Internet Revolution: Implications for Pharma
This article was originally published in Start Up
Big Pharma has been generally cautious in developing Internet capabilities and strategies: most companies are only selectively applying Web technologies to their existing business models. The Internet opens many potential opportunities for drug companies, including streamlining procurement & manufacturing, sharing R&D knowledge through virtual communities, enhancing clinical development productivity, and developing new techniques for marketing to consumers and physicians. To design and execute an effective Internet strategy, companies need to develop in-house capabilities in six categories: continuous strategy development; rapid decisionmaking and resource allocations; e-commerce dealmaking; best in market sourcing; technology architecture; and performance-driven management.
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