The pharmaceutical industry is in a state of upheaval. New technologies, changing markets and framework conditions as well as the triumph of AI technologies do not stop at healthcare companies. This presents challenges, but also opportunities. Read here what they are.

Challenge #1: Using Big Data

Growing data volumes and the triumph of artificial intelligence are opening up a whole field of opportunities for the pharmaceutical industry: from predictive medicine to shortened approval times and better patient care.

However, data is available to everyone and so the challenge is to create productive use cases for analyzing, processing data and laying the foundation today for effective data management tomorrow.

Unified business software such as SAP Business One forms the technological basis for the effective use of big data. An ERP system bundles the heterogeneous business figures from all areas and enables in-depth analysis to systematically generate insights into optimization potentials of business processes and customer relationships:

• Insights into customer behaviour
• Forecast revenues and sales to plan capacity more accurately
• Measure and improve employee satisfaction

Take a look at the SAP community to learn how companies across all industries are already benefiting from ERP systems today!

Challenge #2: Digital offerings

The Digital Care Act came into force at the end of 2019. As a result, digital health applications can be approved as medical devices. only a few consumers make use of the app on prescription, as a survey by YouGov shows. However, this is also due to the still small offer. However, the Corona crisis shows the importance that digital health offers could have in the future. Especially in the area of preventive health and mental health, there are already a variety of offers. So far, startups are dividing up the young market among themselves, even though

companies in the pharmaceutical industry have many valuable resources that they can harness in the design of digital health offerings. On the one hand, an ERP system helps to bundle and evaluate this data; on the other hand, digital offerings can be easily integrated into the business software and thus into the overarching workflows. 

Challenge #3: Customer Experience

Digitalization is leading to the splitting of value chains across all industries. Modern customers are becoming increasingly demanding and now expect constant digital accessibility and individual service on all channels – digital and analog. The advantage of young, digitally affine companies is often the creation of a customer experience that perceives and takes seriously the modern customer in his changed needs. In doing so, they are supported by digital systems that use countless data points to contribute to an increasingly accurate picture of their own target group.

Process automation technologies are being used more and more frequently, making scalability and outstanding service quality compatible in customer care. For example, RoboticProcess Automation can be used to automate the initial contact in customer service. The customer service department receives filtered inquiries and is simultaneously relieved of the burden of answering standard inquiries. As a result, the customer receives an answer faster

Conclusion: Pharmaceutical industry in upheaval

Digitalization also offers companies in the pharmaceutical industry numerous opportunities to digitally expand their own business model, secure existing market shares and further strengthen their position in the market. A key to mastering the challenges associated with big data and a contemporary customer journey is digital infrastructure. A cloud-based ERP system creates a scalable basis for the expansion of digital activities that can also be operated without a large IT department. 

Source: https://blogs.sap.com/2021/11/15/digitalization-in-the-pharmaceutical-industry-3-trends-and-challenges/