The pharma industry has increased its emphasis on improved patient outcomes, reduced pricing and expediting product development. This can often put the industry at odds with both patients and regulators. The pharmaceutical supply chain and the industry overall are trying to find ways to meet these and other challenges. Here are some of the trends impacting big pharma.
Drug Pricing Turns Focus to Operational Efficiency
The public scrutinizes drug prices around the world. To manage this factor, pharma is trying to devise new strategies in operational efficiency. This means turning to advanced technology, including AI and warehouse management software. Real-time data technology is also focused on enhancing the pharmaceutical supply chain.
Strategizing Personalized Medicine
Personalized medicine is a concept of customizing therapies for patient’s individual needs. This means earlier diagnosis, optimized treatment options and risk assessments to improve the quality of healthcare, enhance outcomes and lower costs.
Using Advanced Technology
All along the pharmaceutical supply chain, just like in other industries, there is a turn toward the use of more advanced technology. Using cloud computing technology and Big Data solutions helps provide a more efficient system for patient health care, supply chain operations and effective prescription management. Technology can mean access to accurate, real-time data, which offers better outcomes for patients and reduced expenses.
Data Integrity
The FDA and other regulatory agencies have raised concerns about data integrity. The pharma industry has begun to embrace digital capabilities and tools so more data is collected, stored, analyzed and reported on. Using real-time data helps optimize processes.