At a Glance
Pharmaceutical industry is known to embrace technology post thorough scrutiny, analysis and research on the long-term pros and cons of what it welcomes aboard. Today, as companies streamline their process and reduce costs by the adoption of cloud-based solutions (a growing trend), the pharma sector is also embracing the popular trend to optimize its complex processes
Pharma 4.0 is a big thing today.
The term, coined by the International Society for Pharmaceutical Engineers (ISPE), involves a more convenient, productive and simplified approach to the response of problems as and when they emerge. In simpler terms, it entails adopting digital strategies to the unique contexts of pharmaceutical manufacturing.
Technological advancements and disruptions brought about by the fourth industrial revolution, predominantly in manufacturing and other sectors have paved the way for this change. However, they have brought numerous benefits to the table for the sector as a whole. Reports enunciate how technology-aided developments are shaping the pharma world in various domains.
Technological prowess ranging from AI to machine learning, healthcare apps to wearable technology, has made significant contributions in conducting trials, recording critical information, monitoring health levels, and much more. In the recent past, the increasing adoption of cloud technologies has set the trend for other sectors to follow. The Healthcare sector has already embraced the growing adoption of cloud-based solutions such as SaaS. The pharmaceutical industry is no exception to the trend.
Cloud and pharma
New Jersey-based Intone Networks, an IT consulting firm that offers clinical trials and cloud computing services, elucidates how the pharma sector, despite having to adhere to strict compliance and regulations, has embraced cloud computing technologies. The advent of the ongoing pandemic has also provided another push towards the domain. Data from a straits research report states that cloud computing has facilitated faster innovation to address challenges in the pharmaceutical industry. Quoting Healthcare Information and Management Systems and Society, the report says that over 83 percent of pharmaceutical companies use cloud technology.
Currently, cloud computing in the pharmaceutical industry has moved beyond offering mere storage solutions, now addressing significant privacy, security, and compliance challenges that the industry faces. Research and development (R & R&D), clinical trials, and personalized medicine are key application areas for cloud computing in the pharmaceutical industry. R&D management has turned more complex due to voluminous data and other industry-specific security requirements. Solutions like Accenture Life Sciences Cloud (ALSC) have provided pharma companies with enhanced analytical capabilities and streamlining operations concerning drug development.
Reports state that cloud-based high-performance computing would help researchers access unlimited surveys, organize their existing resources and data. The development of drugs takes many years. The importance of medicines and vaccines was stressed beyond doubt by the current pandemic. Hence, saving valuable time during the R&D stages can prove extremely beneficial.
Cloud-based infrastructure helps deliver lab imagery and statistical analysis data at higher speeds. It is reported that when such technologies are coupled with the benefits offered by AI and ML, clinical trials processes can speed up drug manufacturing and discovery.
Then comes cost-effective and scalable clinical research services. SaaS solutions offer many advantages with respect to this domain by provisioning an effective alternative way for enterprises to plug in and utilize software services whenever at their will. The SaaS models could help reduce investments in dedicated IT resources and other expensive IT infrastructure.
Reports from Pharma Manufacturing state how systems delivering clinical solutions as SaaS are better suited for the pharma needs than an on-demand approach. This system can effectively deliver the core value of the clinical research application by ably capturing, managing and sharing them efficiently across investigators and among all stakeholders, reducing the time for the whole clinical research cycle.
Data storage, speedy clinical trials and drug development asunder, cloud technologies are effectively aiding pharma sector stakeholders in marketing. Intone opines that the implementation of cloud computing in the pharma industry maximizes cost efficiency, improves communication among marketers, and optimizes digital media spending, saving millions of dollars.
Every player in the pharmaceutical industry wants to enhance and personalize patient engagement while also lowering costs to reduce the risk while tapping into new markets. This is exactly why pharma companies are increasingly investing in cloud computing in recent years. Cloud computing has made leaps and bounds over the last few years and offers a huge opportunity for pharma companies to boost their marketing activitiesIntone writes.
Apart from cloud computing, other trends are also shaping the pharma sector. That is a story for another day.