Global Pharmaceutical Industry is witnessing a transformation where companies are shifting their focus from simply producing new medicines to demonstrating improvements in health outcomes and creating innovative new business models, says the annual global pharmaceutical report 'Progressions: Building Pharma 3.0' released by consulting firm Ernst & Young.
"Worldwide the companies are investing in smart phone apps, educational websites, social media platforms and wireless devices to increase the efficacy or the outcome of the treatment," said Murali Nair, partner, Ernst & Young. "It is different from the earlier approach spending more on drugs and less on its outcome," he added.
To achieve this goal many companies are collaborating in new ways with non-pharmaceutical companies.