It seems like every other day we’re reading about pharmaceutical companies developing mobile apps, or at the very least, investing in companies that develop them. And that’s for good reason: They work. They help researchers learn about disorders. They help educate patients on their conditions and provide treatment recommendations. They help with patient adherence. And, not to forget, they help drug companies sell more products.
If you really think about it, the cost of developing apps is a drop in the bucket compared to the cost of developing drugs. That’s because they don’t directly (although it’s possible) treat conditions, but rather complement the drugs or help develop them.
Perhaps a more important takeaway from this newer focus on digital health is this: We live in a digital world in which companies must adopt new methods of operating or risk falling behind.
More often than not, you’ll find that larger life sciences companies have digital transformation initiatives in play. In essence, they’re modifying their game plan to account for the new ways in which people interact with the companies they support.
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