PharmExec.com, US: Cognizant’s Senior Vice President and Global Markets Leader of Life Sciences Says Digital Will Supercharge Innovation

“The prescription for thriving in the new digital economy is harnessing digital, especially data and analytics, with all that entails, to reshape the value chain and reengineer how life sciences organizations drive, guide and sustain innovation,” writes Bhaskar Sambasivan. “Organizations taking their digital medicine now will gain steady advantages—and measurable financial results—vs. those that wait.”  Excerpts:

“Mastering digital business strategies and tactics will enable life sciences companies to supercharge innovation and speed therapy discovery, patient centric-practices and improved health outcomes. That’s the outlook from life sciences executives themselves, according to research done by Cognizant’s Center for the Future of Work in conjunction with the renowned economist Nouriel Roubini; key themes the research uncovered:

• Growth will increase as pharma digitizes. Executives surveyed estimate sensors, smart processes, the Internet of Things and even smart digestibles will help pharma and medical device companies create more than $877 billion in value this year alone.

• Being slow to embrace digital is costly. Companies behind the digital curve are paying an annual “laggard penalty,” i.e., the difference in both cost and revenue performance due to technology acceleration. A margin of just 1% differentiates digital leaders from laggards in life sciences.

• Data mastery will unlock future value. More than half of the executives said making meaning out of the data generated by processes that stretch from R&D through patient aftercare is critical to driving innovation.

• Platforms will catalyze digital innovation. Platforms, layers of software built around a specific pharmaceutical process, clinical need or patient requirement, will feed on the data from wearables, sensors, apps and many other sources.

• Strategic and analytic talent will take center stage.  The top talent capability for 2020, cited by 84% of the respondents, is big data/analytics. Further, 75% of the respondents plan to strengthen business strategy skills to successfully navigate future partnerships with tech titans or industry consortiums.”

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