Drugmakers partner with technology firms to develop new health IT tools
Pharmaceutical companies are seeking to collaborate with technology firms to develop new health IT tools that could improve clinical outcomes and reduce costs. The real-time patient monitoring tools could help them demonstrate the clinical benefits and cost-effectiveness of various medications.
Smartphone applications that upload readings from diabetic patients’ blood glucose monitors; and smart pills that transmit data about a patient’s medication adherence and vital signs are healthcare tool of interest to them. Although pharmaceutical firms traditionally generate revenue by relying on a few blockbuster drugs, the companies increasingly are branching out into consumer health and biotechnology arenas.
According to the Ernst & Young report, drug companies are entering a new era, dubbed Pharma 3.0. Under this model, pharmaceutical companies will forge stronger partnerships with IT firms and other innovative technology companies.
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