Biopharma companies are using more digital solutions to support use cases across their value chain but a disconnect with vendors still remains, according to a survey released Tuesday morning.
As these organizations continue to utilize digital solutions to support patients in oncology or managed decentralized clinical trials, there are still significant unmet needs that exist, according to a report issued by Sage Growth Partners.
The survey analyzed digital solutions offered across six key areas: analytics, real world evidence, enterprise, clinical development, patient engagement and digital therapeutics. More than 110 biopharma leaders were polled for the report, including those heading pre-commercial, mid-size and large firms.
The most common challenges listed in the report include issues with integrating data from various systems, ensuring compliance with internal IT data management policies, addressing data privacy and demonstrating an “adequate return on solutions investments.”
The survey findings underscored the importance of understanding market needs and preferences in order to abate some of these challenges and achieve growth. Vendors are also encouraged to use different tactics for different stages of the selling process and support the commercial team by connecting with numerous prospects across a variety of channels.
Respondents also expressed a strong preference for learning about digital solutions from their peers rather than receiving a sales pitch from vendors.
“The biopharma digital solutions landscape is an active, dynamic and highly fragmented space, especially in terms of clinical development, patient engagement and digital therapeutics,” Sage Growth Partners COO David Sheehy said in a statement. “While many respondents indicated they have invested in the latest data, analytics, and digital solutions, significant challenges and unmet needs still remain.”
Over the next few years, Sage Growth Partners found that investments in digital solutions to address real world world evidence and clinical development are likely to take priority status.
Additionally, there are expected to be investment opportunities in digital solutions supporting the oncology, immunology and infectious disease/vaccines categories going forward. Oncology is the dominant source of revenue for biopharmas, accounting for more than one-third of specialty drugs in the pipeline.
The survey indicated that patient engagement solutions will also see additional investments during the next five years.
