Life Science industry pressures, combined with more general industry trends – transfer of costs to patients and high deductible health plans, industry consolidation both in the industry itself and with healthcare providers, and the integration of new technology into digital health tools – are prompting companies to consider transformation sooner.
At the end of 2016, TayganPoint partnered with PharmaVoice to initiate a survey intended to provide greater understanding of what types of transformation these life sciences industry pressures are prompting companies to undergo. What they found was that almost all survey respondents are considering a moderate to large transformation within the next three years. The primary areas where transformation is being considered are Sales & Marketing, IT, and R&D.
Those surveyed include C-Suite executives in the life sciences industry – including pharmaceutical, biotechnology and biopharmaceutical companies as well as device, drug delivery, diagnostic, equipment, and generic manufacturers. TayganPoint and PharmaVoice also polled companies that support the life sciences such as government agencies, clinical trial investigative sites, and universities.
More than 50% of respondents indicated that their organizations do not have the time, skills, and resources needed to successfully transform. It’s overwhelmingly clear – only those organizations that effectively prepare for and have the capabilities to execute on transformational change will succeed.
Full survey results will be available for download April 15th at www.tayganpoint.com/BTsurvey2016.