The digital revolution and the emerging sophisticated technologies have a profound impact on the pharmaceutical market. Leading global pharmaceutical companies are restructuring their business models and reimagining their processes to implement the latest advanced technologies.
From enhancing R&D to improving clinical trials and upgrading drug discovery, big data has an immense scope to remodel the pharmaceutical operations. Utilizing big data, pharmaceutical companies are gaining insights into historical and real-time data sources such as social media, IoT sensors, log files, and patient data. The pharma firms are taking a data-driven approach and are leveraging big data to streamline the processes and improve efficiency across the board. Big data can also be the key enabler of precision medicine, where diagnosis and treatment of disorders are carried out using relevant information about the patient’s genetic make-up, environmental factors, and behavioural patterns.
Furthermore, AI has also emerged as the prime driver of efficiency for forward-looking pharmaceutical companies. AI ramps up R&D and data-driven decisions through its automated algorithms, that earlier used to rely on human intelligence. Integrating AI with healthcare, pharmaceutical vendors are able to identify medicines that would be appropriate for patients. AI also boosts clinical success rates, lowers costs, drives operational efficiency by powering in-depth data mining, and also shortens the drug testing-validation cycle.
Integrating IoT and AI into patient management solutions helps improving medication adherence and treatment outcomes. Pharmaceutical vendors are also employing technologies that can boost company sales productivity and revenue. With IoT powered wearables, physicians can determine the success rate of their therapies and accordingly take suggestions from pharmaceutical companies based on available patient data and medicines.
Pharmaceutical companies can also mine social media platforms and medical forums for ADRs and patient reviews. Using sentiment analysis and natural language processing, pharmaceutical businesses analyze the collected data with the help of machine learning analytics and gather insights about adverse drug reactions. This simplifies the process of reviewing drugs and gives a holistic view of the patient scenario. With cloud computing securing a foothold in the market, pharmaceutical companies can manage data security and compliance concerns with the huge amount of data generated by their processes. Cloud technology’s capacity to decrease overhead costs is enabling enterprises to make balanced investments.
The amount of technology influencing Pharma companies is a lot to comprehend, and so, the search for a suitable technological solution provider for effective collaboration continues.
In this edition of Healthcare Tech Outlook, we bring to you “Top 10 Pharmacy Management Solution Providers - 2020.”