India is the biggest manufacturer and exporter of generic drugs on globe and considered as the pharmacy of the globe. However many Indian pharma companies find it difficult to survive in global markets due to the heavy competition, lack of market research knowledge, complex regulatory results and not embracing the latest digital technologies adopted by global companies.
Innovation brings both opportunity and change, and this is true with emerging point of care technology. There is a pressing need for help in the three critical areas of Prevention, Diagnosis and Monitoring.But extremely restrictive regulations, the presence of multiple key stakeholders, a slow-to-adopt culture and other challenges distinguish healthcare from the retail and finance sectors, which have flourished with their implementations of digital technologies. Changes in regulatory, patent and market trends will drive opportunities for generic drugs and hence very big opportunities for Indian pharmaceutical companies in global markets.But pharmaceutical companies (pharma) inhabit a unique position, situated between patients, prescribes and payers, allowing them to gain maximum benefits from digital health technologies.
Pharmaceutical manufacturers could benefit greatly with the right partnerships with community pharmacies for patient disease state monitoring, data gathering, and communicating with the inclusion of digital health, mobile health and tele health technologies. With proper implementation, program management, and patient-centric customer support, big-pharma could gain measurable real time insights about their medications and patient responses, drive adherence, and create customised medication synchronisation offerings to ensure the community pharmacy does its part with follow through.
Here are few aspects of digital technology that can greatly impact the pharma industry.
Transforming the Data by groups and social media.
Data obtained via online support groups and social media. Digital tools can transform the way clinical trials are conducted. Digital/online groups are helping an increasingly important resource for clinical trial recruitment of patients. Additionally, social media presents a big opportunity for pharma to interact with number of stakeholders in health industry by taking advantage of information gleaned from discussions with providers on social media. Accessible worldwide ,Perhaps the most important feature of digital learning is its accessibility. With pharma companies expanding across the globe.
Comprehensive communications and monitoring tools.
Easy access to and sharing of patient data.Firstly, it can involve the initial transmission of data or teleconference between a referring physician to an expert. It can also include messaging of symptom status with transmission of remote monitoring data between patients and clinicians, updates of developments in research or observations among researchers, or the exchange of messages among caregivers.Big data is useless unless good analytics are associated with it, bringing it to life by creating a story and making the data actionable. The combination of point of care content, mobile and analytics will be what truly changes health care in digital.
Patients are becoming more engaged.
In a digital, patients are much less dependent on their doctors for health advice, increasingly able and willing to take greater control of their own health. They feel empowered by the vast amount of health information available online and on apps, and by the array of health and fitness. In one survey, more than 85 percent of patients said they were confident in their ability to take responsibility for their health and knew how to access online resources to help them do so.1 In addition, patients are becoming keener to evaluate different healthcare products and services given that they bear a growing proportion of the costs. In a digital world, the ability to engage with patients as they make such evaluations could be key to the success of a pharma company s commercial model.
Historically, pharma companies have controlled both the generation and dissemination of information about their products. Digital technologies have weakened that control, opening an array of new, independent information channels. There are online communities for sharing and discussing patients experiences, apps and sensors to monitor the impact of therapy on a patient s daily life, and advanced data aggregation and analysis to link disparate, complex data sets and generate new insights into drug safety and efficacy. In response, pharma companies will have to build the capabilities to anticipate or react rapidly to these new sources of evidence, and remain the main source of authority on the performance of their products.
Innovative interactions with prescribers.
Drug prescribers have traditionally interacted with pharmaceutical companies via office visits (both planned and unplanned), before that Researcher has adopted an empirical study to conduct this research using primary and secondary data. Primary research was done by identifying target participants from pharma industry and adopted purpose sampling technique to collect the data online through a structured and validated questionnaire. Data was extracted, analysed and interpreted using graphical analysis.
It creates a system through which prescribe rs dictate how and when they want to interact with pharma companies. Much of pharma’s overhead is eliminated through the use of agents who can represent multiple drugs for different companies. The encounters are prompted and take place via patented technology, which transforms a “push” to a “pull” from the prescriber’s perspective.