The pharmaceutical industry is experiencing unprecedented growth, and according to recent projections by EY, it is expected to reach an astounding USD 1.5 trillion by 2023. The industry is undergoing a transformation, propelled by cutting-edge digital platforms, big data analytics, cloud computing, and artificial intelligence (AI).
Digital technology trends for pharmaceutical companies:
Digital technologies are streamlining labor-intensive procedures in the pharmaceutical value chain, including drug discovery and development, drug production, smart process automation, maximizing predictive maintenance, and supply chain management. This shift has been accelerated by the benefits of AI and big data technologies, which are being used by pharmaceutical companies to reorganize their business models, rationalize biopharma manufacturing, improve financial decisions, reduce human error, boost performance, and speed up time to market.
Artificial Intelligence Drug Development
In 2022, there was an increase in alliances and collaborations between major pharmaceutical companies and AI technology suppliers. For instance, Sanofi and Exscientia collaborated to create a pipeline of precision-engineered pharmaceuticals for oncology and immunology therapies. BenevolentAI and AstraZeneca also broadened their AI-powered drug development collaboration to create novel treatments for systemic lupus erythematosus and heart failure. Pfizer, on the other hand, strengthened its multiyear collaboration with CytoReason to create immune system models based on cells using AI-driven drug development.
Digital Architecture Enablers for Pharma
The use of cloud computing is also revolutionizing the pharmaceutical industry, enabling pharmaceutical companies to innovate and bring new treatments to market more quickly. Cloud-based architecture provides a secure way to store large amounts of sensitive data, ensuring data security, regulatory compliance, and the integrity of information. As regulatory restrictions and safety issues are addressed, the cloud computing business in the pharmaceutical industry is anticipated to expand quickly. The technology also guarantees expert-level security and confidentiality throughout the clinical trial process.
Secure Immutable Storage of Medical Information:
Blockchain technology has emerged as a significant new technology in the pharmaceutical industry, with each record, event, or transaction kept in sequential, verifiable blocks on an open, decentralized, secure public ledger. Blockchain has a huge impact on the production of pharmaceuticals, the tracking and verification of medical supplies, the prevention of record fraud, and research and development. With data, the system enhances end-to-end supply chain visibility, ensuring the resilience of manufacturing and the supply chain. Companies like Beasy blockchain are ensuring secure storage of information on blockchain. With GDPR and 21 CFR part 11 in place and the Drug Supply Chain Security Act (DSCSA) of the FDA anticipated to go into full effect in 2023 this is an ever important topic for pharmaceutical companies.
Personalized Medicine Acceleration leveraging big data and AI
In addition, the pharmaceutical industry is increasing its investment in research and development for tailored precision medicine, with the global custom medicine industry predicted to reach USD 717 billion by 2025. Recent advancements in big data, AI, and genomic testing have revolutionized research and development processes for customized medicine. The leading companies in the sector are creating revolutionary, tailored treatment methods that employ RNA analytics and machine learning to define the patient’s genes and aid clinicians in clinical decision-making.
Digitalization has become essential in all areas for pharmaceutical businesses just like every other industry sector to maintain leadership, deliver accurate results, reduce risk and costs and to improve operations. Companies that stay at the forefront of technical advancements are those that continue to pave the way and open up new chances in the healthcare sector. With the rapid pace of innovation and technological advancements, the pharmaceutical industry is set to make significant strides in the coming years.