Looking towards the future: The potential of technology in the pharmaceutical industry
Adherence to regulatory and ethical standards is critical in the pharmaceutical industry....
READ MOREAdherence to regulatory and ethical standards is critical in the pharmaceutical industry. Compliance ensures that pharmaceutical products are safe, effective, and in line with industry standards Failure to comply can happen at any point in the pharmaceutical process such as clinical trials, quality checks, supply chain management, etc. Robust systems need to be in place to ensure these lapses can be prevented or addressed proactively. What happens if companies are not compliant? Non-compliance to different guidelines such as those laid by FDA, GMP, and GCP results in both financial and reputational losses. These can include penalties, license cancellations, and loss of trust in the brand. There is a lot at stake – for both the company as well as the consumers. What can pharmaceutical companies do to keep themselves compliant? What role can technology play in this? Let’s take a look.
There is a lot of time and resource requirement in ensuring compliance. Companies need to accurately keep records up-to-date, ensure quality control standards, align with the clinical trial guidelines, monitor adverse effects, and meet manufacturing standards.
Technology can play a significant role in making this easier for pharmaceutical companies. Digitalization also leads to reduced manual intervention and better cost efficiency. Almost all areas of compliance can be simplified using technology. When processes are defined and there is real-time visibility into operations, it results in quicker identification of compliance issues. This paves way for timely intervention. Moreover, a digital ecosystem results in the accurate and tamper-proof recording of events, resulting in faster and more trusted audit trails. This facilitates the easier grant of regulatory approvals for products in different markets.
Technology can be used in many different areas to stay compliant. 5 key areas of opportunity for application deployment are as follows:
Want to know more about how you can use technology in your industry? Contact our experts.
Adherence to regulatory and ethical standards is critical in the pharmaceutical industry....
READ MOREAdherence to regulatory and ethical standards is critical in the pharmaceutical industry....
READ MOREAdherence to regulatory and ethical standards is critical in the pharmaceutical industry....
READ MOREAdherence to regulatory and ethical standards is critical in the pharmaceutical industry....
READ MORE