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Pharma & Biotech. Three advances challenging the industry

The Pharma and Biotech industries make up a significant segment of today’s global market; however, with the rapid evolution of technology and the impact that COVID-19 has had worldwide, training and development leaders face many challenges.

Understanding and acknowledging those challenges is critical to stay up-to-date, guarantee proper employee training, and remain competitive in the market.

Let’s analyze three main challenges that Pharma and Biotech organizations face today and the proper strategies to overcome them:

Advances in medical technology:

Technological advances within the Healthcare industries have positively impacted the Pharma and Biotech industries with innovation in different ways.

Some of the most remarkable technological advances within healthcare industries are:

  • Artificial Intelligence: Scientists are working on the research and development of AI to explore new ways to engineer new groundbreaking drugs effectively.
  • Obalon Balloon System: This is a device designed to help patients lose weight, a very effective tool for people who have struggled to change their eating habits.
  • Biochemical product development: This is how pharmaceutical drugs are created. As with other technological advancements, biomedical engineers are using artificial intelligence to produce medicines that can boost health in the human population.
  • 3D printed organs: Scientists are currently working on using bioprinters to print 3D organs, allowing medical professionals to use them for transplants, research, and other purposes.

How can all these advances represent challenges when they all seem to impact the industry positively?

Pharmacists are on the front lines dispersing new medicines forcing them to stay current with innovations to answer customers’ inquiries.

These changes also symbolize a challenge for pharmacy technicians who organize and maintain pharmacy inventory, pack and label drugs and provide customer experience. Their role is an essential link between the public and the pharmaceutical industry, and keeping up-to-date with those medical advances is crucial for the industry’s success.

Advances in Regulatory Compliance:

The impact of Covid-19 in healthcare industries has placed many regulatory and compliance teams under pressure. As the situation continues to evolve, Pharma and Biotech industries must assess how they can use their limited resources efficiently.

Some factors that are impacting the advance in regulatory compliance within healthcare industries are:

  • Immediate pressures: Regulators, buyers, and suppliers have been asked to guarantee that companies increase production and work at total capacity forcing them to implement regulatory measures.
  • Supply chain disruption: The COVID-19 pandemic disrupts the medical supply causing high demand for some products, political issues worldwide. This forces many manufacturers to look for alternatives to ensure products remain available and safeguard their supply chain.
  • Upcoming measures: As a result of Covid-19, regulators acknowledge the areas to enhance the healthcare system’s response capabilities and emergency preparedness.

Readiness for quality and regulatory compliance reduces the risk of products being taken off the market and may increase market share where demand is growing.

Advances in consumer expectations:

Patients are better informed and active than ever about available drugs and their risks and benefits, meaning that they demand specific treatment options from doctors instead of doctors leading patients’ treatment plans.

Karla Anderson, principal of PWC’s Health Research Institute, said: “Patients are exerting greater control over their healthcare, and they want their medication experience to be effective, personalized, and meaningful. If their expectations are met, they’re more likely to follow the proper course of treatment and remain engaged customers far longer. Drugmakers that tap into critical information about customers and their behaviors to adjust business strategies will be well-positioned to demonstrate value in the new health economy.”

Pharmaceutical leaders must adopt a more customer service-oriented approach. As a result, Pharma and Biotech industries will have more engaged patients who own their treatment plans and better manage their conditions.

With this in mind, it is urgent that pharmaceutical employees fully understand all these challenges as technology becomes more embedded.

Front-line pharmaceutical employees are essential since they are customers’ first point of contact and are seen as a trusted source, so they must be providing the correct information to the consumer base.

Designing and implementing the right learning strategy is vital for the pharma and biotech industries’ success. At Learning Tribes, we collaborate with Biotech & Pharma teams and subject matter experts to measure the impact of learning and demonstrate ROI by working with the following KPIs:

Training KPIs:

  • Learner satisfaction
  • Training duration
  • Engagement rate
  • Average time per learner/month
  • Speed to proficiency

Operational KPIs:

  • Customer satisfaction
  • Compliance
  • Sales
  • Average handle time
  • First contact resolution

Financial KPIs

  • Cost Reduction per employee
  • Financial Savings
  • Return of investment
  • More

Add value to your training program and create unique and innovative experiences by browsing our areas of expertise now.

Contact our experts to know more.

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