DAM in Healthcare is a BIG DEAL!
The US healthcare industry is worth $808 billion as of 2021.
It comprises 19.7% of the US economy.
It is the fastest-growing industry in the US and globally.
Of course, with these stats, the industry is getting a lot of attention. While there are no specifics on DAM adoption in healthcare and pharma, we can discern some general trends. Seeing the overall marketing spend is certainly motivating vendors, integrators, and service companies in the DAM space to pivot and pay more attention to this industry.
According to a recent report, “IDC MarketScape: Worldwide Life Science R&D RWE, RWD, Platforms, Technologies, and Consulting Services 2023 Vendor Assessment”
The number of players in this space is simply exploding, ranging from small innovative start-ups, consulting companies, data aggregators, systems integrator, contract research organizations (CROs), and technology companies, offering a few to all the components of the stack, ranging from data products, insights, technology platforms, and accelerators to consulting and data and technology services.
The players are ready to play even though managing digital content in healthcare organizations is more complex and demanding than other industries due to the volume, scope and explosion of data. These “typical” DAM challenges include managing brands and products across departments and geographies, faster creation to delivery cycles, asset reuse and repurposing, and the ever-growing number of users, partners, agencies, and delivery touchpoints.
But the formidable challenge for DAM in Healthcare, Beauty and Life Sciences is that these industries are heavily regulated and ensuring compliance with complex regulations is paramount. Medical, Legal, and Regulatory (MLR) review and approval is a critical, yet a very time-consuming and involved process. This poses significant challenges for DAM in these areas:
Complex and lengthy review processes: Multiple stakeholders (medical, legal, regulatory) must review and approve assets, extending timelines.
Version control: Managing multiple versions of assets during the review process,
Managing and tracking data: Tracking approvals, metadata, compliance, rights clearance, and usage can be error-prone.
Compliance risks: Errors in content, distribution, usage and data privacy can lead to severe legal and financial consequences.
Integration with existing systems: Seamless integration with other systems (CRM, marketing automation) is crucial.
DAM Vendors, service providers and integrators – including Risetime – have stepped up and are offering several solutions to address these areas. Implementing a robust DAM system with MLR capabilities allows these highly regulated industries to realize the benefits that DAM offers.
Ready to learn more about DAM in the Healthcare and Life Sciences space?
Risetime is pleased to be a sponsor for the Henry Stewart DAM for Healthcare Day online event on September 5, 2024 from 10:30am to 2:30pm (EDT).
Click below to learn more.
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