Unleash the Digital Revolution in Pharmaceutical Industry
The future of pharmaceutical information technology is here. The ever-evolving information technology industry is changing everything. Every vertical embrace the innovation it brings to the table. Digital transformation has been on the top of the priority list for businesses in every sector, be it financial, manufacturing, retail, transportation, logistics, etc. Even the healthcare sector is aiming at digitalization in the upcoming years.
It is predicted that by 2025, the global digital transformation market will reach US $2.8 trillion.
To keep up with the market demand and meet Covid-19 requirements, the pharmaceutical sector is looking at innovating and digitizing the processes.
Current Trends
“The pharmaceutical industry registered $800 million in sales in 2020 and is forecast to grow at a 7.6% compound annual growth rate (CAGR) through 2026, according to Pharmaceutical Manufacturing Trends Shaping the Future, a whitepaper published in March 2022 by PMMI Business Intelligence, a division of PMMI, The Association for Packaging and Processing Technologies.“
“According to a Statista survey, about 74% of respondents from the healthcare sector say the pandemic has forced their organizations to accelerate digitalization.”
“Covid-19 pandemic sped the digital transformation in the pharma sector by more than five years, a study by Verdict shows. 35% of respondents from the pharmaceutical industry confirm that.“
Hence, the trends in Pharma IT are not really a new term for either industry. In fact, as the need of healthcare developers grows, more and more trends emerge.
How innovation in the pharmaceutical industry can help?
Adoption of innovation in the pharmaceutical industry can make the overall experience of the industry. Let us look at the top things this innovation can do.
Enhanced Patient Experience
Technology innovation in the pharma industry can improve the relationship between businesses and their customers. If a patient is enabled to get the medicines delivered and gain the first stage consultation over a video call, it will positively impact the patient’s experience and will increase loyalty to the pharma company.
Availability of Information Online
Patients today are digital oriented, if they get access to their medical records online, it makes it easier for them to study drug performance and side effects. With detailed information, the patient can be prepared while discussing the treatment.
Solve the Counterfeiting Issue
With the access of medical records online, patients can use digital technology to verify the authenticity of medications. The innovation of IT in pharma can help beat the counterfeiting issue.
Improvised Drug Development
The adoption of digital technology in pharma will help companies increase the efficiency, quality, and speed of drug development.
Top 4 Pharma Technology Trends
Let us look at the major pharma technology trends to help you build a well-thought-out digitization strategy for the year 2023.
Digital Documentation
Being a pharmaceutical organization looking forward to digital transformation, document digitization should be the first thing on your digitalization strategy. Digitizing your documents or having paperless documentation can help you build smart processes and focus on innovation-oriented organizational growth.
To help you begin with it, we would like to recommend a tool named Cygnature, a digital signing solution with blockchain security. Cygnature being an electronic and digital signing tool needs to fulfill the criteria to comply with the 21 FDA (Food and Drug Administration) CFR regulations. It secures the workflow creation, signing, and user authentication modules. This makes the signing process even more secure with multiple authentication layers and captures audit trials and timestamps of signing.
Learn everything about our 21 CFR tool and the necessity of digitization of documents at the Pharma IT Summit by our keynote speaker, Yogesh Lokhande.
Artificial Intelligence and Machine Learning
AI (Artificial Intelligence) and ML (Machine Learning) are becoming incredibly important in the healthcare sector. Both these technologies help the pharma industry with data analysis and forecasting potential. AI can process massive amounts of data with more accuracy and at a higher speed as compared to the workers. This helps drug creators in improving the efficiency and quality of drugs being manufactured.
Cloud Technology
This technology is basically a steady trend for a few years now, for businesses in various industries. Particularly in the pharmaceutical industry, this innovative technology can help with better efficiency. Cloud technology provides the facility for data analysis, information security, scaling ability, and a lot more that can help pharma organizations in storing copious amounts of data.
Big Data
Using big data technology is one of the most crucial pharmaceutical information technology trends. Businesses in this sector can profit from analysing the data sets. Big data analytics can help build highly effective drugs and make scientific discoveries in pharmacology. This technology offers an opportunity to build personalization with personalized medicines by studying genomic data.
By analysing metrics such as the average cost of ingredients, and overall medication spending, it also offers the chance to cut costs.
Conclusion
These trends keep on emerging and updating as and when there is modern technology introduced to the market or the pharma use case is defined for any technology. Cygnet works with the pioneers and leaders in pharma to fuel innovation and recalibrate business towards more accountable, affordable, and accessible technology solutions. Our talented consultants and pharma professionals work to uncap value in the core business using our digital engineering services, automation, cognitive learning, and business model innovation.
Our solution-a-a-service model for Infrastructure and Systems of Record coupled with Systems of Engagement drive agility; and our innovative models reduce the cost of dealing with compliance, security, and factory automation. We create the foundation for owning the future by reimagining business using patient-centric insights and digital processes, all this sharpened by the experience of working with leading global pharma and biotech companies.
We are coming to Pharma IT Summit, 2022. Are you? Visit us on Dec 7. Cygnet Infotech is a keynote partner at Pharma Innovation and Technology Summit at JW Marriott, Mumbai.
