Article: 3 innovations booming during COVID and how to adopt them successfully

Published in pharmaphorum Deep Dive

Vicki Newlove explores research into digital change during COVID-19 to find out what business questions pharma needs to address to succeed with innovations. Published in pharmaphorum Deep Dive, October 2020

Pharma companies are facing a confusing and uncertain future, and no one can say how the industry might look in a year’s time, or what the balance of digital and physical working might be. Even those companies that responded well to the pandemic and quickly embraced digital can’t know how long restrictions will last, and many are still revising their strategies and figuring out how best to position their digital offerings.

The companies that will thrive are those who gather insights into how COVID is impacting the patient journey and physicians’ behaviour and adapt accordingly. This will allow them to put robust, long-term strategies into place.

Our own research has shown marked shifts towards digitisation in the industry. For example, findings from our Therapy Watch report ‘Free thinking: The impact of COVID-19 on chronic disease management and the implications for pharma marketing’ show that 89% of physicians across the EU5 report replacing face-to-face consultations with virtual consultations during the pandemic.

This article will focus on three key areas where we expect to see accelerated innovation: new product development, digital communications, and ‘around the pill’ support. We have also identified some key strategies companies need to put in place to ensure they are successful in these areas.