‘Social impact will decide a company’s ability to grow’1 min read . Updated: 23 Dec 2019, 12:08 AM IST
- One of the biggest changes technology has enabled is making our industry more patient-focused
- Today, the pharma industry is using structured data algorithms to understand disease patterns and patient responses
As 2019 nears, Mint invites heads of corporates, thought leaders and policymakers to share five ideas that will impact the coming decade. Samina Vaziralli, executive vice-chairperson, Cipla, tells Rashmi Menon that design thinking and data-driven innovation will democratize and provide specific solutions to healthcare problems.
PUTTING PATIENTS AT THE CORE
One of the biggest changes technology has enabled is making our industry more patient-focused. Healthcare organizations will intensify focus on engaging with patients, whether to help them connect with doctors, prompt access to drugs, creating gamified platforms to foster therapy adherence, or moving to design thinking in product development where a drug delivery system is so simple that adherence becomes effortless.
INNOVATION VIA TECHNOLOGY
Today, the pharma industry is using structured data algorithms to understand disease patterns and patient responses. It is fast matching the innovative mind sets of tech giants. Businesses that quickly adapt to the digital pace will have an edge. Healthcare will be democratized and patients empowered in decision-making. Evidence-based therapeutic tools will be used to prevent and treat illnesses.
Corporate citizenship will be at the core of what organizations do. More companies, across categories and scale, will keep corporate citizenship at the centre and follow the principle of “doing well by doing good". Companies will be held accountable for the impact they create beyond the scope of business. Social impact will decide a company’s ability to grow and compete for customers, talent and investors.
AN OLD PROBLEM REARS ITS HEAD
Infections are becoming difficult to treat and anti-microbial resistance (AMR) is an urgent global challenge. Yet there is a trend of big pharma exiting the AMR space due to challenging commercial models. Industry will have to put a collective effort to develop new antibiotics, curb overuse and implement production and source systems that help prevent environmental releases of antibiotics.
FROM ILLNESS TO WELLNESS
As consumer attitudes evolve, there will be more health conscious users. There is a shift in mindset from illness to wellness. The consumer healthcare industry is growing rapidly, and synergies in product and distribution will see pharma companies increase focus on wellness.