Top Trends 2023 - Pharmaceutical Technology

1. TOP TRENDS 2023 Pharmaceutical Technology By TechDogs

2. Overview We bet you’ve heard of Grey’s Anatomy, right? The superhit medical drama is among the longest-running TV series currently on air – and for good reason! The show is highly realistic in its depiction of the medical and pharmaceutical industry. It follows the lives of doctors, nurses, pharmacists and naturally, the patients, to show how advanced medicine and healthcare are in the modern age. Yet, it also shows how reliant the medicinal industry is on the pharma sector to develop better drugs and treatments. We mean, without the right medicines, there is not much doctors can do, right? Moreover, the pharmaceutical industry has been in focus over the past two years for obvious reasons. The entire industry had to ramp up production and to do that, they adopted and integrated the latest technologies. From cloud computing to blockchain, there’s a lot still happening in the pharma industry at the moment. To help you keep up with it, we present the top 5 Pharmaceutical Technology Trends you need to know in 2023!

3. Trend 1: Cloud Will Be Necessary For Improved Analytics The cloud provides a cost-effective and secure way for pharma professionals to perform analytics. Soon, major players in the industry will rely on this technology to provide secure and centralized access to complex drug data associated with clinical trials. Anyone with a computer will be able to work remotely, allowing pharmaceutical companies to partner with multiple stakeholders for greater effectiveness. According to a survey by GlobalData, mentions of "cloud computing" in the filings of pharmaceutical companies increased sharply by 146% since 2016. Moreover, the percentage of pharma businesses that have mentioned "cloud computing" at least once in their filings last year was 40%, compared to a meager 16% in 2016. As the adoption of the cloud increases in the pharmaceutical sector due to its scalability and data security, the trend will continue well into 2023.

4. Trend 2: eLearning Will Enable Digital Training For Pharma Professionals The most valuable selling point of eLearning is that it allows for customization based on each learner’s level. Pharmaceutical businesses will invest in LMS (Learning Management Systems) to deliver eLearning for compliance learning, onboarding, upskilling, product training, sales training, etc. Moreover, this will help create a digital- friendly workforce adept with technologies such as electronic signatures, online pharmaceutical portals and electronic document verification. Using digital learning platforms for training is also highly cost-effective and convenient, as personnel can be trained at any time. Given that the shelf life of most patents in the pharma industry is less than five years, there are frequent releases of new drugs into the market. This makes it necessary to impart training to new joiners which eLearning can do en masse.

5. Trend 3: Blockchain Will Provide Supply Chain Security For The Pharma Sector Thanks to its decentralized nature, blockchain-based delivery systems will prevent expired, outdated or low-quality medicines from reaching the consumer as it provides real-time supply chain tracking. Additionally, in 2023, pharma leaders will explore blockchain applications to innovate in areas such as counterfeit drug prevention, drug distribution, supply chain tracking and drug security. In fact, pharma giants such as Pfizer, Amgen and Sanofi are streamlining the process of drug development and testing using blockchain as they believe that securing and storing clinical data on blockchain ledgers will help accelerate the R&D process while reducing costs.

6. Trend 4: Natural Language Processing (NLP) Will Enable Precision Medicine The purpose of precision medicine (an arena of personalized medicine) is to ensure drugs and medicines provided to a patient are tailored for optimal effectiveness. While most of the patient information is accessible in structured formats from electronic medical records, there is valuable unstructured information in the form of physician notes, referral forms, medical charts, etc. NLP makes this data accessible and reduces the time required to manually analyze and transcribe it. NLP will help extract unstructured medical data, leading to quicker and more accurate diagnoses for precision medicine.

7. Trend 5: Big Data Will Enable Innovations And Breakthroughs Robust Big Data management will help pharmaceutical companies leverage predictive, prescriptive and diagnostic analytics that drive their drug discoveries and developments. Yet roughly three-quarters (74%) of pharma businesses have outsourced their data management strategies in 2021. This year, however, the focus will shift to internal data management approaches that will help pharma professionals innovate with better access to vast volumes of medical data. While on-demand services will remain important, pharma businesses are growing more wary of the need for quick access to medical data.

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