Pharmaceutical companies interested in joining the global digital health revolution are increasingly facing tough decisions on how to leverage the innovative technology. Is it better to provide a low-risk digital tool that enhances the patient experience, or to make a long-term investment in a digital technology, such as developing a diagnostic tool with the potential to help improve clinical outcomes? While the answer depends greatly on patient needs and the business model, there are four important considerations for finding success in the digital diagnostic space.
Know the risk
Know the use case
Make clinician jobs easier
Ensure the development process is FDA-ready
Creating a digital diagnostic that is supplemental and strategic to a company’s therapeutic asset requires due diligence to monetize the digital health innovation, or at least ensure optionality through the product development cycle.