A new survey has revealed that 87% of pharmaceutical manufacturing companies have a poor digital culture, and are aware it holds back digital transformation and undermines revenues.
The research was carried out by software provider Aspen Technology among 300 senior pharmaceutical industry decision-makers in the UK, US, Germany, France, Spain and Sweden.
Just 13% of organisations surveyed fit the description of “digital culture leaders”, with confidence in adopting new technologies such as artificial intelligence (AI).
Two-thirds of respondents (66%) admitted their company’s digital skills with tools such as AI and machine learning (ML) are either poor or merely adequate, leading to lower revenues. By comparison 38% of digital leader companies saw revenues increase by up to 10% over the last 12 months during the pandemic. Other findings include:
- 50% of respondents admit they are hesitant or lack confidence about AI and ML adoption
- 35% say their companies have decentralised the kind of decision-making that generates agility and innovation
- 25% admit they struggle with centralised and bureaucratic processes
David Leitham, senior vice president and general manager pharma at Aspen Technology, commented on the results: “The pandemic has shown how manufacturers relying on rudimentary IT such as spreadsheets cannot carry the industry forward.”
"Companies that are unable to tap into data insights or establish predictive maintenance, along with other AI-powered technologies will not achieve the speed of development and rollout the market now demands."
Leitham added that data is vital for organisations to adapt to the market. “Digital leaders have a better sense of what data can do. Data is the thread that runs through organisations’ ability to innovate, use AI and ultimately to respond to changes in demand or market disruption effectively.”