From marketing innovations to data security and business intelligence services to mobile-centric trials, digital transformation has been benefitting the pharmaceutical sector in many ways. Like every other industry, it is also revolutionizing the pharma industry. Letâ€™s dive deeper into this topic with an experienced artificial intelligence development company.
Digitalisation of the Pharma Industry
There has been a significant boost in the digital health market since 2010. And why not? Digital transformation is the way to improved patient care, greater transparency, better production, reliable supply chains, and quality drug development. This is important when an increasing number of patients are seeking wellness and medical information digitally.
According to Statista, 74% of respondents suggested that the COVID-19 pandemic has accelerated digital transformation in the pharma and healthcare sector.
Before we talk about the ways in which digital transformation has been influencing the pharma industry, letâ€™s throw some light on digital transformation, with the help of an artificial intelligence development company.
What is Digital Transformation?
Digital transformation is the adoption of digital technologies to improve business processes and innovations. It brings cultural, organizational, and operational changes to a company or ecosystem through smart integration of digitalisation across all levels.
You might wonder which digital technologies this transformation entails. Here are some of them:
- Automation and Robotic Process Automation (RPA)
- Artificial Intelligence (AI)
- Machine Learning (ML)
- Internet of Things (IoT)
- Cognitive computing
- Big Data
What does it mean to the Pharma Industry?
According to our machine learning development company, digital transformation of the pharma industry means implementing digital technologies to improve the production, distribution, and provision of healthcare products/services. For instance, improved drug development with business intelligence services can help health professionals achieve better patient interaction. Here are some additional industry-specific examples:
- 24/7 Virtual Care
When it comes to optimizing the customer journey across multiple touchpoints, pharma companies need to achieve broader engagement with patients and physicians from multiple touchpoints of the patient care process. This is where digital technologies like AI/ML can provide 24/7 virtual care. Using sensors and mobile apps can enable unique patient care, which is customized to cater to their specific needs.
- Digital Health Offerings
Over the past few years, health offerings have been significantly contributing to the digital transformation of the healthcare and pharma industry. They are by no means buzzwords. Instead, they are a substantive field of digital innovation, making their way to the pharma industries. These offerings mainly include Software as a Medical Device (SaMD), mobile medical apps, wireless medical devices, and pharma business intelligence services.
- Improved Transparency and Traceability
It is reported that miscommunications between health professionals cost around $11 billion every year. Using innovative technologies like Digital Ledger Technology (DLT), which is based on blockchain,it becomes more transparent to transfer medical records and reduce miscommunications. Also, better traceability is something blockchain can offer by promising implications for pharmaceutical supply.
- Automation in Manufacturing
Automation is being increasingly used to digitally transform pharma supply chains. In fact, it has reduced healthcare administrative transaction costs by $122 billion annually. One of the best examples is using automation in the drug manufacturing process. Robots can be used to mix chemicals and pack medicines. This will reduce human errors and the risk of contamination and biohazard.
- Clinical Trials
Another example of digital transformation is clinical trial expansion within the pharma sector. Technologies like wearables and ingestible sensors are breaking traditional clinical trials. Coupled with the internet and social media use, mobile technologies and business intelligence services are benefiting clinical trial integration.
It is quite evident by now that digital transformation is reshaping the pharma sector. With the pandemic as an unprecedented accelerant, the digital moment is ripe in the sector. New, tech-savvy, and cutting-edge solutions fuelled by digital technologies like business intelligence services entail considerable grounds for innovation. And it would be interesting to see how this brings a healthier tomorrow to the human race.
Have a business idea in mind? Letâ€™s connect!