Impact of COVID on Pharmaceutical Industry and Digital Transformation in Pharma
On the surface, it may seem that the impact of COVID-19 on the pharmaceutical industry is just about the race against time to find a viable vaccine. But, as the pharmaceutical industry has been focusing on discovering, developing, and marketing medicines, the COVID-19 pandemic has accelerated the digital transformation in the pharma sector and spurred rapid expansion in the use of digital tools. These technologies are enabling the pharma ecosystem to perform more efficiently by providing optimal solutions across a broad range of applications in the pharmaceutical industry. Here are a few technologies that are predicted to play a huge role in digital transformation in the pharmaceutical industry post-COVID-19.
Artificial Intelligence (AI) and Machine Learning (ML) in the Pharmaceutical industry:
Artificial Intelligence is streamlining and impacting the pharmaceutical industry in many ways ranging from creating new, better drugs, faster production of medicines, and combatting fast-growing diseases. Pharma companies around the world are leveraging advanced ML algorithms and AI-powered tools to streamline and fasten the drug discovery processes. It is further used to analyze large volumes of patient’s data and drug data quickly that helps in drug validation and testing. These technologies can also be used to gather critical subject information in real-time and react proactively to prevent adverse events before they occur. This is crucial especially now as the pharma industry is working to find a vaccine for the deadly coronavirus. Thus, AI and ML are the next big things for the pharma industries, and companies that adopt AI-based techniques will have a strategic advantage over their competitors.
Big Data in the Pharmaceutical industry
Incorporating big data technology in the pharmaceutical industry processes will enhance Research and development, improve clinical trials, and upgrade drug discovery. One of the important departments in the pharma industry in which big data will play a crucial role in the R&D department. Pharma companies can collect large volumes of data generated at the different stages of the value chain and gain useful insights to improve their research and development procedures. Big data can also be helpful for recruiting patients for clinical trials. The traditional, time-consuming, error-prone way of recruiting patients for trials can be eliminated by collecting huge amounts of patient data such as genetic information, personality traits, and disease status. This paves way for less expensive and shorter clinical trials.
Data analytics in the Pharmaceutical industry:
The pharmaceutical industry has always relied on empirical data in order to identify patterns, diagnose diseases, treatments, and the efficacy of those treatments. With the help of advanced data analytics and big data, pharma companies can intelligently search for vast data sets of patients, clinical trials and hone in on the relevant information that helps accelerate the discovery of new drugs. Data analytics can also be employed to improve safety and risk management. By analyzing different signals or data coming from various sources like social media, google searches, etc, pharma companies can gain more insight into their product safety features and their product performance.
Cloud computing in the pharmaceutical industry:
The search for personalized patient engagement while lowering the cost and reducing the risk in the pharmaceutical industry is always-on. Cloud enables collaborated drug development and clinical research with the application of sophisticated technologies that help pharma companies identify the chemical combination of compounds that are better suited for development from the outset. Cloud also enables real-time global data collection that reduces the complexity of data collection and manipulation during clinical trials, and thus, accelerates the whole process You can also reduce cost with the cloud as you don’t have to spend money and time on infrastructure, hardware because the cloud is already out there, ready and waiting for your data.
For the impact of COVID on pharmaceutical industry is as disruptive to them as it is to other industries. As the pharma industry struggles to navigate to victory in these trying times, embracing digital transformation is critical for their success. For those ready to seize the opportunity and meet the challenge, we at Intone are creating new and innovative strategies that result in infinite new possibilities to reinvent the patient experience and redefine the future of the pharmaceutical and life sciences. We offer a full range of services which set the gold standard in the pharmaceutical and life sciences industry by creating innovative, intelligent, intuitive, and integrated solutions including patient services and CRM, R&D, supply chain, cloud migration, commercial services, financial transformation, GRC, and technology design, build and integration.