With the Pharmaceutical Industry constantly evolving due to globalization, consolidation and regulatory compliance, we see the industry looking at new competing challenges, including:
- Greater supply chain complexity,
- Need for pricing reforms as the cost pressure from payers continue to increase and the changing demands
- Expectations of patients
- Seeking a greater role in their own care
According to Deloitte’s report on measuring the return from pharmaceutical innovation, the annual projected R&D returns along with the peak sales per asset have been declining for the past few years. However, on a positive note, we saw smaller firms continue to outperform the larger ones.
As smaller firms are able to leverage technology to enhance their agility, digitization holds tremendous potential in helping companies adapt. By applying the latest IT trends:
- Pharma companies can considerably increase visibility in their supply chain operations
- Manage and assess the results of personalized medicine delivery
- Determine the direction of product development
- Improve operations by making them more adaptive and responsive.
Cloud is a key pharma industry trend enabling the pharma industry to meet the changing consumer needs.
Cloud for Pharma
With Cloud, pharma companies can develop a single integrated network that makes collaboration on a global level easier across different IT architectures or ERP systems, making networks more scalable. Cloud based IT Infrastructure can enable rapid computing for different types of data and systems from the physical network across all nodes of the supply chain.
By partnering with a cloud solution provider (CSP), pharma companies can work to customize and implement a secure and effective cloud-based Enterprise Quality Management (EQM) Strategy
According to Deloitte’s fourth annual survey of mid-market technology, nearly 40 percent of executives expect the greatest productivity gains will come from investments in cloud infrastructure. The scalability and agility that a cloud solution offers can help pharma companies with their R&D, clinical research and cost savings.
Robotic Process Automation and Business Process Management for Pharma
Keeping in view the tremendous competitive pressure that the pharma industry is facing, efficient management of business processes is becoming essential for sustenance and growth. This is where the pharma industry can leverage (Robotic Process Automation) RPA and BPM (Business Process Management) technologies like a Virtual Robot, that can offer a powerful solution for the pharmaceutical industry and that enables them to be standard compliant and optimize their ROI. Additional benefits can include:
- Simplify, manage and automate the clinical trial processes,
- Minimize the risks, error and notify you with alerts via text or email
- Greater accuracy in records and processes ensuring quality assurance
- Ensure regulatory compliance without significant cost increases
What Should Pharma Organizations Do to Achieve Digital Transformation?
The pharma industry is realizing the benefits cloud solutions offer, and are increasingly moving towards the model. With benefits of greater efficiency, reduced costs, enhanced competitive edge and increased security, the cloud has become a pivotal innovation in the pharma industry.
At a time when strict requirements set forth by the federal government are making the storing and sharing of sensitive information a difficult process, we feel that Pharma companies can leverage these recent trends in pharmacy technology in 2019 to save cost, secure their valuable research and data and help facilitate more effective communication and efficiency between different departments.
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