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It is estimated that 5 percent of the global pharmaceutical market size is already be addressed by Digital Therapeutics (DTx), roughly around 60 billion dollars.
FREMONT, CA: Digital therapeutics or treatment methods using digital technology can improve and, in some cases, substitute conventional medicines. Instances are automated tools that optimize how patients with cancer undergo chemotherapy or patients with diabetes follow their prescribed treatments. In general, digital therapeutics come in the form of software, mobile solutions, or connected solutions and fall into fields such as connected medical devices, disease prevention applications, and remote monitoring through devices, to name a few.
Overall, creativity in digital therapeutics adds to the positive news for patients. It is good news for pharmaceutical companies. It is estimated that 5 percent of the global pharmaceutical market size is already be addressed by Digital Therapeutics (DTx), roughly around 60 billion dollars. However, companies need to resolve the three major challenges facing this
niche of the emerging digital health ecosystem.
Recognize the Right Opportunities
Companies should start with a detailed evaluation of the most attractive therapeutic areas and their potential for digitization. In particular, companies must consider the potential of DTx in each therapeutic field by looking at:
• Current pain points for the condition.
• Industry DTx and potential for scalability.
• Accessibility of current business and needed investment.
For example, in oncology, patients and doctors need to cope with late diagnosis, the minimal capacity to personalize treatment, and the tremendous side effects of chemotherapy.
Companies just starting up can evaluate particular symptoms from a patient's point of view. Besides, price benchmarks and the ability to scale DTx solutions should be considered since not all medically appropriate therapies would be profitable. And it's not too early to see where the new range of products and existing technologies can be put to use.
Develop a Discrete Value Proposition
Pharmaceutical companies will need to plan for new ways to market solutions. When selling products, companies concentrate on educating physicians and patients about the medication. However, branding and user interface are significant differentiators in digital therapy, as the reach of customer engagement, and the number of contact points with consumers is growing. This occurrence suggests that digital technologies must not be limited to solving an unmet medical need. Online solutions will need to address the needs of all stakeholders involved in the patient journey.
Design a Captivating Operating Model
New entrants need to define the skills required to win the new digital game and the improvements needed to the existing operating model. They should also adapt their many current competencies to the new market. Changes are going to come through the board. In R&D, businesses ought to recognize that digital moves the emphasis from a product-to a consumer-centered viewpoint, which means that they need to integrate patient input continuously into a digital or therapeutic product. Other relevant points are the changing criteria for technological provision and delivery, such as the need for a digital system to make care accessible to patients and physicians. Finally, governance and organizational frameworks may need to step away from the clinical areas and into an ideally suited digital therapy model.
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