Pharma companies need to adapt and transform their business models, from end to end.

KEY TAKEAWAY: “Big data is the driving force behind industry 4.0. “Leveraging big data is the key to ensure that we can serve the patient, make sure they have the right drug product that it is personalized to them, but also that we as an industry have controls. (PwC’s Scott Lawson)  I’m not so sure

If I keep hearing how big data is going to transform marketing I’m going to do myself an injury.  Facebook has deep, big, data on all of us and yet they aren’t transforming social media, they are just getting more intrusive.

According to Mr Lawson “the fourth industrial revolution (industry 4.0), with its advances in internet of things (IoT) devices, sensors and analytics, is a compelling opportunity for the pharmachem industry”.  But the real question is “do patients really want to be seen as data points?”

There was quite a commotion last week as Google demonstrated that it’s AI device could make appointments with a doctor. Really?  For me, it’s easier to use the doctor’s portal to schedule an appointment.  In addition, before I ask Alexa for the side effects of ANY drug I want to make sure that it’s not keeping a record of what I asked about.  The last thing I want is to ask about side effects for a statin and suddenly find ads for choletsreol products all over my online surfing.

The best use of technology are not in products that stand out, but in products that interweave with our daily lives.  It doesn’t mean that we can dismiss things like AI, it means that we need to think like patients.

[inlinetweet prefix=”” tweeter=”” suffix=””]Millennial’s love the use of technology and online health and why not?  To them, going to the doctor is just going through a complicated process to get an Rx[/inlinetweet].  Doctors have to share that blame.  They too often treat conditions rather than patients.  Physicals, today, are nothing more than collecting some blood and listening to the heart and lungs when it should be a discussion of well-being, including weight management and exercise.  If your doctor can’t warn you that you are at risk for diabetes or a heart problem who can?

I have spent a lot of time listening to pharma companies talk about “target markets” in vague marketing lingo ways. [inlinetweet prefix=”” tweeter=”” suffix=””] We need to go deeper to really understand the frustration of living with certain health problems and the loss of individualism when someone enters our health care system.[/inlinetweet]

Yes, AI is coming, but right now it’s a tool to turn off the lights or start the car.  When it comes to health we need a lot more experimentation to find how AI can really benefit people, not markets.