26 November 2022 | Views | By Ajit Sodhi, Co-Founder, MSB Docs
Pharmaceutical companies are struggling to keep up with digital transformation
With more than 300,000 people employed in the pharmaceutical industry alone, there is no shortage of opportunities for pharma companies to succeed. In 2020 alone, the industry made a turnover of over $425 billion. With so much competition, digitalisation is necessary to meet the demand for innovative solutions that leverage technology to optimise potential increases.
Businesses in the pharmaceutical industry are seeing steady growth. By 2023, it's expected that over $1 trillion will be earned by this industry alone. This is partly due to thousands of compounds currently in the latter stages of clinical development and hundreds of new products with approvals expected in 2023 and beyond.
Big data strategies can give the information needed to work towards innovation and make good, value-driving decisions. They can also help reduce the cost of clinical trials by using data modeling. They also save time, money, and resources by only conducting the trials with a better chance of success.
The pharmaceutical industry is unique in that digital transformation significantly improves patient care, effectiveness, cost-effectiveness, and transparency. Digital transformation will allow the industry to manufacture counterfeit-proof medications without the risk of them being fake. This will help guarantee the medicine's authenticity while complying with GMP regulations. Because of all the potential benefits of using technology, a wide range of opportunities and challenges come with transforming an organization digitally.
Need for a digital transformation in the pharmaceutical industry
Pharmaceutical companies are struggling to keep up with digital transformation. Pharmacy personnel must be able to adapt to advancements in technology if they want to remain competitive in today's market. For the sake of today's society and patients, the pharmaceutical industry also needs to keep up with digital technology.
Digital developments like mobile communications, cloud solutions, advanced analytics, and the Internet of Things are just a few examples that are progressing exponentially.
Rigorous data analysis and efficient use of technologies will determine whether or not pharmaceutical companies can remain competitive in today's patients' minds and marketplaces.
With the massive spike in business for the pharmaceutical industry, saving money and managing time have become the primary concerns. With the digital revolution comes the need to find fast solutions regarding time management and saving money.
Manufacturers are now turning to electronic signatures to save time, save billions of dollars, and avoid human errors. You can now sign documents electronically, ensuring that the data is legally binding and contained within a secure digital signature. Signing multiple documents is easy with electronic signatures that can be processed with just a click!
Finding a trusted enterprise digitisation partner for the pharmaceutical industry
Research in today's market shows that executives of the pharmaceutical industry are aware that digital transformations are disruptive to the status quo and are bringing themselves along on their journey.
Despite this, they don't know how exactly to take advantage of the advancements in technological development or what they will look like in the future. They're also often unsure how to make tricky choices, including deciding to scale up and keep around and how long it will take. Rather than making a tough choice, sometimes things like this need to be put off until later when there is no choice but to change.
Pharmacy executives need a digital transformation. Months and years can go by without changing the way they do business. This can make it challenging to get ahead, extract new opportunities, and build better relationships with patients and prescribers. An effective digital strategy can help mitigate these challenges and is better than putting them off.
Whether you're a researcher, chemical engineer, pharmacist, or doctorate-level specialist, it's essential to understand why and what needs to change to transition into a digital transformation. The pharmaceutical industry is made up of highly competent individuals. Becoming a part of a digital transformation journey isn't easy for them, but when they can learn this new way of doing things, it can be worthwhile for everyone involved.
Ajit Sodhi, Co-Founder, MSB Docs