Pharmacies and pharmaceutical companies play an important role in healthcare. Anyone with a health condition or illness relies on one of the nearly 3 million pharmacists practicing worldwide to provide reliable, accurate advice and care. Recent technological advancements are dramatically influencing the pharmaceutical industry, creating opportunities as well as challenges for manufacturers, pharmacists, and the people they serve.

Here are some of the ways digitization is disrupting the pharmaceutical industry.

1. Enhanced workflow and efficiency

Digitization helps pharmaceutical companies become more efficient and organized. For one thing, digital records are easier to organize and harder to lose than paper records. This leads to more time to focus on more critical aspects of the industry and keeps patient data more secure.

Another way digitization improves workflow is through artificial intelligence (AI), which can be implemented to regulate and, in some cases, automate production processes. AI can also perform quality control and help pharmaceutical manufacturers find errors sooner rather than later in the production process.

2. Better patient outcomes

Implementing AI can improve patient outcomes. Patient-reported outcomes (PRO) are essential for understanding illnesses and their treatment options from a patient perspective. Cloud-based storage systems can improve patient engagement during clinical trials by providing real-time information on how the patient is reacting to drugs. This can lead to better reporting.

Additionally, storing patient records in the cloud means that anyone with the right credentials can access them. This can improve patient care because pharmacists, researchers, and doctors will have instant access to a patient’s treatment journey, case records, and clinical trial results. They can use this information to create or evolve a treatment plan.

3. Reduced costs

When pharmaceutical companies save time with digitization, they also save money. This savings comes from many sources. To start with, cloud-based storage is generally less expensive than local or physical storage.

Further, using AI for quality control means errors can be found and fixed sooner in the process. Cloud-based systems improve organization, so pharmaceutical companies and pharmacies don’t need to waste time tracking down patient or production records. Manufacturers can replace low-wage workers with AI and elevate their human workforce to be responsible for the more complex parts of pharmaceutical processes.

Number One Challenge: Security

One challenge that comes from pharmaceutical digitization is the concern over patient data.
Hackers can make more money from patient data than they can from a stolen credit card. As healthcare continues to progress technologically and becomes easier to navigate remotely, cloud-based systems will become more important and prevalent than ever.

Pharmaceutical companies will need to ensure that they prioritize cybersecurity to protect patient data as they transition to cloud-based software. AI can detect hacking attempts significantly faster than human monitoring can, so implementing AI technology into a cybersecurity plan will be essential.

Bottom Line

There’s no question that digitization is transforming the pharmaceutical industry. By recognizing how digitization can improve processes, patient outcomes, and overall costs and taking into consideration the security challenges involved, pharmaceutical companies can find new and innovative ways to deliver the best results to their customers.

References

Champagne, D., Hung, A., & Leclerc, O. (2019, March 20). The road to digital success in pharma. Retrieved September 05, 2020, from https://www.mckinsey.com/industries/pharmaceuticals-and-medical-products/our-insights/the-road-to-digital-success-in-pharma

Combs, V. (2019, August 12). Pharma companies are counting on cloud computing and AI to make drug development faster and cheaper. Retrieved September 05, 2020, from https://www.zdnet.com/article/pharma-companies-are-counting-on-cloud-computing-and-ai-to-make-drug-development-faster-and-cheaper/

Humer, C., & Finkle, J. (2014, September 24). Your medical record is worth more to hackers than your credit card. Retrieved September 03, 2020, from https://www.reuters.com/article/us-cybersecurity-hospitals/your-medical-record-is-worth-more-to-hackers-than-your-credit-card-idUSKCN0HJ21I20140924

International Pharmaceutical Federation (2017). Pharmacy at a glance: 2015 – 2017. The Hague, The Netherlands: International Pharmaceutical Federation.

Mercieca-Bebber, R., King, M., Calvert, M., Stockler, M., & Friedlander, M. (2018, November 1). The importance of patient-reported outcomes in clinical trials and strategies for future optimization. Retrieved September 03, 2020, from https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6219423/