The phrase "digital transformation" has long been a buzzword in the boardrooms of biomed and pharma companies. But despite its frequent appearance on strategic imperative lists, the life sciences industry as a whole has been slow to take action. This is especially true when it comes to applying new digital technologies and innovations to the realm of life sciences market research.
According to a recent study conducted by McKinsey & Company, 50% of biopharmaceutical companies view their digital physician engagement strategy as "conservative," preferring face-to-face interaction with limited deployment of new technologies. Not only does this lack of digital transformation impact an organization's ability to use physician insights as a strategic asset – but it's also a contributing factor to why 81% of physicians are dissatisfied with their interactions with life sciences companies.
In this blog post, we'll take a closer look at the advantages of applying digital transformation in life sciences market research – and examine how KeyOps helps life science companies leverage the latest digital tools and technologies, while minimizing risk and effort during implementation.
Benefits
Benefits of Digital Transformation in Life Sciences Market Research
For life science commercial teams, digital transformation can maximize the return on your current market research investment. Here are some ways technology provides a competitive edge in today's rapidly evolving healthcare landscape:
On-demand data collection: Digital tools and technologies enable life science companies to gather physician insights on demand, exactly when they're needed. This real-time approach to gathering data helps life sciences companies stay agile and responsive to market dynamics, instead of waiting for the next advisory board meeting or quarterly research project.
Improved data integrity: Online market research platforms can offer more efficient data collection and more accurate physician targeting compared to traditional methods of engagement. Moving away from in-person interactions also removes geographic limitations, resulting in higher quality data collected from a wider, more diverse physician audience.
Faster time-to-insights: Digital transformation in life sciences streamlines the research process, reducing the time required to collect, analyze, and interpret physician insights. For example, when using the KeyOps platform to gather physician insights, life science companies can receive results in as few as five days.
Enhanced data analysis: By leveraging digital analytics and artificial intelligence (AI) tools, commercial teams can more easily identify patterns, trends, and correlations in life sciences market research data.
Deeper physician relationships: Taking a digital-first approach to life sciences market research can help improve your company's relationships with physicians and key opinion leaders (KOLs). In addition to enhancing your market research efforts, physician-centered solutions to gathering insights can help improve physician satisfaction and loyalty.
Better decision making: The availability of accurate and timely market research data, combined with advanced analytics, empowers life science companies to make data-driven decisions. By identifying market trends, evaluating opportunities, and developing well-informed commercial strategies, your organization will be better positioned to meet its business goals and gain a powerful competitive advantage.
Getting Started
Starting Your Journey Toward Digital Transformation
As you can see from the list above, there's no shortage of benefits for applying digital transformation to your market research strategy. But for life sciences companies, trying new things can be notoriously difficult. Adopting new technology always takes time. And the risk-averse nature of the industry can make actually implementing your digital transformation strategy an uphill battle.
If you're struggling to gain traction with digital transformation in your organization, one way to get started is by working with a life sciences market research partner like KeyOps. Together, we can help your organization can take advantage of cutting-edge technologies and features, including:
User-friendly mobile platform: The KeyOps mobile platform was built to reduce friction in the relationship between physicians and life science companies. By leveraging our easy-to-use mobile app, we've boosted physician response rates to levels that are five times higher than the industry average.
Cloud-based architecture: KeyOps is built on a cloud-based architecture to improve reliability and provide a better user experience – for physicians and life science companies. We also allow physicians to log into the KeyOps platform using their Google account, which improves both security and ease-of-use.
AI analysis: KeyOps leverages the power of artificial intelligence to summarize and synthesize verbatim comments from physician surveys. As a result, you'll gain usable insights that are available in record time.
Asynchronous physician communication: An important element of digital transformation in life sciences market research is the ability to leverage asynchronous communication tools. By allowing physicians to respond when and where it's convenient for them, you'll improve participation and engagement. KeyOps offers multiple options for asynchronous communication with physicians: Short (less than 15-minute) surveys and our new "huddles." A huddle is a 60-minute video discussion that is available to physicians in both real-time and recorded, asynchronous formats to increase participation levels.
Insights dashboard: As a KeyOps partner, you can log in and review your physician insights and market research data at any time – without waiting for a formal report to be produced and delivered.
Enterprise-grade technology: We know security and risk management is a serious concern for life science companies. That's why all these innovative tools and features are carefully built to be secure, reliable, and efficient. To learn more about the precautions we take, read our blog on How KeyOps Navigates the Procurement Process.
Next Steps
Take Your First Step Today
Interested in learning more about how KeyOps can help your organization on its journey toward digital transformation in life sciences market research? Get in touch with a member of our team to learn more.
