Like many industries, digital transformative technologies have rapidly changed how pharmaceutical companies approach many aspects of the business. From advanced analytics to the Internet of Things (IoT), innovations are transforming the healthcare industry similarly to how they have transformed retail, banking, and more. New and updated technologies have improved marketing processes, clinical trial efficiencies and accuracy, and how companies engage with patients. These tools and smart technologies have evolved and enabled companies to quickly adapt to the ever-changing customer demand and changes in personalized medicine. Read on to learn more about the cutting-edge technology that allow pharmaceutical companies to produce and distribute drugs and vaccines safer and faster than ever.
Internet of Things (IoT)
IoT has been a significant advancement in many industries. IoT offers new capabilities for many pharmaceutical companies that can improve the overall supply chain management systems. Companies experience better quality control, faster development, and improved supply chain management ensuring essential medications and vaccines are in the hands of those that need them faster.
Many IoT developments can easily be integrated into existing tech and managed through enterprise resource planning (ERP) software. ERP software allows real-time tracking in drug production to ensure products meet critical safety standards and helps minimize fraud.
Artificial intelligence (AI) and machine learning (ML) have transformed the pharmaceutical industry. AI and ML help companies improve their disease identification and diagnosis, identifying early-onset conditions to recommend better treatments. They can better predict success rates of prescription drugs tailored for individual patients, identify the right group for clinical trials, and more.
AI and ML technologies have allowed pharmaceutical companies to research and development treatments for rare diseases. Often research into rare diseases can be costly in time and resources. With AI and ML tech, they can identify combinations of current drugs and treatments effectively while achieving a higher rate of success.
Cloud computing has been rapidly integrated in the pharmaceutical industry due to innovations, advancements, and the increase in new and evolving diseases. Cloud-based ERP solutions have been integral in helping bring advanced technological advancements together seamlessly for better management. Companies can manage the process from end-to-end to reduce costs, better collaborate with partners, and boost productivity. Companies can worry about their core competencies and improving the patient experience without worrying about complex processes and going over budget.
Clinical Trial Management
Clinical trials are essential in developing and understanding how people react to new and updated treatments for diseases and common afflictions. Technology has dramatically improved the clinical trial management process by enhancing the workflow for the support staff and reducing costs and downtime. The result is effective trials getting a new treatment to market faster.
New technology has improved the trial recruitment process, allowing for a more diverse study that helps clinical trial sponsors better understand the risks associated with new drugs and treatments.
Chatbots have been instrumental in providing customer care in many industries, from answering complex questions to providing direction on how to proceed with a process. Chatbots in the pharmaceutical industry are still developing as there are many challenges. Chatbots cannot completely understand a patient’s journey and predict their needs.
While there are complex challenges, chatbots can be incorporated into ERP or CRM systems to help streamline and improve the customer service experience. Chatbots can provide inventory data by pulling from SAP for regions allowing for real-time information for support staff and patients at any time from anywhere.
Consultare is a boutique Enterprise Resource Planning (ERP) consulting company. We help our clients increase their business efficiency and visibility by implementing our SAP Business One solutions designed specifically for the business and its industry. All while providing support and serving as a trusted consultant.
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