Due to pharma IT solutions’ advances, the pharmaceutical industry has witnessed exponential growth in recent years. It is anticipated to shoot up to $1.5 trillion by 2023 as digitization plays a crucial role in every aspect. From research and development to quality control and distribution, every process is becoming more efficient and accurate.
Here are 7 key tech trends that are driving more value for both providers and patients:
1. AI will Accelerate Drug Development
Given the pace at which pharma IT solutions are advancing, it’s very likely that humans won’t have to become test subjects in the next decade. Computers will replace humans in biotechnology and genome research.
What otherwise needed months to manifest will now become visible in seconds. This will make drug testing and development much safer, efficient and accurate. A supercomputer is already being leveraged to repurpose existing medicines to develop more effective treatments much faster.
2. 3D-Printing Will Drive More Sales
3D-printed pharmaceuticals are already transforming the way pharmaceutical companies are operating their supply chain. Pharmacies are likely to print their pills in-house in the next decade.
The University College of London is already testing different ways to formulate pills in attractive shapes for kids. This customizable technology is expected to create a goldmine for pharma companies in the coming years. For companies involved in the sales and marketing of pharmaceuticals, 3D-printing will open up new avenues of revenue.
3. Precision Medical Treatment Will Become Commercially Accessible
New treatment opportunities are opening up for the pharmaceutical industry. They will only continue to widen over the next decade. Precision medical treatments and products will become more affordable and commercially accessible for patients suffering from different illnesses.
It is why more resources are being allocated to research and development to discover more accurate target medications. From DNA testing to personalized drugs, everything will become viable for patients with different medical conditions.
It is likely that over the next decade, medications will evolve from being generalized to personalized. What is being manufactured for millions keeping a median in mind, will be produced based on the diagnosis. All the products and treatments will become unique to patients for improved outcomes.
4. Blockchain Technology will Enhance Transparency
With the evolution of pharma IT solutions, blockchain technology will take over the financial aspects of pharmaceutical companies. Blockchain technology will play a crucial role in simplifying and streamlining financial transactions. It will also optimize Transparency and security without needing the intervention of a third party.
5. Cloud Technology Will Foster Growth
Cloud technology has taken over every industry & pharma is no exception. The pharmaceutical industry is also embracing the trend to partner with multiple stakeholders for increased efficiency. Cloud will facilitate the implementation of a robust infrastructure with improved data integrity.
Cloud technology can also be leveraged to ensure compliance with GMP guidelines and industry regulations using cloud-based apps. The cloud market is also enabling pharma companies to overcome IP and security issues and support the pharmaceutical industry’s growth while cutting operational costs.
6. Digital Training Will Increase Efficiency & Effectiveness
One of the trends that will take off in the next decade is the use of digital training. From an operational perspective, it will ensure efficient and optimum use of technology. Digital activity will also enable pharmaceutical companies to navigate compliance issues seamlessly.
Digital training is also helpful in boosting productivity with the use of digital platforms. With the right technology in place, pharma companies can overcome knowledge-building by conducting training on-demand. This flexibility to train staff anytime, anywhere, is also cost-effective and improves overall efficiency.
7. Mobile Apps Will Increase Patient Involvement
With the adoption of innovative technology and mobile apps, patients are gaining more control. They now have a say when it comes to their medications and mode of treatment. It is why pharmaceutical companies are now compelled to take their patient needs into account when creating and marketing products.
It is likely that in the next decade, many companies will create patient advisory panels. These panels will become an integral part of healthcare conferences and play an influential role in driving informed decisions for improved healthcare outcomes.
The pharmaceutical industry is transforming at every stage.
To stay current and succeed in this dynamic environment, it is more than essential for pharma companies to invest in a new business model backed by innovative pharma IT solutions. This transformation will empower the pharma industry to develop better relationships with patients, cut operational costs, drive efficiency and increase revenue.
For new pharma companies, digitization trends can facilitate engagement with potential clients while searching for products and services online. Suppose you, too, want to harness the power of technology. In that case, fully-loaded, feature-rich pharma IT solutions can help take your business forward.