Yavuz Selim Silay,
Istanbul Consulting Group, Turkey
Title: Pharmaceutical Outlook 2030: The global impact of digital transformation and artificial intelligence on healthcare industry
Biography
Biography: Yavuz Selim Silay,
Abstract
The world is being transformed by the 9 pillars of Industry 4.0. Industry 4.0 describes a future state of an industry characterized by complete digitization of economic and production flows. In the globally interconnected world of Industry 4.0, machines also interact with one another as a result of AI (Artificial Intelligence). Health 4.0 is also inevitable and the global impact of Health 4.0 will be discussed focusing on the changes in the pharmaceutical industry by 2030. The invention of computers, internet, social media, big data, artificial intelligence and other pillars in new technologies, are now redefining how we live, work, communicate including customer expectations, enabling businesses to meet these new expectations. Digital transformation, as this is commonly called, has immense potential to change consumer lives, create value for business and unlock broader societal benefits. The World Economic Forum launched the Digital Transformation Initiative in 2015 around the theme of the Fourth Industrial Revolution. Since its inception, the Initiative has analyzed the impact of digital transformation across 13 industries and five cross-industry topics, to identify the key themes that enable the value generated by digitalization to be captured for business and wider society. This analysis which is a good indicator of the impact of digital transformation and artificial intelligence will be discussed. Every industry has its nuances and contextual differences, but they all share certain accelerators, roadblocks to change. These include the innovator’s dilemma (the fear of cannibalizing existing revenue models), low technology adoption rates across organizations, conservative organizational cultures, and regulatory issues. Business and government leaders should continue to work towards addressing these challenges. If these challenges addressed, it can be applied consistently at all levels of business and government to help unlock the estimated $100 trillion of value digitalization could create over the next few years. Leveraging this framework globally is crucial. The goal should be enhancing the transformation process while providing a dynamic regulatory framework respecting the privacy of every individual.