Significance of Technology to Business Strategy

Ideal business strategy of any business firm involves proper utilization of innovative technology that can increase competitive ability of a particular company. The pharmaceutical companies also need to use technology in order to withstand competition from their rival companies. For instance, the emergence of biotechnology in the recent years has given enormous competitive ability to the major pharmaceutical companies. (Cook 65)

A new technology has been developed by the Microsoft corporation in order to assist the pharmaceutical companies in introducing innovative products. This new technology has been termed – ‘Knowledge Driven Life Sciences Vision’. This technology helps the pharmaceutical companies to create software which maintains the link between the employees working in remote regions. (Microsoft Knowledge, Para 3) The Main advantages of this technology are: simplicity, productivity, innovation, and value creation. (Microsoft Knowledge, Paras 6-9).  This technology can provide drug development solution by simplifying data entry and data use as the Microsoft software can reduce the cost and increase efficiency of the pharmaceutical companies. (Solutions, para 1)

Another important technology used by the pharmaceutical companies has been termed – customized therapeutics. Earlier the companies were reluctant to introduce customized medicine. However, in the recent years the companies have comprehended the need for the introduction of customized medicine which target particular customer groups. It has been found that customized medicines provide increased profits to the companies, as the rich people turn towards the technology of production of customized therapeutics in order to cure their diseases. (Strategic considerations, 2)  For instance, Accentia Biopharmaceuticals has introduced the technology that can be used in the production of customized biologics. Many more companies are likely to introduce such innovative products with the assistance of clinical trials, drug discovery, and drug innovation. (Accentia, Para 2).

In order to compete in the free market, the pharmaceutical companies need to acquire and develop technologies. There is need for constant discovery, innovation, and marketing of new products. The use of technology in the knowledge driven economy can assist the pharmaceutical companies to improve their competitive ability.

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