To innovate in a cost-conscious healthcare market, where the high and often prohibitive price of new drugs is of critical concern, pharma companies must be more agile and responsive to their customers’ needs. This requires a shift of focus away from why a product is simply ‘better’ than its competitors to whether it is directly cost effective and how it can save money in the long term.
We can learn much from other industries such as Tata Motors and Formula 1, as highlighted in the New Pharma and Frugal Innovation article in the June issue of PharmaTimes Magazine (which can be accessed here), and some pharma companies are already beginning to draw on such experience. Nevertheless, changing people’s mindset from maintaining the status quo to thinking about how they can do things more cost-effectively and efficiently is a huge challenge.
Digital tools can help pharma to reduce its sales and marketing spend by broadening its reach, and enabling it to deliver tailored messages to target groups. This approach also applies to clinical trials, where digital services can be used to recruit patients and manage the trial process, getting products to market more quickly and cost-effectively.
For more information on M3, the global provider of technology services in healthcare, and its new European Division, which includes www.doctors.net.uk, www.mdlinx.com, and www.networksinhealth.com, please call Tim Ringrose on +44 (0)1235 828400, or email firstname.lastname@example.org
You can read the full article on frugal innovation from the June issue of PharmaTimes Magazine that this comment appeared beside here.