Digital Health Transformation: A Practical Guide for Life Sciences Companies

GLOBAL LIFE SCIENCES UPDATE

In 2022, many if not most pharmaceutical, medical device, and other life sciences companies established strategies to innovate digital health technology complementary to their existing strategic focus. The digital transformation of the life sciences industry is still widely unfolding across the marketplace. In 2023 and beyond, the race is on to launch the next generation of digital health technologies to innovate the delivery of therapies to patients.

Finding the optimal digital health focus will be a challenge for many life sciences companies, as they accelerate into digital health through this evolving regulated space. To be sure, life sciences companies that do find ways to adeptly unleash the power of digital health will gain a competitive advantage by providing improved patient access and quality of experience. In this fast-moving environment, in-house counsel, C-suites and investors of life sciences companies in the midst of strategic digital transformations or product development should do the following:

1. understand the breadth of digital health
2. identify strategic goals in digital health
3. identify resources, partners, collaborators, and targets
4. consider digital health as a path to environmental, social, and governance (ESG) and diversity, equity, and inclusion (DEI)
5. unleash the power of digital health

Acceleration will be a key driver of success in digital health transformation initiatives in 2023, particularly given the pace necessary to iterate second- and third-

Read more...