Pharma Can Benefit From Digital Health Technologies
India is the biggest manufacturer and exporter of generic drugs on globe and considered as the pharmacy of the globe. However many Indian pharma companies find it difficult to survive in global markets due to the heavy competition, lack of market research knowledge, complex regulatory results and not embracing the latest digital technologies adopted by global companies.
Innovation brings both opportunity and change, and this is true with emerging point of care technology. There is a pressing need for help in the three critical areas of Prevention, Diagnosis and Monitoring.But extremely restrictive regulations, the presence of multiple key stakeholders, a slow-to-adopt culture and other challenges distinguish healthcare from the retail and finance sectors, which have flourished with their implementations of digital technologies. Changes in regulatory, patent and market trends will drive opportunities for generic drugs and hence very big opportunities for Indian pharmaceutical companies in global markets.But pharmaceutical companies (pharma) inhabit a unique position, situated between patients, prescribes and payers, allowing them to gain maximum benefits from digital health technologies.
Pharmaceutical manufacturers could benefit greatly with the right partnerships with community pharmacies for patient disease state monitoring, data gathering, and communicating with the inclusion of digital health, mobile health and tele health technologies. With proper implementation, program management, and patient-centric customer support, big-pharma could gain measurable real time insights about their medications and patient responses, drive adherence, and create customised medication synchronisation offerings to ensure the community pharmacy does its part with follow through.