Pharmaceutical industry is pro-active in making new technology and adopting primarily due to its tight regulations and domain complexities. All the details in this industry are reflected as very important as it is related with individuals’ life and health. The data regarding this industry is considered very sensitive.
Technology in this industry is defined as the “use of scientific knowledge to solve practical problems”. It is the second most regulated industry after aviation industry, adapting to new technologies has to go parallel with the regulation. However the industry is constantly evolving with latest technologies like IOT, 3-D Printing, Cloud computing, smart manufacturing, etc. The innovations mentioned are still in the pipeline phase and hold the potential to change the basic of the pharmaceutical industry by offering high value propositions such as improved health of an individual and healthcare professional engagement, cost optimisation, fast marketing, higher productivity and improved services for patients. Moreover, it is viewed as a good tool for enhanced compliance adherence.
Many companies have started their transformation process towards upcoming super technologies. When done rightly, the IOT will change the way of living of each and every individual of this globe. A lot of new changes like, use of auto-ID with AIDC (automated information data collection) for smart serialization, real-time logistics visibility using RFID & sensors to capture and report parameters including temperature, smart warehousing and routing, predictive maintenance of machines and equipment.
With the advent of big data, companies are harnessing the power of AI to deliver more focused solutions in a variety of areas; AI helps them understand data in real time. Machine learning can be put under the broad umbrella of AI. The industry is still scratching the surface of AI and machine learning in pharmaceutical industry. AI can solve number of problems related with drug discovery process. The ten year long process can be reduced to few hundred days with fewer expenses. Apart from it, it has lot to do with genomics, cancer treatment and other frontiers of pharmaceutical industry.