In my role as Industry Adviser for IoTSG I had a chance to speak at Digi-Tech Pharma 2018 on "Impact of digital health in pharmaceutical industry" on 2-3 May, 2018.
The first few slides introduced IoTSG, the biggest IoT/DeepTech focused Special Interest Group in South East Asia, and then moving to the heart of the topic. I received excellent feedback from the participants. Some confirmed that my presentation before lunch had triggered quite some intense discussion during the break, which was definitively a sign that I have achieved my objectives. I also received some requests to speak at some additional internal events from one of our Sandoz business colleagues from Slovenia as well as from some other participants like the CTO of GE Healthcare - Innovations & Analytics.
Below are some of my key messages, which were delivered alongside the slides:
Comparison between the Digital Music and the Digital Health Disruption and it would be up to us to decide if it would be "Devastating" or "Amazing".
Similar to the traditional music industry there would be many aspects in terms of (r)evolution (Products, Services and Technology) but also the x-convergence dimension with companies like Google, Apple, Amazon, Wallmart but also Alibaba's Ali Health (Astra Zenecca is already partnering with Alibaba Ali Health and Tencent).
My prediction is going from a strong "Dictate" where key players like Pharma companies, Providers and Payers are telling the Patients what to do, towards a radical consumerization where Consumers and not only Patients would move the arrows into the opposite direction. 1. Patients receive care. Consumers make choices 2. 5% of internet searches are medical related but 80% of internet users have at least done one health related search 3. Consumers are more and more interested in drug free solutions 4. Preventive Healthcare – Moving from Sick care to Healthcare 5. UK Doctors are already prescribing social and wellness activities to improve their patients’ health 6. Pharma has to learn quickly to move from patient data only to consumer data driven
Online Health Community and more new Digital Health Data would become even bigger players in the overall Healthcare landscape. 1. They provide patients and caregivers with new resources. This can include information, solidarity, and support. 2. They offer new insights to non-patients. Individual clinicians can learn how patients experience their disease and care. Researchers can learn about the processes and outcomes of care 3. They challenge traditional power dynamics between patients and clinicians. As one patient wrote, “We don’t want to be ‘consulted.’ We want to park our tanks on the hospital’s lawn.” 4. They form part of a growing trend in data collection that pushes the boundaries of traditional healthcare
After the shift from the Paper-based to the Traditional Digital health Model based on "Digitization, Physician-centric, Independent and Security", there is already a shift to the New Digital Health Model based on "Disruption, Patient-centric, Integrated and Trust".
At the end, it is up to us in the Pharma industry to decide if we have "Cold Weather" or a "Bright Future" ahead. In my eyes there are many opportunities if we accept the changes and new business models: 1. New Insights through additional and new data and data points including x-convergence from social media 2. New discovery and treatments 3. Easier, quicker and more efficient clinical trials onboarding 4. Expedite drug to market process 5. Personalized medicines 6. Earlier diagnosis 7. Broader access to drugs and healthcare (towards UHC Targets) 8. Improved Pharmacovigilanc
The final recommendations which I was passing to the audience were: 1. Focus on the customer application. 2. Build digital into the core business. 3. Engage the entire business in the transformation. 4. Move quickly. 5. Look outside. 6. Experiment, but scalably. 7. Start with leadership.