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Track 15: Digital Pharma

Digital Transformation in Pharma

The pharmaceutical business, like any other, is being transformed by digital transformation. Since 2010, the digital health business has grown rapidly, and a recent study found that over 74% of respondents agreed that Covid-19 has greatly expedited digital transformation in the pharmaceutical and healthcare industries.

What impact will digital transformation have on the pharmaceutical industry?

In the pharmaceutical industry, digital transformation entails integrating various digital technologies to improve the manufacturing and delivery of healthcare products and services. The pharmaceutical industry can benefit from digital transformation in the following areas:

Enhance drug development

Assist in improving patient interaction and care.

Improve medication research and development

Pharmaceutical distribution has been improved.

Cost savings

Carbon footprint reduction

Increase the supply chain's transparency.

Why is it important?

As digital technologies dominate the world, pharmaceutical companies must adapt in order to remain competitive. Since the benefits of digital transformation are numerous, we will concentrate on the following points to gain clarity.

Enhanced customer expectations

Customers have access to a great amount of health information from internet sources in the era of industry 4.0. Using devices such as fitness trackers and smartwatches, they feel more in charge of their health. A survey revealed that 85 percent of individuals felt confident in their ability to be accountable for their health and fitness by using online information sources. Pharmaceutical corporations are investing more than ever before in patient involvement. A survey revealed that digital technology is the key to gaining a deeper understanding of clients and fostering stronger interactions with them.

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More competition

Big data is what's driving the world we live in today. The pharmaceutical sector faces external threats in addition to internal rivalry. With cutting-edge equipment and online health communities that give them access to large amounts of health data, massive tech firms like Apple and IBM are breaking into the healthcare sector. In order to stay competitive, pharmaceutical businesses must place a greater emphasis on digital technologies.

What are some of the important technologies that the pharmaceutical industry can use to shift digitally?

Automation

Pharmaceutical supply chain is being digitally transformed with the use of automation. Automation has reportedly helped the healthcare industry save $122 billion annually on administrative transactions.

Automation in medication production: Automation is being utilized to enhance the production of pharmaceuticals and other medical items. Humans can be replaced by robots in duties like blending chemicals and packaging medications. This lowers the risk of contamination and biohazards while also reducing process mistakes.

Robotic process automation, or RPA, can be used to speed up the selection of patients for drug trials. By acquiring and verifying documents in accordance with regulatory requirements, RPA can also aid in improving regulatory affairs.

2. Blockchain
The pharma industry is likely to benefit greatly from blockchain technology in the future.

Enhances Transparency: Poor communication among medical professionals can cost the industry $11 billion annually. Blockchain-based ledger technology can be used to safely transfer patient medical records and help lessen misunderstandings.

Better traceability: The use of blockchain technology in pharmaceutical supply chains has promising implications. It can assist in tracking labour expenses and carbon emissions as well as the journey of a drug from its point of manufacture to the final consumer.

3. Pharma computer vision

The following effects of computer vision on the pharmaceutical industry:

Drug manufacturing and packaging might include a number of repetitive and error-prone processes for quality control and inspection. Installing computer vision systems in manufacturing facilities helps improve inspection precision and accuracy.

Drug traceability and shipment tracking: In the pharmaceutical industry, it is critical to track pharmaceuticals during shipping and identify their source in the event of unanticipated side effects. This is effectively accomplished using computer vision through the inspection of shipping labels, barcode identification and scanning, and serialisation codes for improved traceability.

Digitization of physical documents: Using computer vision technology, crucial pharmaceutical documents like clinical trial materials, patient reports or medical records, and lab records can be automatically converted to digital format.

4. Internet thing in pharma

The Internet is seen as a useful tool for enhancing customer-brand communication. On the other hand, pharmaceutical firms are subject to stringent constraints, necessitating the creation of fresh approaches to client engagement.
Conclusion

The distinction between the real world and the virtual world is becoming more hazy than ever, and given the direction the internet and technology are headed in, this trend is certain to continue.

Making the switch to digital procedures can have a variety of advantages, such as streamlined and quicker operations, simpler client communications, and more cohesive projects amongst different personnel.

Digital transformation is a cultural transition that necessitates ongoing trial and error as well as landscape adaptation on the part of companies. It is not a "one and done" change.

Many pharmaceutical companies have already begun the process of digital transformation as the transfer of experiences from the physical world to the digital realm quickens. Patients are always wanting more from pharmaceutical businesses, and website traffic to these sites is rising to record levels.

By taking advantage of digital transformation, your business can offer easily available information, offer more individualized services, and highlight how you are different from your rivals. Future is becoming more and more digital. The pharmaceutical sector's top brands will be the ones who adapt appropriately.