Digital strategies in Pharma

Life sciences executives are accelerating their digital strategy due to the pandemic.
​EY Study | May 2021

The article discusses how the COVID-19 pandemic has accelerated the digital strategy and investment of life sciences companies, and how they can leverage artificial intelligence (AI), cloud, and internet of things (IoT) to create long-term value. It is based on a survey of 200 life sciences executives, as well as interviews with industry experts and leaders.

The article reveals four key findings:

• Life sciences companies have increased their digital spending and adoption due to COVID-19, but they are still behind other sectors in terms of digital maturity and impact.
  
• Life sciences companies that have invested more in digital capabilities and culture have outperformed their peers in terms of revenue growth, profitability, and innovation.
  
• AI, cloud, and IoT are the most critical technologies for life sciences companies to achieve their strategic goals, such as improving patient outcomes, enhancing customer experience, and driving operational efficiency.
  
• Life sciences companies need to overcome several barriers and challenges to scale their digital initiatives, such as data quality and security, talent and skills gap, regulatory and ethical compliance, and organizational silos and resistance.

The article concludes by providing a framework and recommendations for life sciences companies to design and execute their digital strategy, which consists of four steps:

• Define the digital vision and ambition, aligned with the business strategy and customer needs
  
• Assess the current digital capabilities and gaps, and prioritize the most valuable and feasible use cases
  
• Build and scale the digital solutions, using agile methods and external partners
  
• Embed and sustain the digital transformation, by fostering a culture of innovation and learning, and measuring and communicating the value and impact

Article: https://www.ey.com/en_gl/strategy/life-sciences-digital-strategy-long-term-value

• Pharma companies that have invested more in digital capabilities and culture have outperformed their peers in terms of revenue growth, profitability, and innovation.