Technologies that are Shaping the Future of the Pharmaceutical Industry
Adopting cutting-edge technologies can play a critical part in the pharmaceutical industry’s digital revolution. Capturing this opportunity, however, necessitates the identification of the appropriate initiatives.
Artificial Intelligence (AI), Machine Learning (ML), Augmented Reality (AR), Virtual Reality (VR), the Internet of Things (IoT), and Blockchain are among the innovations that are beginning to transform the pharmaceutical industry in the same way that they have transformed other industries such as media, retail, banking, telecommunications, education, and so on.
Here are a few emerging technologies that are already reshaping the pharmaceutical sector:
1) Artificial Intelligence (AI) and Machine Learning (ML): Artificial intelligence and machine learning are without a doubt the pharmaceutical industry’s next big thing. In the healthcare industry, AI is already being utilized to perform repetitive jobs such as data entry, lab test analysis, data management, and so on.
ML is also utilized in disease identification and diagnosis, radiography and radiation planning, clinical trial research, personalized medicine, rare disease identification, and new medication development, among other applications.
AI and ML are likely to be integrated into the majority, if not all, pharmaceutical R&D processes. As a result, drug development success rates should improve and streamline R&D efforts.
2) IoT Integration: IoT has tremendous potential to benefit the pharmaceutical business. By identifying difficulties and making adjustments before they pose a problem, a network of connected devices with monitoring sensors can reduce the risk of machinery malfunctions and ensure precision output.
IoT integration can help the pharmaceutical industry’s manufacturing sector, for material tracking and management, and even in the manufacturing process of medications. Furthermore, IoT-enabled data-gathering devices can find at shipping and receiving stations, collect information from RFID tags and barcodes, and correlate data from numerous places to ensure consistency.
3) Blockchain: The research and commercialization of a new medicine is a lengthy, complex, and costly process fraught with danger. By securing intellectual property information, Blockchain has the potential to reduce these expenses while also increasing transparency and confidence for all parties in this process.
A digital identity enabled by Blockchain allows for traceability each time a patient’s identity is verified and would improve data quality by tracking patient data linked to a specific medication trial while preserving the highest level of information security.
4) Organs-On-Chips: Drug testing on humans or animals in the context of costly and time-consuming clinical trials is a thing of the past; the “Organs on Chips” notion is the new craze. Consider that the properties of biological beings may be so precisely simulated that a clinical trial can be completed in less time, with less money, and still with fantastic results. This is known as a “silico trial.”
It is essentially a customized computer simulation that is used in the development or regulatory review of medicine, technology, or intervention. While simulated clinical trials are not yet achievable with present technology and biological understanding, their development would be predicted to have significant advantages over existing clinical trials.
To survive and grow in this environment, it is more important than ever for industry organizations to research and invest in cutting-edge technology and ideas.
Are you interested in harnessing some of these top-notch technologies to move your business forward?
At TraQiQ, we are well-versed with emerging technologies like AI, Analytics, Machine Learning, and Blockchain. Based on client needs and requirements for various domains, we can assist you in selecting the best option for your company and advancing it to the next level of its digital transformation ladder.
For more information regarding our services please contact us at https://www.traqiq.com/#contact