As an industry, pharma is finding a seat at the digital table after being reluctant to join the digital health party with other healthcare sectors, investors, and startups that have been eager to chase that elusive "disruption" that has defined innovation across other industries.
Across big pharma, biotech, and med device it is increasingly commonplace to see new titles of "Chief Digital Officers" or "Chief Innovation Officers" building out new divisions of business centered on "digital health" and "innovation." While digital marketing campaigns and product-branded apps are notable digital solutions that do indeed go beyond the pill, true digital innovation in pharma will be realized when it extends beyond marketing and branding and is fully integrated within a broader business model transformation effort.
Kudos to Amanda Goltz - VP of Innovation at BTG - for bringing this to life and illuminating what it looks like for a company to "think digital" as a strategic commitment to drive new ways to deliver value.
With the advent of digital technology, pharma and med device companies need to start rethinking business models and building internal competencies, or risk losing out to the digital disruptors. Often a company’s initial efforts are underwhelming, typically due to a narrow view on digital’s true potential.