Digital therapies, also known as DTx, are revolutionizing the life sciences industry: they have the potential to close existing gaps in care and open up new business models.
However, certain adjustments are required for pharmaceutical companies to be able to exploit these promising opportunities. This is because DTx differ from conventional therapeutics. In addition to the use of appropriate technology and the development of digital expertise, a cultural transformation is also essential. In concrete terms, this means that companies in the life sciences sector need to become much more agile and adapt to continuous innovation.
Our brochure "Digital Therapeutics in Pharma: It's time to think big" shows how the industry can successfully shape this change. This includes the following recommendations in particular:
Set concrete goals
First, it is crucial to develop clear ambitions and define what specific goals are to be achieved with digital therapies (DTx) - both for the company and for patients. These plans should be integrated into the business plan and transformation strategy.
Understanding the market
Another key factor is the consideration of the market. It is important to carefully analyze the relevant competitors and regional regulations. Adapting the strategy to the specific requirements and dynamics of different markets is crucial for success.
Meino Müller
Partner, Advisory, Head of Life Sciences & Chemicals
KPMG AG Wirtschaftsprüfungsgesellschaft
Dr. Klara Gießler
Manager, Deal Advisory, Strategy
KPMG in Germany
Utilize strengths
When it comes to the concrete development of DTx, it is recommended that companies first focus on existing competencies. You should concentrate on the core areas that fit in with your existing portfolio of pharmaceuticals or solutions. This also includes the corresponding management of employees and their skills. After all, perhaps the most important element of your DTx transformation is the people in your team. Clarify what will be carried out in-house and who the relevant cooperation partners could be, for example from the start-up sector.
Digital-first culture
Last but not least, the importance of innovation - and a corresponding corporate culture - must be emphasized. This includes a digital-first mindset that all employees in the company should internalize. At the same time, you should keep a close eye on IT security and data protection to ensure a trustworthy environment for the use of DTx.
Read more about how you can make your company fit for the business opportunities of the future.
Click here for the brochure “Digital Therapeutics in Pharma: It's time to think big”.
