Can virtual worlds lead to real business outcomes? Making the case for the metaverse as a revenue driver

The metaverse presents an enormous opportunity for early adoption built on a clear understanding of value.

Increased engagement & immersive interactions

he metaverse in pharma offers significant benefits for business by leveraging virtual environments to foster increased interaction and engagement with customers. According to research by M2 Research, incorporating gamification strategies can amplify customer engagement by up to 100%¹ . This opens a pathway for pharmaceutical companies to implement gamification techniques, making the process of learning about new medications and therapies both more compelling and enjoyable. For instance, they could develop virtual quizzes or challenges to assess customers' understanding of specific medications or conditions. Moreover, life science organizations can utilize virtual reality within the metaverse to create simulations of real-life scenarios, thus offering a deeper insight into the efficacy and mechanism of various treatments and drugs.

Reduce costs & improved ROI

By adopting agile methodologies and embracing technological best practices, such as virtual training, organizations can significantly shorten their products' time to market. The integration of virtual reality in the business world, particularly within the metaverse, offers substantial business opportunities in the metaverse for pharma companies. These opportunities extend beyond operational efficiency to include significant cost savings in organizing events. According to an Eventsforce report² , the average cost of hosting a physical event is around $1,500 per attendee, while a virtual event in the metaverse can be organized for approximately $100 per attendee. This stark contrast underscores the potential for the metaverse in the pharma industry to facilitate large-scale engagement with audiences at a fraction of the cost, presenting a cost-effective strategy for reaching wider audiences without substantial financial outlays.

Exploring metaverse opportunities within the healthcare sector, especially with the integration of blockchain technology, has become a pivotal area of interest for industry stakeholders. This is vividly illustrated in insightful resources like "Decoding Blockchain, Metaverse, and LLM Opportunities and Emerging Use Cases in Life Sciences" and "Decoding Blockchain, Metaverse, and NLP Opportunities in Healthcare." These resources provide a comprehensive overview of how blockchain technology, combined with the expansive virtual realms of the metaverse, can revolutionize the healthcare industry. They delve into the myriad possibilities that these technologies offer, from enhancing patient privacy and data security to creating more immersive and interactive patient care experiences. For anyone keen on understanding the intersection of blockchain, metaverse, and advanced technologies like LLM and NLP within the life sciences and healthcare sectors, these resources serve as essential guides.

Even if we can identify potential value using the metaverse, adopting and activating metaverse technology, requires that we create an actionable metaverse roadmap where virtual worlds are actively tied to business outcomes, domain expertise, and regulatory knowledge.

Using virtual worlds for rep training

Establishing a comprehensive training program for representatives is crucial for cultivating a highly effective and dynamic sales force. Research by the Gartner Group demonstrates that experiential learning can boost retention and learning outcomes by a staggering 75%³ . Although traditional training programs aim to equip sales reps with the skills necessary for engaging with healthcare professionals (HCPs) effectively, they face constraints in terms of interactivity and realism. This is where the metaverse in healthcare and business can serve as a game-changer. By leveraging the metaverse for immersive training experiences, pharmaceutical reps can undergo training in virtual environments that simulate a wide array of real-world scenarios. This method mirrors the way pilots use simulators for flight training, allowing them to adapt to actual flying conditions more adeptly. Similarly, employing advanced simulations in the metaverse for rep training can significantly enhance field performance, ultimately driving greater business success and revenue growth in the pharmaceutical sector.

Creating immersive patient education experiences

As healthcare costs continue to soar, the imperative for enhanced patient education becomes increasingly evident. Patients with a deeper understanding of their conditions are more adept at managing their care, thereby reducing the likelihood of hospitalizations. Moreover, effective patient education fosters a sense of empowerment, enabling individuals to navigate the complexities of their diseases with greater confidence. This empowerment not only mitigates mental health issues but also elevates patient satisfaction levels.

Traditional patient education methodologies, whether conducted in medical settings, through home-based learning, or via conventional reading materials and videos, often fall short in fully engaging patients. The introduction of the metaverse in healthcare heralds a transformative shift, offering a dynamic and interactive platform for patient education. The benefits of the metaverse in healthcare are manifold, providing patients with the opportunity to engage deeply with their learning. Through the creation of digital twins, the practice of vital healthcare skills, the ability to revisit educational content repeatedly, and access to supportive patient communities within the metaverse, patients can enjoy a richer, more comprehensive educational experience. This immersive approach not only enhances the quality of patient education but also significantly contributes to improved health outcomes.

Building interactive engagement capability for HCPs

The potential of the metaverse in healthcare offers unparalleled opportunities for healthcare professionals to engage in information access, training, and professional development within a virtual setting. Key use cases in healthcare include hosting global virtual conferences and events, but the metaverse's true value is unlocked through immersive experiences. Healthcare providers can delve into virtual simulations of medical procedures and scenarios, transforming traditional mechanisms of action (MOA) videos into captivating 3D formats. Additionally, the metaverse revitalizes patient education and sales strategies by converting conventional patient battle cards into interactive digital versions and redefining eDetailing with virtual sales reps or conversational AI technologies. This innovative platform not only enhances learning and communication within the healthcare industry but also signifies a major leap forward in how medical information is shared and consumed. For deeper insights into how the metaverse is shaping the biopharma and medical device industry, explore further here.

Indegene, a pioneer in digital-first solutions for the life sciences industry for over two decades, has consistently advocated for the transformative role of technology in ushering in a future-ready healthcare landscape. The potential of the metaverse in the healthcare industry to catalyze growth is becoming increasingly apparent. Acknowledging the importance of domain knowledge and regulatory compliance in navigating the intricate global regulatory landscape, Indegene has engaged with the Metaverse Standards Forum. This participation underscores our commitment to shaping the business model of the metaverse, ensuring it aligns with the healthcare sector's unique needs and regulations.

The journey toward integrating the metaverse for business, particularly within the pharmaceutical domain, is fraught with regulatory hurdles. To leverage the metaverse as an effective tool for revenue generation, companies must adhere strictly to all pertinent regulations when promoting their products in these virtual spaces. By adopting the metaverse now, we are positioned to refine its development strategically, exploring innovative ways to harness this technology. This approach aims to maximize the metaverse's impact across the life sciences sector, benefiting businesses, healthcare professionals (HCPs), and patients alike by pioneering new avenues for engagement, education, and treatment delivery.