Home Science How Technological Disruption is Multiplying Pharmaceutical Revenue Worldwide

How Technological Disruption is Multiplying Pharmaceutical Revenue Worldwide

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How Technological Disruption is Multiplying Pharmaceutical Revenue Worldwide
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The pharma industry has begun understanding the capability of working together with innovation and is overwhelmed by a portion of the top spenders on pharmaceutical R&D from the U.S. This incorporates pro organizations, for example, Pfizer, Merk, Bristol-Myers Squibb, Celgene corp and so forth., every one of them contributing billions of dollars each quarter. Be it in Augmented reality, Artificial intelligence (through chatbot or voice bot) or a simple mobile app development.

On similar lines, due to the accessibility of sophisticated technology and a well-created framework for R&D, Singapore has risen as one of Asia’s most exceptional center points for pharmaceutical research and assembling

With a combined market capitalization of approximately $1.9 trillion, the wave of technology has even influenced the big threes of the market i.e Apple, Google and Amazon to invest heavily in the pharma and health sector today.

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How Technology Saves Revenue for Pharma Companies

Here are the ways technology is enabling the pharma industry to reduce its expenditure while continuing to sustain their longevity.

Building a Direct Connection with Your End-Users

In spite of the fact that the end-clients for pharmaceutical organizations are the patients who consume the products, the pharma organizations don’t typically get the chance to interface with them straightforwardly.

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Technological advancements, for example, mobile applications have given the pharma organizations an approach to draw in with their clients one on one. Which is why pharma companies are investing in Mobile App Development Services.

Numerous pharmaceutical organizations would now be able to help patients straightforwardly with the accessibility of smartphones.

Companies like Novartis have taken a similar initiative by presenting applications like Together in HF, a social network that associates the heart patient community and the specialists to give valuable therapeutic substance to the patients.

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Improved Diagnostics

Technology has made it conceivable to convey a personalized diagnosis to patients today. With gadgets like wearables in healthcare, an archive of client information has turned out to be open to pharma companies.

With the assistance of cell phones, it has turned out to be conceivable to get to this information in a composed manner, in this manner turning into an instrument for offering effective diagnostics and bespoke patient consideration.

Organizations like Proteus Digital Health have had the option to investigate the utility of innovation to create ingestible sensors to enable doctors to track and screen patients on smartphones.

End to Human Experimentation in future

Technology in the pharmaceutical industry will also help to put an end to ethical dilemmas of testing drugs on humans. Not only will this method save time and capital, but will also be more reliable.

Real-time Technology for R&D

Another advantage of teaming technology with the pharmaceutical business is the improvement in research and development.

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Bringing continuous innovation and clinical preliminaries together, pharma organizations can build up a more grounded footing in R&D. With elevated levels of efficiency, stock, and administration, the drug production procedure can arrive at its greatest potential in less time.

Availability of Analytics for Drug Development

The pharmaceutical organizations will have the option to get to bona fide patient information which will help these organizations in understanding the after-effects of a drug.

With the accessibility of steady checking of side effects and flag, the drug development organizations will have the option to understand their products better and furthermore give pertinent answering to the FDA (Food and Drug Administration).

Gamifying Health for Patients

Motivation works better than commands. The use of mobile applications for gamifying methodology, medical advice, and items for both doctors and patients will build their adherence and brief them to pursue a more advantageous lifestyle.

Replacing the conventional promoting and boost strategies with gamifying encounters will empower the clients to retain the data about their choices better and be better locked in.

Many reputed pharmaceutical companies have already started exploiting technology for the growth of their business. For example, Pharma giants, Sun Pharma launched a revolutionary mobile app for asthma patients called  RespiTrack, back in 2016.

The app helps the doctors to monitor patient’s progress and increase their medical compliance. Similarly, Abbott Healthcare introduced a heart and liver app called Knowledge Genie that helps physicians to access the patient’s medical information easily.

Such innovations in apps from the pharma industry can become an inspiration for creating similar apps for monitoring patient’s health.

Emerging Pharma Trends in the Coming Years

Internet of Medical Things (IoMT)

With the IoT healthcare market reaching an estimate of 136 billion USD by 2021, companies from the pharmaceutical sector are collaborating with tech companies to create devices that can track and monitor various chronic and lifestyle disorders using real-time data.

3D Bio-Printing

Presently 3D Bioprinting or additive manufacturing is one of the leading innovations in the medicine production industry. It is still very novel in the pharmaceutical sector with the very first 3D printed prescription drug, Spritam being developed in 2016.

3D Bio-Printing can be widely used for printing drugs that have different release rates, printing live tissues and also for drug tablet printing with a personalized dosage.

Artificial Intelligence & Machine Learning

Through AI and machine learning, it has become possible for pharma companies to interpret patient data to understand the physiological patterns of humans.

Solutions driven by AI have been able to help the pharma companies to even identify and predict results in a virtual patient.

With the rapidly changing world of technology, the medicine and healthcare industry is beginning to revolutionize.

It’s time that pharma companies who aspire to become business leaders in the pharma world found new disruptive solutions to thrive and rise on the digital wave to save on colossal resources and time.

AUTHOR BIO

Shubham Sharma is a tech enthusiast with specialisation in digital marketing. He is a man who is passionate about technology, internet marketing, and writing  currently working with a Mobile App Development Company. Reading novels, travelling, researching new online marketing trends are some of his interest areas that keeps him rejuvenated.

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Paschal Okafor is NaijaTechGuide Team Lead. The article How Technological Disruption is Multiplying Pharmaceutical Revenue Worldwide was written by NaijaTechGuide Team. The article was last modified: October 25th, 2019

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