Doctors, nurses, pharmacists etc working in the healthcare sector handle huge volumes of data that is critical to make informed decisions to improve the quality of care. This data can be converted into digital format with the help of data entry services and with tools like predictive analytics and artificial intelligence, this data can be used for deriving meaningful insights that helps in the growth of the pharmaceutical industry. Digital transformation in pharmaceutical companies helps in increased responsiveness to the patient, improved production process and accelerate innovations in developing new drugs.
The world is still fighting the pandemic and pharmaceutical companies are looking for new ways to cater to the individual needs of the patients, provide remarkable gains to the stakeholders and also keep up with latest trends and sustain in the ever-changing environment. Following are some of the latest digital transformation trends expected in pharmaceutical companies for the year 2021.
- Use of Artificial Intelligence: Artificial intelligence helps industries improve their efficiency and it has applications and assists in development and problem-solving skills. It also helps in diagnosing, designing the treatment plan, performing robot-assisted surgeries and also for healthcare purposes. According to a report by Next Move Strategy Consulting, the Global Healthcare Artificial Intelligence Software Market size was estimated to be USD 4.68 billion in 2019 and is predicted to reach USD 354.47 billion by 2030 with a CAGR of 48.2% from 2020-2030.
- Increased need for Quick Drug Discovery: Using new technologies like AI and Big data helps to develop drugs with lower cost and time. A drug development process involves research and development, data management, clinical trials and testing. Advanced technology allows to speed up these processes which makes drug development process quicker.
- Technological Advancements in Supply Chain: With new technologies in the pharma industry, the drug development and supply chain process will be transformed. It helps in minimizing production cost and the marketers will have an opportunity to offer USPs in the form of utility. Technology innovations in supply chain will ensure that that the drugs reach the patients quickly and it also assures security along the supply chain as medicines can be traced in real-time, bringing practical control in the operation of illegal networks.
- Digitization and Automation: Digital transformation means paperless processes and also ensures that quality processes were robust and scalable, with minimal scope for human error. It ensures CGMP compliance in the manufacturing process. Automation minimizes human intervention and RPA mitigates any lack of proper cell characterization strategies. So, digitization and automation in pharma companies helps with process development and minimizes any errors.
- Connected Virtual Monitoring in Patients: Connected devices like wearables and IoT are new devices that helps in self-monitoring and it does not need the assistance of any doctors or any care takers. They have the necessary equipment available at their homes for a much affordable cost. The readings are transmitted to a central console of the monitoring healthcare provider or doctor for their review and analysis. With AI and the Internet providing good diagnostics, the final review can be done by an expert doctor before actual prescription. This empowers both patients and doctors to be connected virtually and allows to bring experts and patients on a self-monitoring virtual healthcare platform.
Digital Transformation in Eli Lilly And Company
Eli Lilly And Company is a pharmaceutical company that has implemented advance technology in pharmaceutical manufacturing. It helps to reduce ergonomic risks through robotics lifting boxes, and ensure quality through real-time analytics rather than after-the-fact testing. These technologies also drive cost efficiencies. Whenever a project comes, they review it and look for new capabilities. They use natural language processing to find patterns in complaints, applying data models to predict process failures, and using artificial intelligence techniques to identify and fix errors in supply chain data.
Many pharmaceutical companies are now realizing the importance of digital transformation and digitizing their records with the help of a document scanning company. It allows healthcare organizations to speed up their daily operations and with utmost accuracy and within the time period and also helps the employees to focus more on their core activities.