Life sciences companies need to generate higher revenues at reduced costs to sustain innovation. To achieve this optimal scenario, the industry is building new portfolios, expanding into new geographies, exploring mergers and acquisitions (M&As), adjusting prices to adapt to evolving market conditions, and offering combinations of drugs, devices and services.
The life sciences industry today is grappling with challenges such as
- Declining revenues from developed markets
- Increased research and development (R&D) costs
- Changing regulatory environments, and
- Increased regulatory oversight
Emerging digital technologies have drastically altered the way businesses function. By creatively weaving the Digital Five Forces—social media, mobility and pervasive computing, Big Data and analytics, cloud computing, and artificial intelligence (AI) and robotics—into their social fiber, certain industries have successfully been able to turn risks and opportunities into results.
This white paper maps the industry’s adoption of the Digital Five Forces to identify those with high and low penetration. It highlights unique initiatives to tackle hitherto unaddressed problems and to that extent, does not holistically cover digital initiatives that are commonplace. It also cites examples from other industries for life sciences leaders to understand the payback potential of rewriting their digital playbook.