Six Questions For McKinsey Executives On Pharma’s Digital Experience
McKinsey & Co executives Vikas Bhadoria and Parag Patel, in an interview with Scrip, shared some key insights into pharma’s recent efforts around digitization and advanced analytics including the emergence of a Bayer site as a manufacturing ‘lighthouse’, Novartis’ Nerve Live platform and sales rep versus digital channel effectiveness.
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While not immune to the impact of a storm of macroeconomic pressures, pharma companies have pulled through before, and they’ll do it again. However, this time around, the economic, geopolitical and internal cost and revenue pressures are unique and weathering the near-term turbulence will call for smart investment strategies that not only focus on quality assets, but that update companies to take advantage of new digital opportunities.
Senior McKinsey executive shares insights on the potential contours of pharma’s 'reimagined' operations against the backdrop of COVID-19 and striking a balance between supply chain security and the cost component. A dramatic near-term shift to a “completely onshore model” in markets like the US would not realistically be possible, he indicated.
Two McKinsey & Company executives share their views on pharma’s digital trajectory, including the role of manufacturing ‘lighthouses’ and opportunities to deploy digital and analytical tools across the entire value chain for both innovator and generic firms. They see Amazon’s playbook on leveraging digital technology as holding some interesting lessons for pharma.