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Adopting technology will allow pharmaceutical firms access to the needed proficiency to move a drug from development to scale-up and commercialization.
FREMONT, CA: The pharmaceutical industry is highly competitive, and organizations are constantly looking for every advantage they can identify. There is currently a digitization race as the move from paper to e-platform will offer significant efficiency gains. It seems that demand will continue to evolve for personalized medicines. Pharma will be needed to adapt and cater to a market wherein smaller, high-value batches are the norm. In this environment, adopting technology can lead to less waste and will enable firms to supply patients with greater efficiency.
The supply chain management in the pharma industry is on pace to exceed US$19 billion by 2021. This is fueled in part by the vast amounts of data gathered as the supply chain becomes more integrated. Within the pharma supply chain, firms process hundreds of millions of serialization events on several members' ecosystem from across the supply chain. Th
e growth also stems from businesses incorporating innovative technologies. Artificial intelligence (AI) and machine learning will allow businesses to identify patterns they did not know. AI in the supply chain is in its primary stages, but when trained, AI can support businesses to mine data lakes to answer questions, remediate problems, and chart the course for future success.
The pharma supply chain's IoT devices enable companies to track products in real-time from manufacturing to final delivery, including product conditions and temperature-monitoring along the way. When it comes to high-value medications such as personalized medications that are being uniquely developed for patients, this technology is critical for product quality, and temperatures must be controlled along the way to make sure that product efficacy is kept for customers. The adoption and advancement of these technologies will continue to emerge in the coming years, driven by significant investments from the whole pharmaceutical supply chain.
In terms of exploring and embracing new technologies in the coming years, new technologies will likely be increasingly cost-effective compared with traditional systems, and firms with more efficient processes can ensure faster product turnaround times.