Pharma Industry Research

Digital Solutions and AI

Cassy Teigen

Research Assistant

26 July 2024

Changing Landscape

The landscape of the pharmaceutical and healthcare industry is shaped by factors such as stricter access and pricing environments, which is pushing the industry to reduce healthcare costs through methods such as efficient medication development ¹ . There is also a shift towards a more patient-centric approach, which focuses on empowering consumers ². In a 2023 survey, consumers expressed that their top priorities included easier appointment scheduling and access to medical records and histories ³. With the evolving landscape, digital solutions and AI can play a crucial role in facilitating the transition towards more efficient processes and patient-centric healthcare.

Digital Solutions and AI

During the 21st Century, the industry has seen a rise in the use of digital solutions and AI, which was accelerated during the COVID-19 pandemic ^4&5, with the digital pharmacy market being projected to grow 14.42% annually ⁶. These technological advancements have the opportunity to transform the industry. AI allows manufacturers to improve the efficiency of drug development, online platforms offer remote consultations which makes appointment scheduling easier, and blockchain technology allows patients to securely access their medical records and histories ^2&6. With the rise of innovation within this space, and the need for those within the industry to quickly adapt, it is important to ensure that the innovation itself will make a difference and result in use ². This can be done by making sure that new digital solutions are created with the changing landscape in mind. It is also important to acknowledge some of their limitations, such as the risk of AI hallucination and the biases digital solutions may perpetuate, and the need for a robust infrastructure to support the integration of digital solutions and AI ^2&6&7.

So What?

To allow the industry to innovate digital solutions and AI in line with the changing landscape, there are some key elements to consider:

Keep hold of company culture and values – With the rise of digital solutions and AI, there is a need to innovate. However, it is also important to keep company culture and values in mind, with safety and trust at the forefront.

Create psychological safety – This will allow for individuals within the industry to experiment and innovate more freely, moving away from rigid structures. This can also help facilitate diverse opinions, fuelling innovation through the combination of ideas.

Increase agility and resilience – With the rapidly shifting landscape, it is essential to increase agility and resilience within individuals to help them successfully navigate through changes within the industry.

Critical thinking – It is important for individuals to be aware of biases that are embedded within digital solutions and AI, as well as from the industry itself, and keeping this in mind when making decisions.

Strategic vision – The industry needs to be able to look beyond current trends and innovate in line with aims for the future,and ensure that there is the infrastructure ready to support digital solutions and AI.