Digital technology in healthcare
Communication tech giants may streamline distribution, but are unlikely to revolutionize drug development (1,200 words, 5.5 minutes)
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The ongoing digitization of the pharmaceutical industry has transformed the marketing and communication functions — but don’t look to tech giants such as Amazon or Google to fundamentally change the R&D process.
This idea was raised by Brian Bloom, Chairman and CEO of Toronto-based investment bank Bloom Burton & Co., on a recent episode of the NPC Podcast.
“The way that the pharmaceutical industry sells drugs, speaks to prescribers and does medical education, has all had a huge digital transformation,” he said. “But I do not think that will transform what matters, which is bringing more drugs to the market and generating greater returns for the industry that can be funnelled back into meaningful R&D.”
Bloom said that emerging technologies had attracted many investments from tech giants, including Meta (previously known as Facebook), Apple, Amazon, Netflix and Alphabet (formerly known as Google). Though these companies are keen to capitalize on pharma’s digitization, he is skeptical that they will disrupt the industry.
“I believe these companies will be the world’s leaders in the logistics of drug distribution,” he said. However, “I do not think the Silicon Valley companies are really in the business of translating science into meaningful medicines and services that affect patients.”
Bloom did acknowledge that digitization has improved the accessibility of healthcare and is bridging the divide between practitioners and patients. “The delivery of healthcare has transformed with telemedicine, e-prescribing, and where people get their information and interact with practitioners,” said Bloom.
THIS WEEK 06/14/22
FORUS Therapeutics, the organization, founded by Canadian Healthcare Marketing Hall of Fame honoree Kevin Leshuk, announced that Health Canada authorized Xpovio (selinexor) for use in combination with bortezomib and dexamethasone for the treatment of adult patients with multiple myeloma.
Medison Pharma announced that Health Canada approved Kimmtrak (tebentafusp) for the treatment of unresectable or metastatic uveal melanoma (mUM), an aggressive form of ocular melanoma.
GSK says the U.S. FDA has approved Priorix, a live vaccine for active immunization to prevent measles, mumps and rubella in patients over 12 months of age. Priorix is currently licensed in all European countries, Canada, Australia and New Zealand.
Novartis announced that Health Canada granted a Notice of Compliance with conditions (NOC/c) for Tabrecta (capmatinib tablets) for the treatment of adult patients with locally advanced unresectable or metastatic non-small cell lung cancer (NSCLC) harbouring mesenchymal-epithelial transition (MET) exon 14 skipping alterations.
Terry McCool, 80, of Mississauga, Ont. died recently in Mississauga, Ont. He retired in 2012 as VP of Corporate Affairs of Eli Lilly Canada. He joined Eli Lilly Canada in 1970, holding various leadership roles.
LISTEN NOW
In season seven of the NPC Podcast, James Cran, Founder and CEO of Pharma Consultants Inc., talks about the evolution of pharma marketing, healthcare consumerization, and leading by example in virtual workplaces. Hear him in conversation with podcast co-hosts Mitch Shannon, Jim Shea and Mark McElwain.
CANADIAN HEALTHCARE MARKETING HALL OF FAME
The Canadian Healthcare Marketing Hall of Fame awards were established in 2002 to honour healthcare marketers who have contributed to our vocation and inspire others.
More than 100 honourees have been selected during the past 18 years. In the selection committee’s view, they represent a cross-section of the qualities that make our business unique and fulfilling. NPC Healthbiz Weekly will acknowledge one past Hall of Fame Honoree each week.
2006 Inductee
Joseph (Joe) Knott
Oakville, Ont.
Having spent 35 productive years in pharma-related sectors, Joseph (Joe) Knott is a fixture in the healthcare marketing scene. Indeed, the “resident president,” as he is known to friends and colleagues, has garnered a reputation for identifying marketing trends and his savvy networking skills.
Knott is the first to admit that in three-and-a-half decades in the industry, “I’ve seen most of it happen, and I do work a room well.” That connectivity to upper management is one of his company’s most significant assets, says the CEO and founder of the Pangaea Group of Companies, a marketing training and customized consulting firm.
No stranger to the presidential role, Knott honed his skills at the helm of two major pharmaceutical companies. But like most who hold the reins of power in the pharma industry, Knott paid his dues the traditional way, beginning his career fresh out of university as a territory rep for Pennwalt Inc.’s pharmaceutical division in Kitchener, Ont. He advanced through a series of positions, including divisional sales manager, national sales manager, and director of marketing, before earning a promotion to president/general manager, a remarkable achievement since “I was CEO by the time I was 35.”
His next career move to President/General Manager for the pharmaceutical division of Fisons Corporation Ltd. in Toronto proved to be the last time he would work for someone else. After five years of overseeing the launch of numerous ethical and OTC products, negotiating strategic business alliances and spearheading Fisons into an era of solid growth, Knott parted ways with Fisons just before the company’s merger with Rhone Poulenc. But as one door closed, another fortuitously opened for Knott, who discovered “an entrepreneurial side of me I didn’t realize was there.” His departure from Fisons became the catalyst for private consulting practice, J.D. Knott and Associates, and one year later, the establishment of Pangaea Consultants, a marketing training and customized consulting company. Today, the now 11-year-old company consists of three divisions that have evolved to meet changing industry needs. They include Pangaea Customized Consultants, devoted to “best in class benchmarking,” Pangaea Trade & Logistics, specializing in trade relations, and Pangaea Development & Training, the company’s marketing and sales force training and talent management arm.
But Knott maintains that one of his proudest moments had less to do with business success than a resolve to give something back to the industry. Observing the lack of mentoring for new pharma recruits, he created an educational program to provide tactical skills and insight into current challenges in the healthcare marketplace. When the program, Marketing Pharmaceuticals in Canada, was launched in conjunction with Toronto’s Humber College Institute of Technology and Advanced Learning two years ago, it was “a dream come true.” With eight CEOs to share best practices and lessons learned during the four-day intensive program, the program has been embraced by 42 companies and 128 participants, with Knott as the lead facilitator.
Working in the healthcare industry has been a wonderful experience, says Knott, who observes, “I couldn’t think of anything I’d rather be doing than what I’m doing right now.” Playing more golf and travelling, two of his favourite activities, remain on the back burner as he and his spouse, Margie, devote quality time to their blended family of seven children and two grandchildren. The rest of his time is spent selling. “Exactly what I wanted to do all my life,” he says.
NEXT WEEK
In the 06/21 edition of the NPC Healthbiz Weekly, Joan Chypyha, Founder and CEO of Alto Pharmaceuticals, talks about her career journey in pharma, the agility of a small pharma company and life lessons from mentors. It’s easy to get your no-charge subscription and have the issue sent to your phone or inbox each Tuesday at 6:00 a.m. sharp.
Stay safe, stay sure, and stay on your game. We’ll see you again next week.