Nearly 60% of medtech, consumer health companies lack digital strategy

While the vast majority of healthcare companies understand the importance and potential benefits of undergoing a digital transformation, very few have taken the necessary steps to do so effectively.

In fact, 59 percent of medtech, pharmaceutical and consumer healthcare companies lack a fully defined digital strategy, according to a new report from Simon-Kucher & Partners, which surveyed more than 120 managers from those three sectors around the world.

Because of this lack of a clear digitization strategy, the report found, most companies face major obstacles in monetizing their digital services and solutions: More than 80 percent lack the resources to do so, and 76 percent have trouble defining an appropriate pricing and revenue model.

Additionally, even those organizations with well-defined strategies and dedicated digital teams often struggle with the implementation of their strategies due to insufficient resources and staffing capacity.

"There is no one-size-fits-all solution for implementing digital strategies," Jan Bordon, senior director and digital health expert at Simon-Kucher & Partners, said in the report. "In the end, the parties involved must be clear about the commercial options that new digital solutions provide. The company must ensure it has expertise on commercial market access in the digital context and make the necessary resources available with support from every department."

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