Pharmaceutical and medical device industry is on a precipice that's equally exciting and daunting. It's daunting, because many patents that the pharmaceutical industry acquired in the 1990s will expire soon. This, according to a Sanford C Bernstein report, can decrease revenue and cause generic erosion (expiring drug patents impacting revenues of pharma cos) between 2% and 40%, especially for companies without valuable pipelines. However, it's also exciting times. The industry has access to cutting-edge technology to strategically expand pipelines and innovate for better outcomes. From technology that virtualizes research processes and fast-tracks clinical development to those that enable compliance with government's rules and regulations, there are many technological advancements the industry is tapping into.
This gives it the edge to face challenges like expiring patents, and to create a connected and smart ecosystem. It helps companies stay ahead of competition, meet the complex regulatory requirements and align better with the global aim to offer more effective and long-lasting patient outcomes. Companies can achieve these goals with a 'connected care' approach and enablers like digitally-powered tools, technologies and touch-points for information monitoring, recording, storing, accessing and analyzing anytime, by any stakeholder. These enablers allow researchers and other stakeholders to stay connected with consumers, and enjoy benefits like reduced costs, enhanced performance, faster go-to-market, and seamless sales and marketing processes.