Indian Institute of Foreign Trade: Tradewinds 2018

Trade Winds

National Pharma Summit

Leveraging digital technology & analytics for creating value for stakeholders in pharmaceuticals, health care and medical devices sector

Digital technology has redefined marketing strategies and value creation across business sectors. Pharmaceutical, health care and medical devices companies too, are constantly innovating with the changing business environment. Mobile communications, Cloud computing, advanced analytics, and the Internet of Things are some innovations that transforming the healthcare industry. Business leaders in the pharmaceuticals, healthcare and medical devices industry are well aware of this disruptive potential and are experimenting with a wide range of digital initiatives to enhance their HCP engagement quotient.

Healthcare professionals (HCP) are showing an increased preference for a variety of digital channels, such as social networks, apps, and medical websites, to obtain information and evaluate diagnostic and treatment options. These touch points provide an excellent opportunity for companies to reach out and increase their presence. By providing information through various online channels companies are able to create value by empowering physicians and their patients with the ability to access relevant, insightful information pertaining to various health issues as well as treatment options. This can be achieved by reaching out and providing better tools and strategies. New techniques like near patient testing have a helped match diagnostic needs with the relevant technology, competencies and customer care programs, in which the healthcare product span the entire treatment cycle.

A major development is the evolving use of data analytics. The use of big data analytics in the pharmaceuticals and healthcare sector is overwhelming not only in terms of volume of data available but also in terms of diversity of data types and the speed at which it must be managed. These large sets of data pose a field of opportunity to innovate in the space of marketing automation to engage physicians in more effective ways as well as opportunities to develop revolutionary solutions.

What opportunities is the industry seeing in the digital age as new doors open to Pharma marketing and enhancing customer connect? Where do HCPs want to access medical content? What content types are HCPs accessing? Where do companies get information regarding effective engagement practices and what kind of analytics goes behind it? We at IIFT would like to gain an understanding of the opportunities and challenges that this advent of digital technology in Pharma and medical industry presents. 

Indian Institute of Foreign Trade: Tradewinds 2017