Accenture's recent global research study of 931 executives, including 140 life sciences manufacturing executives, looked to understand existing investments in digital technologies, and the challenges to drive value with such investments.
Pharmaceutical and MedTech respondents agreed that innovation and leading-edge technologies are essential to drive growth, however they differ in their top priorities.
In pharma, top priorities were:
- Profitable adoption of new digital technologies
- Developing innovative products and services
- Entering new geographic markets
- More flexible and efficient operations & supply chain
In MedTech, the top priorities were:
- Enhance customer engagement
- Reskill workforce
- Enter new markets (products)
Unlocking the power of digital
Companies can do more than just change themselves into digital businesses; they can completely reinvent their operating models, production and value chains to create more value with digital. Our research yields a concrete solution: what we call Industry X.0. It’s an action plan for becoming more adept at embracing technological change and profiting from it.
Our research reveals six digital imperatives pharma and medtech companies should focus on to become smart, connected, living and learning.
- Transform the core - Digitize and integrate engineering, production, and support for new efficiencies.
- Focus on experience and outcomes - Create hyper-personalized value to differentiate and lead in the market.
- Re-architect the new ecosystem - Assemble and refresh the right partners to drive new innovation and new capabilities.
- Innovate new business models - Invent new revenue streams for new sources of value.
- Build the workforce - Source, enable, upskill and protect the next generation of talent.
- Manage the wise pivot - Continually balance investment and resource allocation between the core and the new.
Learn more about the research findings and how you can unlock the power of digital to completely reinvent your business.
Read our report on the Medtech industry
Read our report on the Pharma industry
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