Challenges are the primer drivers for innovation. Professionals, businesses, and countries are nudged towards change and improvement because of challenges. A bit of discomfort, unease, a new difficulty, complication, and other factors push us to craft a solution. People ponder, research, hunt for possible options, experiment with the better ones, and finally have a creative idea to help the world out. All of the inventions, from wheels to airplanes, are the result of the said cycle. Similarly, covid-19 emerged out of nowhere and challenged us with health vulnerability. We couldn’t live, work and move. But, guess what, digitization seemed inevitable. Thanks to the noble coronavirus.
Industries worldwide swiftly went through the paradigm shift from working in an office to the new normal and at times fare more effective “Work from Home.” Life Science Consulting is no different. In fact, the industry has been the director of technological revolution, particularly against the pandemic. People looked up with high hopes to the sector for rescue. Even the credit for the emergence of vaccines in such a short period of time has to be given to discussed industry. However, the challenges are not going to soon. Here we are, debating the mountains yet to be climbed and flagged;
Pricing Dilemma
Well. Pricing issue has always been attached with the healthcare sector since its inception. Nothing new, everything same. Although, we would agree to a certain extent that policymakers and industry players certainly have tried to solve the matter. From the producer’s point of view, research and development consume a significant chunk of the funds. The hard work and sweat scientists and experts of respective fields invest also has some considerable value. Rapid technological developments being the other reason. On the other hand, the researchers concluded the fact that 79% of the American population perceive the prices as unreasonable. The challenge has to be catered to.
Top Life Science Consulting Firms recently came up with several ideas like value-based pricing, installment, subscription plans, etc. These policies proved instrumental, but to a few. A significant portion of the population is still left to unentertained. Trump’s government also had its role in this regard. His administration tried but couldn’t help much. Biden’s current era also seems to have the dilemma in focus as some policies can be seen on the manifesto published on the president’s official website. Let’s see how he works and how useful it proves to be.
Customer Trust
Facts don’t lie. Pharmaceutical Industry was nominated as the poorest by the American people participating in the Gallup Poll of 2019. Not only that, this was the lowest score of the sector in the polls of last 20 years. The reason Customer Trust seems to be the challenge to be maneuvered by Life Science Consulting. Another nail in the coffin here is the nature of the business as there two primary goals, first to save lives and the other to make profits, at times do not go parallel. Sometimes a fault of a company at times attracts backlash and criticism for all.
2021 must be dedicated to regaining the mistrust. The wounds need to be recovered to grow the business. People do not adhere to recommendations, policies, and recommendations when the issue is trust. Moreover, the communities tend to reject the discoveries and inventions introduced by organized with a weaker trust bond. People only respond positively in case of confidence and good faith. The industry will need to evaluate what is going wrong. Marketing and Advertising on the quality and value on offer might work for the science consulting firm.
Consumerization
Life Sciences is not the only sector facing the challenge. All industries across the globe are trying to keep up with the growing demands of the consumer base. Expecting personalized and sophisticated features in the products and services are called Consumerization. With the passage of time and the invention of unbelievable tech advancements, people want more evolved products to satisfy the wants. The expectations are at an all-time high level. Portable health tracking machines are a great example of such revolutions in likes and preferences. Wearables from Garmin, FitBit, and Apple Watch indicate the fact that companies are upgrading and updating with respect to the pace of consumerization.
Ease, comfort, and convenience are three of the most common factors people now look for before buying any product. Life Science Consultants will undoubtedly recommend you to consider these three in the process of planning, designing, and offering the products and services. Virtual clinics is another testament as it saves time, commuting cost and doesn’t ask for much effort but to log in and call. Just a real-life trailer of the questions consumers may ask in the recent future. Companies in the industry need to consider the trend. Do the preparations beforehand. And meet the demands with the proactive approach to remain competitive.
Digital Transformation
The digitization journey began even well before the time Covid-19 and made us switch to comprehensively digital platforms. However, the rapid increase in the speed of adaption is certainly due to the historical virus. The use of digital ecosystems and cloud-based technology is no more an unfamiliar thought to at least leading players of the sectors. Rest are in some stages of development under the supervision of top life science consulting firms. The surprise is, digital transformation is not going to end any soon. It doesn’t matter if you are already on it or in the process. A lot of mileage is still left.
Anyhow, there are some strings attached to the transformation, which are Cybersecurity and Change Management. The latter has apparently made several companies worldwide a victim of the threat. Loss, misuse, or exploitation of personals and patient’s data is a threat to erase to the scratch. Considering the increasing threats with the paced digitization, companies will need relevant experts to avoid vulnerability. Change Management, on the other side, refers to working, investing, training, and gearing up the human resource for change. Indeed, having all the updated technology with people knowing nothing about it is a deal of loss.
