Recent scientific and technological advances coupled with an aging population, expansion in the emerging markets, and an exponential increase in mainstream adoption of digital technologies have set the ball rolling for the pharma industry, providing it with a renewed platform to revive its pipeline.
With an explosion of digital data – electronic health records, social media, genomics, clinical, wearables – today’s patients are more digitally engaged in their personal care. And the more drug companies know about their patients, the greater the targeting opportunities for precision healthcare, including personalized medicines. As a result, the pharma industry is well-positioned to derive great benefits from an integrated drug development and manufacturing approach supported by AI.
This approach provides the best care for patients and generates greater efficiencies along with significant revenue opportunities for drug companies. Furthermore, there is a significant shift in focus to value-based care is from the healthcare industry. Healthcare providers are incentivized to engage in wellness programs, including preventative drug regimens for cardiovascular disease, high blood pressure, and diabetes. However, this shift of value-based care approach to personalized healthcare requires a complete refocus on how the industry evaluates the market (shifting to individual needs instead of a population-wide solution), analyzes higher volumes of data, and puts in place newer processes and methods to complete clinical studies.
Artificial Intelligence plays a crucial role in enabling the industry to achieve these objectives, be it analytics in personalized medicine, cloud computing in collaboration, or wearable devices in remote and self-health monitoring. As the pharmaceutical industry becomes increasingly more connected, information and communication technologies will fundamentally reshape both the consumption and delivery of medications. The industry must prepare for the future by embracing next-generation technologies and systems throughout the life sciences value chain.
Pharmaceutical companies must adopt a proactive strategy, one that allows them to maximize the value from prior investments by renewing existing solutions and processes and generate new value by embracing new technologies, systems, and best practices.
