Hello Sid, thank you for taking the time to speak with us today! Before we jump into our questions, please share some background about yourself.
I am an Associate Vice President for Life Sciences and Healthcare customers. From an operations perspective, I lead the overall research operations and solution delivery for our clients on projects encompassing Market Intelligence, Competitive Intelligence, Innovation Enablement, GTM Support, Sales Intelligence and others. From a Digital Solutions standpoint, I work closely with our product teams to design and develop various research solutions through our cutting edge technologies and mind+machine™ approach, empower our clients with actionable insights, and bring efficiency to the overall solution delivery process.
Previously, you published an insightful piece about the future of healthcare in a post-Covid world (link: The Future of Healthcare in a post-Covid World – Evalueserve). Have you developed any more ideas as we move into post-Covid life?
Since the pandemic began, every aspect of healthcare and medical science has come under scrutiny. The pandemic has impacted the life sciences industry’s every dimension – scientific research, medical training, clinical support, or patient care – each of these is undergoing waves of unprecedented change. Routine treatments have been delayed and R&D budgets for non-Covid related diseases have been reduced in many cases. Further, every step of the healthcare supply chain – from the raw materials for the initial research to the finished goods for the laboratory and the patient – has been riddled with inefficiencies and major disruptions. Despite these challenges, some of the most important interventions are already underway to ensure smooth a supply chain for governments, labs, and pharma companies.
The pharma and medical devices supply chain models, like every other business dimension, needs to have greater degree of digital enablement. Companies need to reskill their workers to adapt to the new technologies required to streamline the evolved healthcare models and supply chain systems.
What role will technology play in helping Life Sciences and Healthcare companies overcome these challenges?
Technology is the biggest factor in leveling the playing field across the board and democratizing access to medical care. The Internet of Medical Things (IoMT) has seen a significant jump in adoption post-pandemic, with providers deploying IoMT technologies to manage care for patients remotely. From connected wearables that collect patient vitals to the deployment of smart beds in hospitals for elevated patient comfort, IoMT is changing the way patient care is offered.
Over time, the industry has adopted various digital technologies to deal with the challenges thrown by the pandemic. Telemedicine and Teleconsultations have become necessities, and with patients and caregivers becoming more comfortable with these technologies, they will continue to be the prime modes of care when the pandemic ends.
Many companies have also shown increased reliance on cloud computing and cybersecurity to help them adapt to remote working and manage decentralized clinical trials. Every company needs to take a close look at its strategic needs and business processes and then tailor a digital transformation model for a more effective rebound from the pandemic and sustaining positive change in the medium to long run.
If you could give any Life Sciences and Healthcare company advice, what would it be?
Covid has been a mirror that has reflected our disaster preparedness at every scale. Companies should use it as an opportunity to strengthen their internal processes, digitalize their workflow, operations, and sales functions and introduce agile systems. As the crisis furthers a greater rationale for better organized healthcare systems, companies should also take a closer look at their vertical integration strategies.
Traditional drug manufacturing and marketing will have to give in to technology-enabled novel approaches to create more value for providers and payers. Companies will have to evaluate and adopt more “around the pill” and “beyond the pill” solutions and marketing strategies. Furthermore, senior leaders must develop a vision to drive a long-term shift in collective organizational work culture – to institutionalize a culture of continuous process improvement, comfort with technology-driven workflows, and increased reliance on quality and safety metrics.
What are you looking forward to?
I don’t believe we will ever be able to go back to the old normal. But I look forward to a world where technology is more pervasive in every part of human healthcare management. I also look forward to a greater degree of democratization of technology, allowing more widespread point-of-care systems and solutions, faster policy level changes, and a grittier patient care at every level.
The pandemic has shown us gaping holes in our workflows and systems. I hope to see leaders across the industry take this as an opportunity to prepare and train the workforce for digital transformation, focus on becoming more socially responsible and truly make patient care central to their business model.
On the work front, I am looking forward to more closely supporting our clients in their post-Covid organizational journeys – solving their problems related to digitalization and strategy, and helping them become more HCP and patient-centric.
