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Track 27: Pharma Technology

Introduction

Innovation is not only occurring, but it is also occurring very quickly. Large pharma is having trouble keeping up because of its onerous operating structure and onerous regulatory framework. The existing industry environment is being infiltrated by new, more nimble pharmaceutical firms, which is destabilising the competition.

In order to ensure that new products may still be developed safely, the pharmaceutical sector needs to discover strategies to stay up with these developments. New strategies will be needed, and as technological proficiency becomes a more crucial competitive feature, the sector's landscape is expected to shift.

Technology advancements

Technology advancements have a significant impact on pharmacovigilance, the discipline of researching, managing, and assisting in the prevention of harmful medication effects. More sophisticated methods than ever before exist for gathering data, such as using mobile sensors to gather patients' biometric information.

Life science organisations can use artificial intelligence to sort through mountains of data to determine how patients are actually affected by the medications they are taking.

Technologies are enabling pharmaceutical companies to monitor patient safety more thoroughly and quickly. By minimising manual input, they are also fostering efficiency and lowering expenses. Time can be saved for human workers by using natural language processing and specially designed algorithms to sort through large amounts of data and discover the pertinent information.

It's a shrewd method of searching, comprehending context, and cleaning up facts to sort what is pertinent. Systems may also be created to recognise when a situation is urgent and escalate it as necessary. Continuous intelligent automated monitoring helps improve teams' responsiveness. Pharmacovigilance is becoming more responsive and effective thanks to technology.

People who operate in this field will also need to properly allocate resources, which can entail trimming back on team size while boosting spending on technology and related services like third-party tech providers. The IT team's function will become more and more crucial.

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Science Fiction

Some of the technology that the pharmaceutical business is using are starting to resemble science fiction. A new technology that could be very beneficial to the pharmaceutical sector is virtual reality. By modelling substances and visualising physiological processes, it can be utilised to teach, in particular. This might aid in educating patients, persuading investors, and instructing students.

The industry deals with a lot of difficult ideas, so anything that fosters understanding may be helpful. Concept modelling in VR had previously been accomplished using CGI in science fiction movies; today, it's likely to become a practical tool for life scientists.

Digital tablets and other technologies could support patient health monitoring outside of a clinical environment. By letting doctors know when patients aren't following their prescription regimens, this could increase medical adherence. It could also promote pharmacovigilance by quickly recognising bad effects.

Drug producers may benefit from technology that provides feedback on how patients are doing in order to better understand the true effectiveness of their drugs and identify adverse effects that could otherwise go unnoticed. It might even make it easier to see new issues and stop them before they get out of hand.

For the first time in a generation, significant changes are being made to the way pharmaceuticals are made. The drug development industry is implementing numerous new technologies, such as big data analysis and natural language processing to mine data from research databases.

However, some technologies are still decades away. Nanotechnology still looks more like a concept from science fiction than a practical application. It's still a long way off, but eventually we might witness minuscule robots being inserted inside the body to dispense medications, perform maintenance, or keep an eye on health. When this occurs, the industry is expected to undergo yet another significant upheaval.