January 11, 2023
Read time: 5min
January 11, 2023
Read time: 5min
When it comes to the healthcare and pharmaceuticals industry, the pandemic quickly shifted a slow-moving beast onto an industry at full sprint. Over the past three years it was forced to jump what seems like lightyears in order to respond to pandemic needs while also staying competitive—and compliant. If you’re an insights manager, keep your eye on these three trends in 2023.
The first trend we expect to continue into 2023 is the increased rate of innovation and speed to market for healthcare and pharmaceutical products and services. This will intensify pressure on insights managers to streamline the firm’s research and insights-to-decisions processes, so the business can innovate and bring products to market with the same velocity as your competitors.
Indeed, over the last three years, we saw vaccines that used to take 20 years-to-market fly into hands (and arms) within six months. Telehealth and virtual care accelerated at breakneck speeds. Out of urgent necessity, more patients were monitored and received virtual care at home with wearable technology and IoT devices. Forrester predicts a quarter of the US adult population will be treated with Remote Patient Monitoring tools for chronic conditions.
In the past, insights teams had more time conduct studies, and consider options before making decisions. But now, there’s a huge amount of pressure to get products to market before your competitors do. This acceleration is one insights teams aren’t particularly used to, and may not be equipped for. You have to do more with less. More data, more regulations, quicker turnarounds, and tighter budgets will arise due to changing economic conditions.
In light of this, efficiency is the top priority for healthcare insights managers in these industries. They need to support their organizations’ speed to innovation to get products to market before their competitors. This year, streamline your research and compliance workflows, so you can unclog insights bottlenecks. Your insights teams must also be able to easily find all the firm’s structured and unstructured data in one, searchable place, so you can significantly reduce the time it takes to get to project completion.
Digitally savvy customers wield a lot of power in every corner of today’s market, and the healthcare and pharmaceuticals industry is no different. Disruptors like Amazon Care, Walmart Health, and CVS Health Hub, are having a big impact. Indeed, consumers are beginning to equate healthcare convenience with healthcare quality, and Forrester predicts retail healthcare will double in 2023.
Disruptors in healthcare are those leveraging technology to provide a better, faster, more convenient experience to customers tired of waiting for hours in a waiting room and paying high prices for a doctor to write a quick prescription. The pandemic proved to consumers they don’t have to wait for healthcare, and industry actors will need to listen to survive.
If you’re an insights manager in the healthcare and pharmaceuticals industry, your firms are relying on you to manage full-service research and deliver quality insights into decision makers’ hands quickly, so they’re on the pulse of healthcare trends and can make forward-thinking decisions before potential disruptors do. If disruptors are changing the game, then your insights need to communicate the new rules without skipping a beat.
Consumers expect speed, personalization, and convenience in every area of their lives, including their healthcare and pharmaceuticals. The sector must not only meet these demands to stay competitive but it must also increasingly meet consumer needs in real-time or near real-time. Accenture reported 85 percent of executives agreed “momentary markets” are the next wave of competitive advantage.
But in order to identify customers’ needs in real-time, healthcare firms need to provide experiences personalized to customers. And in order to provide those, firms need to know what customers want before their competitors do, and ideally before customers even know themselves.
For insights managers, that means leveraging insights technology that goes beyond knowledge management, so you can equip your stakeholders with the consumer insights they need exactly when they need it. If firms want the competitive edge, insights managers must look to technology to accelerate identifying insights that are more granular, more grounded with, and more personalized to, the changing customer of the here and now.
An increased rate of innovation, new disruptors, and the rise of personalized healthcare, combined with drastically changing economic conditions, growing regulations, and shifting consumer needs, will make 2023 an intense and exciting year for insights managers and their teams. Are you feeling ready?
Get ahead of these trends and make an impact in 2023 with technology that’s made just for you.