Over the past several weeks, I’ve published a series of posts that focus on segments of an article published by McKinsey & Company called “How pharma can win in a digital world.” (See the bottom of this post for links to the previous posts.)
At the end of the McKinsey article, the authors describe “three fundamental shifts” that pharma companies need to make, if they are to survive the digital revolution. According to the 20 pharma executives they interviewed, these are the most critical steps we need to take if we want to survive:
- “Go beyond the pack mentality by embracing experimentation and risk.” This will be a 180 degree turn for most life sciences companies, but the alternative is simply no longer an option. As someone who works in compliance, hear me when I say that it is 100% possible to embrace digital without sacrificing quality or compliance. It just takes an open mind, a little creativity, and a lot of courage. Regulators are just as aware of digitization as the rest of us, and they are willing to work together to find a path forward.
- “Embrace a collaborative culture and challenge barriers to sharing.”This is like a 175 degree turn for most companies, but still totally attainable. Start the cultural shift in-house and work your way out to your customers. Get to know them and take the “risk” of sharing the information with them that they want, need, and expect. Think of it as using personalized digital technology to replicate the trust-based relationship between doctor and patient.
- “Reinvent companies by building nontraditional capabilities and embedding them in new operating models.” Like it or not, the changes taking place in other industries have changed the expectations of life sciences companies. The quality of our products is no longer enough; we are now expected to provide solutions to problems in easy, useful, and engaging ways. To meet this new demand, we need to develop a deep understanding of customer experience, and begin integrating our products with digital technology that centers around customer needs.
After making these shifts, you’ll find yourselves transformed into “agile, experimentally minded solutions providers,” poised for success in the digital age.
For ideas on how to get started, check out these on-demand webinars:
- Overcoming 5 Barriers to Digital Transformation
- The Internal Impacts of a Digital Transformation: How to Effectively Manage Culture, Collaboration, and Knowledge
- Rethink and Realign for Digital Transformation Success
Or, just contact us.
