Pharmaceutical companies are seeking to collaborate with technology firms to develop new health IT tools that could improve clinical outcomes and reduce costs. The real-time patient monitoring tools could help them demonstrate the clinical benefits and cost-effectiveness of various medications.

Smartphone applications that upload readings from diabetic patients’ blood glucose monitors; and smart pills that transmit data about a patient’s medication adherence and vital signs are healthcare tool of interest to them. Although pharmaceutical firms traditionally generate revenue by relying on a few blockbuster drugs, the companies increasingly are branching out into consumer health and biotechnology arenas.

According to the Ernst & Young report, drug companies are entering a new era, dubbed Pharma 3.0. Under this model, pharmaceutical companies will forge stronger partnerships with IT firms and other innovative technology companies.

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