VALUE is the Trending Word of 2023

The last two years saw a significant leap toward patient-centricity in the pharmaceutical space. although this next iteration will focus on leveraging the industry's growing digital maturity to offer increased patient value while achieving measurable business goals.

This shift will be driven by a host of factors. As we enter the digital age, most people-including patients, caregivers, physicians and other healthcare professionals-expect more from the brands they interact with. Gone are the days when a basic pharmaceutical website or simple app was enough to impress these external stakeholders-today, they want to see more advanced and useful user experiences.

At the same time, the concept of value-based pricing has started to percolate in recent years. Essentially, a growing number of payers are challenging the traditional pricing structure of many pharmaceutical drugs and looking for proof that they warrant their associated price tag. Pharmaceutical companies, therefore, will be under increased pressure in 2023 to demonstrate that their products provide real value.

These forces, and others, are inspiring many companies to rethink their traditional business model and unlock new opportunities to provide patient value. In 2023, this will likely culminate in more value-based marketing strategies designed to forge a genuine connection with patients. Companies will uncover ways to bring new drugs to market faster and more cost effectively and use the vast amount of data at their disposal to guide product decisions in a more tactical, and deliberate, manner. They may even strive to expand their offerings in the name of value - finding new ways to utilise technology, or content, to enhance the patient experience.

To help envision what this may look like, below are four trends we expect to arise in the pharmaceutical space in 2023.

1. Data-informed decision making