The intense competition in the pharma industry has forced the companies to invest in several advanced technologies such as AI and Big Data analytics.
FREMONT, CA: Technology plays a critical role in the advancement of drug and the R&D value chain and modernizes the clinical trials with a minimal failure rate. Even though the supply of technology is growing and the guidelines for innovative processes are easing down, pharmaceutical companies are still moving ahead slowly, when it comes to leveraging the new-age technologies. The hesitation in using technology is mainly because of the current uncertainty around the space as well as the highly fragmented supply market. Here is an outline of a few significant technologies that might impact the industry during its trial phases.
The demand for technology in clinical trials is augmenting slowly and steadily due to the increasing expenditure of experiments, along with a high percentage of trail failures or patient-centric trials.
Trends that Drive the Adoption of Technology:
Conducting smaller trials has become possible and more accessible because of disruptive technologies like mHealth, RWE, and wearables. The doctors can now execute everything with the help of a phone, given to the trial participants, starting from the enrollment of the patients to drug administration and follow-ups.
Automation to Remain Competitive:
In recent times, the pharma companies have increased their investment in AI, and Big Data analytics as the transformative power over R&D procedures and their abilities can reduce the expenditure drastically. Apart from business transformation and agility, one of the major driving forces for huge investments is the increasing competition in the marketplace.
Ingestible Sensors to Target Adherence:
The pharma companies are taking much interest in technologies because of their massive impact on treatments. The addition of wearables, ingestible sensors, and the use of AI-driven chatbots are all trending examples of how technology is flourishing in the pharma industry.
Market Collaborations for Virtual Clinical Trials:
Furthermore, pharmaceutical companies have started accepting and using technologies by collaborating with the key players within the market. Cooperation with the major players has made the adaptation of technology more convenient for the pharma industry.