Digital Transformation In Biotech: The Competitive Advantage In Biotech Companies

Abstract

Digital transformation in biotech is the competitive advantage in the biotech industry. It has made life easier for them and their customers, bringing efficiency to all levels of the company and collecting data, product quality, and predictability to all sectors of life. It’s been argued over many years that a lack of vision led to a lack of competitiveness in this industry. The old ways were bearing fruit; these days gone by, there is a need for new strategies where large pharmaceutical companies are struggling with their market share going down while small biotech firms are growing exponentially. The future is data and digital transformation. Digital transformation in biotech is a massive trend that has affected the lives of all humans.  Even though, it’s a new concept in this industry, that has no official definition yet. Hence, it’s been heavily debated over many years by many scholars and companies on how to define digital transformation in biotech. Digital technologies are changing the way we work and interact with. Digitization of the pharmaceutical industry is one of the biggest challenges for drug firms, who have to deal with the onslaught of pressures from cost-conscious consumers who, along with lawmakers, are chasing incontrovertible evidence of benefits from drug side effects and cost savings from data-driven healthcare.