The last issue of 2016, with articles from K. Hariram and Vivek Hattangadi and new authors, Dr. Ashwin Bonde and Diksha Fouzdar. Diksha's article is the highlight of this issue - an in-depth look at how to embed compliance in the very DNA of a pharma company.
Is Pharma’s business model like McDonald’s? Doing things over & over again without innovation?
McDonald’s is famous for its Hamburger University, a training facility at the McDonald’s Corporation global headquarters in Chicago, Illinois. It instructs high-potential restaurant managers in restaurant management.
More than 5,000 students attend Hamburger University each year and over 275,000 people have graduated with a degree in Hamburgerology.
Sound familiar? Pharma’s training has been on similar lines – hire people continuously and put them through the grind of mugging up essentials of drugs for diseases that the particular company sells.
While the McDonald’s model is ideal for its business of replication, it has outlived its utility in healthcare and drug companies are in danger of being reduced to mere suppliers of drugs to new digital platform businesses unless they learn to innovate.
To be able to measure the RoI on digital in pharma, it is necessary to understand customers as individuals and create newer segmentation based on these needs and interests. This calls for the NextGen RCPA of data collection and personalized communications that engage customers, based on which pharma must create customer experiences that matter to them.
If your content does not scratch, where it itches the customers, digital or phygital, customers will not feel at home (comfortable, delighted, and wants more), which is what matters. Not a digital euphoria, which will soon die down as customers simply ignore it as they did when pharma launched a plethora of webinars.
Patient Centricity, the most talked, least understood and poorly implemented strategy in our domain, if holistically approached and sincerely implemented, can truly transform and lead us towards a culture of ‘Healthcare is a Responsibility’. If every person in the life sciences organization at every level, is motivated, trained and equipped to understand, what is of value to the Patient and then strive towards co-creating, creating or contributing, we can travel a huge distance. Is this ‘Value’ paradigm implementable? Well, some are already doing it...