Technology and our ability to use various devices has given society many ways to be social digitally. Yet, it has granted society with much more than just that. It also has been, and will continue being used for health monitoring.
We all know what is IoT at-least some if not all. For starters, this is not another IoT article where we are going to do home automation. This is a simple walkthrough about adding a server less backend to your existing IoT system. Here we’ll see that how Azure IoT Hub will be used as an event hub or a messaging system for “Things” and how, these incoming messages can be routed to the related database using Azure functions.
Technology has changed the healthcare industry in many areas - including marketing and customer management. As we move forward, it is very likely that certain trends will expand and grow, impacting pharma and healthcare marketing and improving both sales and patient outcomes. Here are five trends we believe pharmaceutical companies should watch for and consider embracing in 2018 and beyond.
The world we live in today revolves around digital technology. It’s incorporated inside each of our lives every day. FaceTime, texting, emailing, and social media has taken over as main ways of communication in society. These ways of communicating also has been used in businesses. Industries are finding ways to adapt to the worlds new way of reaching out, which can result in more opportunities.
Throughout the entire pharmaceutical industry, the patient journey is what remains at most importance. It’s everything from the early education and awareness stage (such as researching symptoms online), to physician interaction, to appoint follow-ups, and reminders for continued care. Throughout this journey, patients can take twists and turns that can sometimes get confusing and hard to overcome. Thankfully, cloud-based solutions simplify the process for the patients and the healthcare providers. Making the journey easier, faster, and more productive.
It may not be surprising to many when a trendy technology buzzword goes practically viral. This is what happened with artificial intelligence (AI). It started in the late nineteen-nineties and took a spin in the twenty-first century. The gaining momentum and the ever-growing advancement in artificial intelligence have left every company, marketing sector, and the financial firms spell-bounded. New trends of AI are on the rise. The research from Gartner showed that by 2020, 85% of the customer interactions are going to be managed without human interference.
When contacting businesses over the phone, about 75% of people agree that the response time is too long to get answers. Pharma Call Centers can help companies overcome such a deficiency in customer service by building important relationships with health care providers and patients who have specific needs for immediate help by company representatives. Below are 7 important types of call centers in the pharmaceutical industry.
While we celebrate Cinco De Mayo for the victory the Mexican army had over France at the battle of Puebla, it's important to know of other historical moments that make May 5th a special day. Here are 5 facts throughout history on Cinco De Mayo to keep in mind while having that amazing margarita and tasteful Mexican food.
Technological revolutions have become a norm in this era of innovation. Big data and Analytics have been a crucial part of this decade’s advancements. So, how is big data affecting the ever-so-important field of Artificial Intelligence (AI)?
In any industry, the term "marketing” is always a key factor in determining the success of a business. In the pharmaceutical industry, whether the business is being done directly to the customer or to the physician, a lot of data must be kept for executing successful campaigns. While data is important, the last thing companies want to do is market their brand to people who want nothing to do with them. So, the question becomes, how do you know who’s interested?
Today, more people have access to the internet what it was a decade ago and the number is going to increase rapidly due to the advancement of digital transformation. A report by Statista shows that the number of internet users worldwide was 3.58 billion in 2017, up from 3.39 billion in the previous year.
Whether you’re knowledgeable on Clinical Trials and the process that goes into it or not, it is correctly assumed that the work is far from light. There are four phases for each study conducted that tells the plot of the story, but doesn’t dive into the supporting elements within.
A key component of any company is sales. The product or service must be sold in order for the business to continue running their business. Pharmaceutical companies are not immune to this requirement. It is for this reason that they run advertisements online, on the radio, on billboards, and on television. But it is not only individuals with conditions and diseases that they need to expose their product to. Pharmaceutical companies also need to convince doctors that their drugs work and could be beneficial to patients. It is for this reason that pharmaceutical representatives are sent out into the field, to speak with doctors and hospitals, and showcase the newest drug developments.
Artificial Intelligence or AI sounds very technical and scientific, futuristic even to the ears of ordinary people. We see this thing mostly in sci-fi movies and sometimes in the news where new and intelligent robots newly invented or created are being featured. These scientific developments on AI often make one ask where and how these things can be useful. Or if Artificial Intelligence is solely about making smarter robots.
What is driving pharma to the cloud? Sure, it is value-driven, geared to consumers, specifically patients, who take active roles in their healthcare and want information at their fingertips instead of waiting for it to trickle down through the maze of doctors, tests and procedures. And yes, it's driven by constantly changing healthcare regulations, finances, digital initiation and integration. It's also driven by individual companies that want more efficient ways to gather, disseminate and manage their patient data. Will public clouds be too risky? Will private clouds be safe? What about a hybrid of the two? While you're analyzing the unique risks and benefits that migrating to the cloud might bring to your organization, consider that network availability, performance and security are key players in those driving forces that help enterprises choose a cloud infrastructure.
According to an EvaluatePharma study, two-thirds of all drug launches failed to meet prelaunch expectations in sales their first year on the market. More importantly, of the one-third that did meet their year-one target, 65 percent continued market growth in year two, and 53 percent exceeded goals for year-three. The group that missed their target upon launch continued to lag in years two and three. And you thought getting FDA approval was the tough part.
Every industry is changing at a more and more rapid pace. Products and services are becoming increasingly commercialized. Technology is playing a progressively bigger role in research and development, marketing and advertising, and sales and distribution. The pharmaceutical sector is one that has felt this transformation in research and development over the past few years and will start to feel it in the other divisions over the next decade. Here are just a few of the trends that will shape the pharmaceutical industry over the next ten years:
Expiring patterns and growing pressure from authorities to reduce drug prices are testing pharma industry. Digital transformation is the avenue which will help companies succeed in mitigating these challenges. Digital transformation provides keys to unlocking the patient access and interaction challenges. Prescribers are finding various avenues to find the information which in turn is reducing the face time reps get with the prescribers.
Tis the season for getting into awkward conversations with people you probably haven't seen since the last holiday gathering. And while it's difficult to predict the array of questions you'll be asked, one you're certain to hear a few times is, "So, what is it that you do again?" Of course, you can just answer pharmaceutical sales management and let that be the end of it. Or, you could use the opportunity to evangelize about that one specific role that has you excited to go to work each day: Sales operations.
Every industry is changing at a more and more rapid pace. Products and services are becoming increasingly commercialized. Technology is playing a progressively bigger role in research and development, marketing and advertising, and sales and distribution. The pharmaceutical sector is one that has felt this transformation in research and development over the past few years and will start to feel it in the other divisions over the next decade. Here are just a few of the pharma industry trends that will shape the future of pharma industry over the next ten years:
Digital is transforming the way the "sales" is done, and healthcare is no exception. According to GreatCall, around 80% of healthcare providers are using smartphones and medical apps daily in their practice. More and more of the top pharma companies now have a chief digital officer or chief technology officer while others are creating digital management roles at the senior level. When you think about digital-forward initiatives performance across industries, do you feel that pharma is behind the curve? Are you unsure how to leverage technology to enhance the sales process? Are you worried about how the digital age will impact your position? If you answered "yes," you are not alone.
The healthcare industry has undergone tremendous reform over the last decade, and the life sciences and pharmaceutical industries have felt the effects of those growing pains too. The U.S. alone holds over 45 percent of the global pharmaceutical market, making it imperative to stay ahead of trends and requirements. Increasing competition, as well as new legislation, has required pharmaceutical companies to take a look at streamlining operations, increasing productivity and making data more readily available.
The emergence of big data and advancements in technology and data science approaches has dramatically transformed industries like retail, finance, and travel. The Life Sciences industry is no exception. Companies in the Life Sciences industry have a high-volume of unorganized data sets they are not aware of that contains hidden actionable insights. Life sciences industry is the early adopters of new technologies but still, a huge number of enterprises have not been able to decode the insights because of lack of expertise in pharma data analytics and inefficient pharma master data management.
Due to the technological shift from last decade there is a significant change driving digital transformation in Life Sciences Industry. Life Sciences industry is always on the frontrunner in terms of Research and Development (R&D) spending, allocating nearly 15% of its total revenues to R&D. A recent report suggests that companies in the industry heavily invested in R&D in last decade which has produced a significant result. The pharmaceutical Research and Development was $142 billion in 2014 and it is predicted that the number to overcome $160 billion mark in 2020.
Disruptions due to hyper-digitalization,mobile revolution and social media explosion are no longer new tech innovations that make it to the headlines. It has been here for quite some time. Initially, the impact of the cloud platform was apparent in sales, marketing campaign management and call centers. However, organizations across industries have realized the importance and the necessity of integrating the cloud platform, especially SaaS solutions, to other departments as well, like Research & Development and Supply Chain Management. The effect on life science industries has been no different. However, for cloud adoption to be at par with that of sales and marketing, the business models of life science companies must be restructured for better patient outcomes.
Advances in digital technology has brought in a transformation in the Life Science industry and is playing a defining role in product deployment. It has also changed the methodologies of medical treatments. Artificial Intelligence is set to provide treatments to patients with Personalized Medicine. The digital age is basically going to set the life science industry into new horizons and thus enhancing personalised care. This infographic highlights some ways in which technological can impact the life science industry.
With the advancement of technology and socio-economic changes in the last decade, pharma sector has seen a dramatic change in the availability of health care and quality of care for the patients. A recent report by PwC shows that by 2020 the global pharmaceutical market will be about $1.6 trillion – the US leads all the countries at $339 billion currently and is expected to be a $425 billion market.
Pharma companies are working hard to build effective patient access programs and implement an effective commercial strategy around it. Expiring patents and competitive pressure is a real challenge and companies need to explore opportunities with the help of the vast amounts of data they own. Big Data and Analytics capabilities are helping companies define that strategy and execute a plan, which will help them succeed. Facts and figures below emphasize the need of a well-planned analytics strategy.
Innovations in digital technology have transformed and re-calibrated industries including life sciences industry around the world. One of the main aspects of the pharmaceutical industry is clinical trials and clinical trial management system. The purpose of conducting a clinical trial is to identify drug efficacy while ensuring human safety.
With populations aging and chronic illnesses growing, the Life Science industry is undergoing a transformation. According to an Infosys research, for businesses to make the most of this change, they need to focus on renewing their existing systems and processes, and add new technological advancements to gain maximum value from their business operations.
The pharma industry is undergoing a transformation that is largely being driven by innovation. Innovation not just in products, but also in the way business is conducted, resources are mobilized, and the benefits that the end user experiences. Holistic innovation is what Pharma 3.0 is about, says an EY research.
Statistics show that close to 90 percent of the entire world’s data has been created only in the last two years, which is growing by leaps and bounds at a mind-boggling rate. Just to give an idea, over 2.62 million terabytes of fresh data is created every day across the world. By 2018, it is estimated that we would churn out close to 50 TB of data each second. What’s even more daunting is the fact that over 90 percent of all data that’s being produced is unconstructed. Which leaves possibilities for inconsistencies, and non-standardized units, formats and systems of measurement.
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