The biopharmaceutical industry has joined the digital revolution. AI and machine learning are transforming how medicines are developed. This is driving unprecedented investment, with pharma putting $33 billion into digital R&D in 2021 alone.
Now, digital is creating opportunity to innovate new business models beyond the molecule. This can change how firms commercialize medicines and the role pharma firms play in the healthcare ecosystem. However, creating and capturing value beyond the molecule requires a different approach from traditional drug development – one that involves more risk tolerance, iterative experimentation, and ecosystem partnerships.
These are new competencies for firms well practiced at progressing medicines along a well-established clinical development pathway. Change Logic’s report – How can Biopharma firms innovate beyond the molecule – describes the key success factors for starting on this path. It argues that pharma firms should act now to innovate beyond the molecule if they are to realize maximum returns.
Does your pharma firm have a plan for how to innovate beyond the molecule?