Pharmaceutical CEOs Lack Confidence to Act
February 05, 2015
The Healthcare Division in Valtech has undertaken an evidence-based research study to map the pharmaceutical landscape of digital mega trends. The research study provides essential insights on how Healthcare companies could utilize digital engagement to break down stakeholder barriers, impact stakeholder behaviour and demonstrate more cost-effective outcomes.
The research study is based on information from 100+ trusted sources and has resulted in the identification of 14 mega trends. Here we present the Mega Trend #1 summary on the executives’ adoption rate of digital engagement.
Megatrend #1: Execs Recognize the Digital Health Revolution but Lack the Confidence to Act
Patients, HCPs and payers are engaging with digital health channels much more rapidly than the pharmaceutical industry.1, 2 These key constituencies expect digital to be an integral part of any future health offering, serving as a primary source for information and a hub for relevant conversation.
Audience expectations represent a market opportunity for pharma firms to leverage their deep disease expertise and marketing capabilities, and become reliable, trusted partners in increasingly influential digital channels.3, 4
According to a recent global CEO survey,3, 4 89% identified technology advances such as the digital economy, social media, mobile devices and big data as key trends. They believe digital has the capacity to extend existing value propositions, or invent entirely new value propositions.1, 2
So are pharma executives proactively adopting digital strategies as a “triple-aim” to improve the patient experience, deliver better clinical outcomes and drive down total cost of care? The short answer is no. Due to external threats and internal weaknesses, most executives lack the confidence to translate their high expectations into tangible action plans.3
Pharma CEOs must develop an urgent response strategy to engage key stakeholder groups in the digital realm. These digital strategies should include stakeholder advisory boards to provide insight, partnerships with trusted digital services providers, and a revamp of internal structures and current business models.3
Do you want to know more about your digital engagement potential?
The Healthcare Division in Valtech has developed an analytical framework that can identify the engagement potential of your brand. The analysis will provide you with answers to the following questions:
- WHY should your product or therapeutic area have a relevant presence in a digital context?
- WHO should your digital value proposition appeal to/engage and for what reasons?
- WHAT changes in the stakeholder’s awareness/behaviour should the digital engagement enable?
- WHEN during the patient pathway should the digital engagement take place?
- WHERE - in which healthcare environment/context - should the digital engagement take place?
- HOW should digital engagement be optimized via the utilization of state of the art digital assets?
- What metrics should be implemented to measure IF digital engagement is successful?
Please contact Account Manager Luisa Fernanda for further advice.
1. Gartner. Jamie Guevara et. al. (2013). IT Key Metrics Data 2013: IT Enterprise Summary Report. Www.gartner.com
2. Couch. Ash Rishi. (January 2014). Survey finds 56% of pharma unsatisfied with digital strategy. Www.wearecouch.com
3. PwC. Swanick et.al. (February 2014). Fit for the future, 17th Annual Global CEO Survey. Key findings in the pharmaceuticals and life sciences industry. Www.pwc.com.
4. Ogilvy CommonHealth. Medical Marketing & Media. (2013). Healthcare Marketers Trend Report 2013. Www.ogilvychww.com