More than 80 percent of leading life sciences companies have created new digital and innovation leadership roles to capitalize on the information technology transformation in health care, with nearly half hiring new chief information officers during the past three years.
According to a study by the IMS Institute for Healthcare Informatics in Danbury, the rise of mobile, cloud, predictive analytics and other digital innovations offers new opportunities for advancing patient care as companies launch products at a more rapid pace and in more therapy areas. These dynamics, the study said, require life sciences CIOs to expand specialized IT knowledge and skills within their organizations, and to play a more strategic role in driving digital transformation.
“While most life sciences companies have centralized their IT functions to drive operational gains, they have been slow to achieve the breakthrough transformation that’s possible by capitalizing on today’s technologies,” said Murray Aitken, IMS Health senior vice president and executive director of the IMS Institute for Healthcare Informatics. “Of the companies we assessed, just 15 percent are fully capturing the value of the digital revolution.”
Highlights of the study include:
- Technology transformation is underway within all life sciences companies, across varying strategic and operational areas, and at different rates;
- While IT departments are embracing analytic tools that reduce complexity, advanced predictive and prescriptive capabilities remain underused;
- As leadership in new IT functional areas is recognized as increasingly critical to success, CEOs are hiring new CIOs and establishing digital and innovation roles; and,
- CIOs remain in the best position to lead technological innovation, but require new digital competencies.
The full report is available through the IMS website.
