Digital technology management in the pharmaceutical industry

The speed and transparency that are the hallmark of digital technologies make the competitive challenges faced by today’s pharmaceutical companies all the more acute. The management of patent expiration, new product introductions, price scrutiny and mandated formularies become all the more urgent when the Internet permits changes in the market environment at almost the blink of an eye. Similarly, as communication with stakeholders through digital channels becomes almost instantaneous, pharmaceutical executives no longer have the luxury of spending considerable time in carefully planning and designing their interactions with consumers, physicians, insurers, hospitals and payers. The industry is indeed cognizant of the ‘mindset change’ that succeeding in a connected world requires. Market leaders are restructuring their human resource functions and are investing in workforce management programmes that promote high-performance teams, improve cross-functional training and facilitate worker empowerment. Companies are having to focus on promoting creativity and flexibility, previously not regarded as the most important skills required for career advancement in the pharmaceutical industry [85] (Figure 12.1).