The pharmaceutical industry is missing out on a huge potential within technology
A thought-provoking feature we recommend reading is this (Danish) piece from Ingeniøren.
Technology is not something to be afraid of, even if you do not understand it. Think of what technology has done throughout human history. It is the very foundation of our development and it will continue to be. Those able to handle the technology has always been frontrunners, right from the prehistoric human who could handle fire, to technologists, described in the feature, who can handle new technology. You cannot get around it – if you try to you will be overtaken.
Traditionally, the pharmaceutical industry is heavily regulated which makes the development cycles very long compared to other industries. It can easily take 10-15 years before a new product is on the market. By comparison, the iPhone barely existed ten years ago, so initiatives taken at that time are only just showing now. Fast forward to the year 2017, the technology development is in the fast lane and the pharmaceutical industries wants to ride along, as the dangers of disruption lies ahead. However, there are also new business opportunities in the technology. The problem is that the industry is moving slowly when it comes to implementation of technology in their products. This is difficult to combine with the 10-lane highway that technology development represents. It is bound to go wrong when the realization of this is lacking. The industry in question is unimportant. Take for example Majers feature on Banedanmark’s signalling system.
Fortunately, more and more from the industry realize the potentials and more and more are able to handle the coupling between the pharmaceutical industry and technology development (pedestrian street and highway). To succeed, it is all about taking a humble approach and understand the differences in detail. This is the only way you can manage and unleash the potential in full.
It will be exciting to see what tomorrow brings regarding new opportunities and products.