Team Digitrans: 5 years from now, how do you think digital transformation will affect your industry business operations?
Eugene Borukhovich: It already is. Some examples would include over 150 start-ups in just “AI for Drug Discovery” helping Life Science companies find better therapies for our patients. New sources of data that our bodies generate 24/7 helping us as a society to understand our biology better. Technology is also helping patients manage their health in this digital age from smart pill boxes to digital therapeutics drive the potential of drug+ but also standalone software-only therapies. The list goes on.
Team Digitrans: Digital Transformation is an ongoing phenomenon. Your thoughts?
Eugene Borukhovich:: It has been ongoing, advances in technology but more importantly health consumer behaviours are constantly changing. There is no magic in digital transformation, good portion of change is actual change management and technology is just means to an end. This is why at Bayer G4A, our focus is on Health in a Digital world. Tomorrow it might be health in a quantum world, who knows?
Team Digitrans: Over the past few years, which other sectors have been able to successfully migrate operations into digital space according to you, and what lessons would you want to take away from them.
Eugene Borukhovich: Ride-sharing industry J but on a serious note, automotive industry has been picking up steam, not just transforming their own internal operations but also adopting to new consumer trends in forms of investments and partnerships and new products. Health care is behind most industries in adoption – at the end of the day we are still dealing with our health and wellbeing, so evidence is key.
Team Digitrans: What is the most significant challenge in digital transformation across industry?
Eugene Borukhovich: Any transformation, as alluded to above, is all about people. Changing behaviours anchored in biases are always the biggest obstacles. People love to innovate but hate change.
Team Digitrans: Would the conventional way of measuring the performance of your industry change with a Digital adoption and transformation.
Eugene Borukhovich: Already happening. Current industry is mainly fee-for-service and very slowly moving towards value-based care. People don’t want to pay for health care, but I bet they are willing to pay for health
Team Digitrans: What happens to the People, would the Oldies fit in well with the Millennials and what happens to the culture of the organization then?
Eugene Borukhovich: No different than any generations before. There is always a generation gap. The key is to continuously learn from each other. At Bayer we have instituted reverse mentoring as an example. Every organization has its own DNA and as our own human genes evolve, so does an organization.
Team Digitrans: Who is your competition in your industry?
Eugene Borukhovich: Currently, just search for all top “Pharma” companies but as an industry (health care) the future landscape has no incumbents. Hospitals are launching generic drugs, insurers getting into primary care and telemedicine, tech giants – well you have seen all the news. Cooperation is the new competition