The pharmaceutical industry is ever booming and it is expected to grow further in the future. For the past few decades, the best pharmaceutical companies have been adopting technologies slowly to increase their growth avenues. However, the pandemic hit the pharma industry very hard. And now the adoption of the technology is seeing a peak. The team of experts has listed the need for technology to create customized products to aid in R&D efforts.
The technological advantage of the industry also helps in transforming user experience and brand equity. So, companies across the globe are trying to embrace the recent technologies to stand out from the crowd. Some of the latest technologies used the pharma companies are:
- Artificial intelligence and deep learning
- Augmented reality and virtual reality
- Big data analytics
- Single-use process
Artificial intelligence in pharma
Pharmaceutical companies have adopted Artificial intelligence and deep learning in almost every aspect of the business. Starting from material procurement, and manufacturing, to dispatch and inventory management, everything uses AI and DL now. One Indian pharmaceutical company addressed the issue of product failure due to negligence of operators and human interference. They have installed computer vision on their packaging lines to detect defects using AI and deep learning in computer vision cameras.
AI can also be use to optimize material procurement and inventory management using the relevant data to send an alert to the team on a lack of goods. The technology is also use in understanding the efficacy of drugs and forecast demands. The application use-case seems to revolutionize the whole market.
Virtual reality changing the shape of consumerism
The best pharmaceutical companies around the globe believe that AR/VR can be a real game-changer. Experts believe that by using AR/VR kits, the healthcare team can check the interaction of the drug molecules and create virtual patients to see the effect of the drugs. The AR/VR kits also help the medical reps to provide the best-in-class simulation environment to showcase the essential information, concepts, and the prelim science behind the development of the medication.
In addition to this, VR helps the consumers to have a brand-new experience in learning about the medicines and their composition. This ensures customer engagement which is an effective marketing tool.
Big data analytics
Big data is one of the major drivers in the technology to attend to consumer behavior and personalized marketing as well as new medication development. There is so much cost associate with the R&D of new medications. This leads to an extended production and delivery time. So, till the time the demand for a particular medicine is high, the production delay leads to the non-availability of the product at the right time. And delay leads to a decrease in demand. This happens mostly in the case of seasonal medicines for flu or other illness.
Big data can help in estimating the time frame for production and setting up a trend analysis. The analysis reports help the best pharmaceutical companies be on the right side of the demand-supply curve. Big data can also help companies in determining the side-effects of a drug and analyze the consumer interaction with particular drugs by keeping a tab on them.
Blockchain – apart from Bitcoin
Another Indian Pharmaceutical company is in discussion with Blockchain developers to integrate with their manufacturing and supply processes. How blockchain helps pharmaceutical production is astonishing. The technology ensures that there is accurate and reliable data in the data set. This reduces the false positives and false negatives, thereby providing better results.
The single-use process is use by many pharma companies that have high production variations. SUP adheres to the concept of quick turnaround along with simple operations. Quick turnaround reduces the changeover time and simple operations aid in less human effort. This saves both space and time, and eventually money for the pharma companies.