs. Additionally, the industry is confronted with the challenge of shifting the focus toward specialty drugs and marketing their usage. Taking the aforementioned factors into consideration, the pharma industry needs to leverage technology and the latest scientific discoveries to turn these challenges into opportunities
How, in your view, can technology aid the pharma industry in tackling these challenges?
Technology has the ability to entirely transform a legacy classical pharma organization into a technologically powered one. It has also shifted the focus of the pharma industry from primary care drugs to highly specialized drugs, which is imminent in today’s time and age. The industry is revamping its complete workflow to accommodate this shift, all the way from the drug R&D and gathering and manipulating patient’s data to simplifying the entire healthcare process for patients.
Technology, as a whole, was first introduced in the pharma industry to improve the backend of the systems and software which the industry employs for various purposes. The need for improvement in CRM systems, logistics service, and supply chain management in the pharma industry has now moved toward improving the core business of the pharma and life sciences industry.