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 MOREAutomation is revolutionizing the pharmaceutical industry. It is estimated by McKinsey that about 50% of existing activities in the pharmaceutical and medical manufacturing industry can be automated. This shows immense potential for organizational transformation.
The pharmaceutical industry is a highly regulated and process-driven industry that can benefit manifold from automation. Whether it is design, product development, operations, or customer engagement, new technologies like robotic process automation, machine learning, and artificial intelligence can result in better outcomes.
One research showed a five times faster growth for leaders in tech adoption compared to others. The advantages of automation reflect in terms of improved efficiency, a faster turnaround of deliverables, reduced costs, a shift in human focus on value-adding work instead of repetitive tasks, and building overall resilience. Analytics generated from automation also supports advanced data-driven decision-making for continuous improvements and excellence.
There is no question as to the benefits of automation for the industry. How can pharmaceutical companies leverage automation to their benefit? Let’s look at a few strategies.
The adoption of automation in the pharmaceutical industry is still quite low and therefore there is a tremendous untapped opportunity here. While the industry is still largely dependent on human intervention, the world is changing rapidly. Those that lead the automation journey would have significant benefits both now and in the near-term future.
Take for example the role of automation in enterprise decision-making. Automation provides an integrated view of data from various sources such as clinical trials, laboratory testing, manufacturing, market complaints, etc. This leads to centralized visibility of operations and brings transparency. When this data is collected, stored, analyzed, and reported, it leads to more robust decisions making.
Technology can also make it easier to stay abreast of the evolving regulations and avoid risks of regulatory penalties by maintaining quality standards and improving compliance.
Here are four areas where automation can play a role in the pharmaceutical industry:
With so many benefits of automation, would you like to know more about how we can make a positive impact on your business? Reach out to 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