12 Big Data & Pharma Industry Trends Impacting Pharma Leading Into 2015
2014 has witnessed innovative disruption in the healthcare and life sciences industries. In honour of the value and contributions that healthcare companies and organizations have offered us this year, here’s a rundown of the “12 Days of Pharma Industry Trends” that hit Pharma in 2014. These trends were based on the holiday favourite – “12 Days of Christmas” Carols, which were compiled earlier in December. If you haven’t done so already, we invite you take a look at the full carols, linked to each pharma trend highlighted below.
1. The ALS Ice Bucket Challenge
On the first day of Trending my true love gave to me: A bucket full of ice water spilled all over me.
This innovative and inspirational social media campaign took the globe by storm, raising awareness of the deadly ALS disease and lots of money through donations dedicated to research the condition. According to the ALS Association, a whopping $115 million in total was raised in donations from the time the challenge began in late July. The total raised in the campaign was 3,500% more than the organization raised in 2013. It’s clear that a bucket of ice water combined with digital marketing can pay off, big time!
2. Sovaldi Drug Launch
On the second day of Trending my true love gave to me: A brilliant cure for Hepatitis C.
Gilead amazed the Pharma industry with an exceptional first-year sales record: $11 billion just for this year alone! This has largely been attributed to their new Rx drug, Sovaldi, overpriced at $84,000 and not even yet penetrating 5% of the possible U.S. market. That’s an impressive first-year-sales-Sovaldi for the new King of Rx!
3. Smart Wearable Medical Devices Take Over
On the third day of Trending my true love gave to me: Smart shoes and smart socks. It’s a smart wearable spree!
Smart wearable products are the next big thing in tech and Pharma, with the devices collecting data on calorie intake, blood pressure, heart rate, or how much to eat, what exactly to eat, and how many steps to walk. However, as wearables evolve from simply collecting data to answering specific consumer/patient healthcare needs, the expected sales is set to really explode. Experts predict shipments of around 45 million by 2017. Get ready for smart shoes and socks!
4. Nanotechnology: The Potential to Shape A Bright Future?
On the fourth day of Trending my true love sent to me: NANOTECHNOLOGY!
Revolutionary and transformative, Nanotechnology has the potential to singlehandedly transform the digital health industry. The technology is comprised of Nanoparticles circulating through the body that can detect the earliest signs of chronic diseases. It seems that “stage zero disease” really is possible in the future. Hark, get ready, for the Nanotechnology era is almost here!
5. Saving Yourself from the Shortage of Data Scientists
On the fifth day of Trending my true love sent to me: A Data Scientist who’s really “sexy.”
Is that an oxymoron? Not anymore! Data scientists have rare qualities and great responsibilities and it’s a role that’s going to be in hot demand in upcoming years. The U.S. is already experiencing a shortage of qualified technology candidates. The problem is only going to get worse. But, with the big data and analytics market reaching $125 billion worldwide this year, companies depend on data scientists to leverage its value. Without a “sexy” scientist on hand, companies will surely feel the pang of losing out on love.
6. Pharma Sales Reps Going Digital
On the sixth day of Trending my true love sent to me: Wait…Could it be a selfie…?
Everything is digital these days, and Pharma can’t make excuses in this department. It either needs to get familiar with digital technology or fail to meet today’s customer demands. ‘Selfies’ represent this decade’s growing culture of customer-centricity, and the Pharma sales force in particular needs to adapt to these new technologies and communication skills to satisfy the customer. Companies that leverage these opportunities will hopefully see better communication and more satisfied customers. Can Pharma get comfortable with the selfie?
7. Creating a Data Story Across Teams in Commercial Operations
On the seventh day of Trending my true love sent to me: Verix’s brand new ASG!
This is a game-changing solution that manages the most complex big data clusters in Pharma and creates a coherent data story across different departments. Instead of frustration over harnessing – or wasting – big data, companies can handle sophisticated analysis for complex, ever-changing data sets. With a better handle on data analysis, Verix’s ASG is a nice addition to our 12 Days of Trending.
8. The Google Pill: Changing Medicine (and Pharma) as We Know It?
On the eighth day of Trending my true love sent to me: A tiny, little Google pill to check my body!
While Nanotechnology has huge potential, this little pill deserves just as much attention. Google is challenging current medical paradigms and Pharma through its creative and innovative rethinking of healthcare. Instead of developing new technologies that will improve healthcare, they have set their sights on transforming medicine – from reactive and episodic medicine to proactive and cumulative methodologies. Sometimes it seems like it’s the little Google pill that holds the key!
9. Big Data Collaboration: The Major Trend Shaping Pharma
On the ninth day of Trending my true love sent to me: Big Data for new drugs discovery!
Big Data collaborations are putting some big changes into motion, which are bound to accelerate drug discovery and development, cut costs – about $35 billion over the next several years – and improve marketing. A universal interdisciplinary sharing of knowledge is setting the stage to become one of the next big things in Pharma.
10. Affordable Care Act: Good News After All
On the tenth day of Trending my true love sent to me: The Affordable Care Act in a yellow bow and a red string.
While the success of the program is still up in the air, its impact on Pharma is undeniable. Initial predictions for Pharma were dire (losing $20 billion in rebates and $30 billion in excise taxes); in reality, companies are benefiting financially from the ACA. Future predictions cite profits between $10 and $35 billion over the next decade. That’s a pretty nice package, or shall we say, financial lifeline – whether or not it has a yellow bow and a red string around it!
11. Patient Centricity – Patients Are Changing the Pharma Game
On the eleventh day of Trending my true love sent to me: A whole new Pharma approach dedicated to me!
Patients now use technology to research treatment and drug outcomes, no longer dependent on a product’s efficacy alone. The Pharma industry must adapt and become consumer-centric to deliver better, personalized results at a lower cost. To succeed, Pharma needs to provide patients with treatment feedback, drug reviews and marketing research to make informed choices. It’s no longer insurance companies holding the cards; patients now know how to play the game, and they’re winning. Pharma companies can win, too, by customizing their offerings for patients with, for example, personalized, preventive therapies.
12. The True 2014 Pharma Industry Heroes
On the 12th day of Trending my true love sent to me: 2014’s heroes of the Pharma Industry.
We would like to salute the heroes who helped highlight healthcare issues worldwide. While life is fragile, the Pharma industry plays a crucial role in making the world a better place. The brave doctors dedicating their time and risk their lives to fight with Ebola virus in Africa; Robin Williams’ tragic death raising awareness in every part of the world on Lewy Body Dementia, the depression disease at large; the heroes in the Pharma industry who are the driving force behind these trends and who work harder, better and collaboratively for the purpose of transforming the world, one change at a time. These are our heroes of 2014!