Nearly half of European and US pharmaceutical companies have admitted their competitiveness is suffering because they cannot use data insights, new research from AspenTech has found.
The study polled 300 senior decision makers within the industry in the UK, US, Germany, France, Spain and Sweden. The research found a widespread lack of predictive capabilities within the industry, with almost half (49%) of respondents saying their companies are not good enough at predicting demand for a product and adjusting output to match it.
The results suggest that poor digital capabilities are holding companies back, affecting business performance. Other key findings include:
- 49% of pharmaceutical companies struggle to use data effectively to improve time to market
- 49% are not good enough at predicting demand for a product and adjusting output to match it
- 48% rate their organisation as either poor or ineffective at using data to predict and resolve supply shortages
“This should sound an alarm bell within the pharmaceutical industry,” said David Leitham, Senior Vice President and General Manager, Pharma at AspenTech. “Leading organisations stand out for their ability to use data effectively across all aspects of drug manufacture. Data-driven organisations are faster to innovate and respond to opportunities or threats at speed.
“Pharma manufacturers have traditionally been moving slowly and incrementally towards ‘Pharma 4.0" he added. “For more than half of all organisations this needs to accelerate if they are to avoid falling further behind.”