Earlier this year, many healthcare organizations considered digital maturity a soft goal. Since COVID-19, 74% of enterprise decision makers in healthcare from the US, UK, Germany, Australia, France, Spain, Italy, Japan, and Singapore said they've sped up digital transformation efforts. This shift is driving faster and more focused opportunities for digital health.
The digital movement has added pressure on Chief Information Officers (CIOs) to stay ahead of existing and emerging competitors, and those that embrace this shift are seeing benefits. A recent BCG survey found that healthcare CIOs who are empowered to focus on digital transformation see an average 7 percentage points increase in market share; meanwhile, digital laggards lose 11 points of share over five years. Digital focus represents a massive opportunity for biopharma and medtech CIOs to directly impact earnings and enterprise value.
Despite the opportunity for IT, moving from cost-controlling to revenue-building is a significant change for CIOs. Another BCG survey found that approximately 90% of companies still viewed their CIO’s role as ensuring delivery of IT services to businesses, while 40% of companies saw their CIO as digital leaders.
Before digitization can transform a business, first the business must transform the role of its CIO.
To explore the evolving role of the CIO and identify best practices for a successful digital health strategy, BrightInsight and BCG spoke with CIOs from top biopharma companies, medtech companies, and leading health systems, including:
Scott Sandschafer, Novartis CIO, shared how his team balances buying versus building, and how he partners with Novartis’ commercial leaders to generate the data insights they need.
“We leverage off-the-shelf products from a cloud infrastructure perspective, so we can focus internally on developing differentiated data models and algorithms that drive business value,” says Scott Sandschafer, CIO at Novartis. “Our IT organization works directly with the businesses to think holistically about the insights we can generate from the data – outcomes can be one objective, but we also think about the new types of insights we can generate from real-world data in the future.”
We pulled these insights into a white paper that explores the evolving role of the CIO and how to overcome the challenges of building a digital health infrastructure. The biopharma and medtech CIOs we interviewed also share first-hand knowledge on deploying everything from simple companion apps to advanced, clinically-validated Software as a Medical Device solutions.
You can download our full white paper here.
Our team at BrightInsight has worked with many of the world’s top biopharma and medtech CIOs to support their digital health products and digital clinical trials. Whether you are experiencing scalability challenges of a custom, homegrown platform, or just starting out on your digital journey, we welcome the opportunity to discuss how our pre-built, regulated platform and expert team of professional services engineers can support your IT needs. Connect with us to learn more.