Digital Transformation Progress
As Pharmaceutical and Life Sciences organisations continue to respond to changing pressures and the challenges referenced in the introduction, we are seeing an acceleration of digital transformation efforts.
According to the study, nearly seven in ten (68%) Life Sciences organisations say they have accelerated their digital transformation strategies by adopting new technology to improve efficiencies. This compares to just 58% in our 2021 report.
In addition to that, over one-third (34%) have either radically or significantly accelerated their strategy while only 12% of Life Sciences organisations have no digital transformation strategy in place at all.
Over the last 12 months, has your organisation accelerated its digital transformation strategy?
'...organisations in this sector are hoping that these new approaches and technologies will increase efficiency within the trial, while bringing overall costs down.'
Following on from the speed of change, we asked respondents about their main transformation priorities over the next 12 months.
The top three responses were;
- 52% said 'To streamline processes and improve productivity.
- 46% said 'To reduce costs' – up from just 29% in 2021.
- 34% said 'To improve the management and conduct of trails' – the same as last year.
Looking at these results there is a clear message that organisations within the sector are hoping that these new approaches and technologies will increase efficiency within the trial, while bringing overall costs down.
This ties in closely to one of the main challenges outlined in the introduction of this report, that just under one in three organisations see economic outlook and growth as one of the main challenges for the sector.
There is perhaps a missed opportunity presented in these results as well…
Improving the use and interrogation of data came lower among respondents’ priorities, suggesting that organisations are missing a trick when it comes to leveraging data generated by a new digital-first approach, and so opening up new opportunities.
This can be seen in the slight decrease in the response to the question:
‘Over the next 12 months, how likely is your organisation to invest substantially in technology in order to facilitate interrogation of clinical data on a large scale, and so further scientific discovery/maximise commercial value?’
Last year, 80% said they were likely to invest compared with only 73% this year.
That said, this may simply be reflecting the current climate, as global uncertainty in a post-pandemic world focuses attention on efficiencies and cost savings.
Over the next 12 months what will be the main priorities for your digital transformation strategy?
