The world of pharma has transformed over the past decade. With the advent of digitization, more companies are entering the space. Moreover, with an increase in social media outreach and online marketing, it’s becoming very difficult for pharma companies to stay ahead of the pack.
Even if they do succeed in staying ahead of their competition, they have to keep up with changing market trends as well as disruptive technologies that threaten their profitability every day.
Here is a list of some major technological challenges pharma companies face today that could impact their business, either positively or negatively:
Internet of Things (IoT)
The idea of connecting everyday objects and devices to a computer system is not new. And, it’s definitely not limited to the consumer space. The problem with the current IoT ecosystem is that it’s based on the concept of centralization. It’s the same concept that powers the current system of cloud computing.
The solution to the problem of centralization is decentralization, which means each device should be connected to a network and act as a node, not a gateway to the network. This is where blockchain comes into the picture. While it’s not just going to solve the problem of IoT, it’s going to transform the entire business ecosystem. The question is: how soon will it happen?
Artificial Intelligence (AI) and Machine Learning
Artificial intelligence is becoming the new buzzword and the new focus area for many businesses. Companies want to leverage AI and machine learning to become more competitive and find new revenue opportunities. AI can be used to make sense of and find patterns in data to help predict future outcomes. It can help companies analyze and find new opportunities in their data and make smarter business decisions.
As the demand for AI increases, so does the demand for data and the processing power required to train AI models. The development of AI and machine learning models is not easy. Moreover, it requires a lot of effort and funding as it has a high failure rate.
Cloud computing
People often think of cloud computing as a service model. But, cloud computing is a model that uses multiple technologies. It can be on-premises, in the cloud, or a combination of both. The important thing to understand is that your data lives in the cloud, so it’s accessible from anywhere and can be accessed by any device. It’s important to know how your data is stored and how to protect it.
It’s not just about relying on third-party services. It’s about managing and protecting your data yourself. This can be done using tools like data backup, data replication, data encryption, data tagging, and best practices related to security. Cloud computing is no longer just about cost savings. It’s about enabling new business models and creating new revenue streams.
Blockchain and CyberSecurity
Blockchain is often referred to as the “new internet”. It’s a decentralized, distributed, and immutable electronic ledger that can store data and record transactions. There are many organizations exploring the use of blockchain technology. But, what’s surprising is that a lot of pharma companies are exploring its use in the pharmaceutical and healthcare space as well. And, this is definitely not limited to internal applications.
Healthcare organizations are exploring ways to use blockchain to improve the quality of healthcare and make it more affordable. For example, blockchain can be used to create a tamper-proof and secure healthcare ecosystem, where data is immutable and can’t be manipulated. This can help reduce fraud in healthcare and make it more affordable.
Robotics, Automation, and Nanotechnology
Automation, the latest buzzword in the world of technology, is all set to transform businesses. The way organizations use robots in manufacturing is on the verge of a huge change. The focus used to be on increasing the productivity of employees, but now, organizations are exploring the use of automation to reduce costs.
There are many organizations that are investing in automation to improve efficiency and achieve cost savings. The focus will shift to using AI and machine learning to automate the decision-making process. You will be able to automate business processes and make the most of the data. Robotics is not just about replacing people with machines.
It’s about making use of existing data to automate decision-making, create new revenue streams, and make business operations more efficient. Automation will not just be used for operations. It will be about applying automation to create new types of products. An example is creating customized products for individual customers. Artificial Intelligence (AI) will play a significant role in this area.
FinTech and Payments
Healthcare companies are exploring the use of blockchain technology to improve the efficiency of the healthcare system. It’s not just about using blockchain to improve the quality of care. It’s about using it to improve healthcare delivery. Blockchain has the potential to reduce fraud in healthcare and make it more affordable. Moreover, it has the potential to make financial services more accessible.
And, it’s not just about making payments. It’s about making a difference in the lives of people by introducing new solutions. It’s important for healthcare organizations to understand how blockchain technology works and make use of it. Healthcare institutions can invest in blockchain technology to make their operations more efficient.
Bottom line
The current level of technological advancement is certainly unprecedented. It’s not just about the increase in the number of devices that are connected to the internet. It’s also about the way they’re connected. We’ve come a long way since the advent of the internet and are now looking at the next level of development—the Internet of Things (IoT), artificial intelligence, cloud computing, artificial neural networks, blockchain, robotics, automation, nanotechnology, fin-tech, and payments.
Technological challenges will continue to be an issue for pharma companies in the future. To stay ahead of the game, it’s important for companies to understand how these challenges affect their business and how to deal with them.