Pharma industry will use disruptive technologies to address emerging problems post-pandemic
‘Pharmaceutical’ and ‘medtech’ are the two buzzwords that have taken over the Covid-19 period. In the race to find a vaccine and stop the spread of the coronavirus, pharma companies and healthcare institutions took a digital twist. But 2021 began with new hopes. People believe that at least we can tackle the virus up to some point this year. However, the pharma industry is undergoing big changes and is anticipated to follow it even after the pandemic is over. Fortunately, technology is at the core of all the shifts that the pharma sector is making.
Never have we seen the demand for medical services spike like it did in 2020. The pandemic offset the incline of pharma companies, with demand for medicine and healthcare tools increasing. Researchers and governments ran after vaccines and telemedicine services to keep the virus under control. At this time, many leading pharma stocks bucked the trend of collapsing share prices. Many pharma companies engaged in making Covid-19 vaccines and personal protection equipment (PPE), or building solutions to support remote care delivery. Companies that stayed back in the race faced huge setbacks in the period. Besides, the healthcare industry also went through a stressed time of dividing between routine treatments and Covid-19 treatment. There was also a decline in the availability of medicine for general illness due to supply chain collapse.
Fortunately, things are taking shape in 2021. As business processes are going to be completely redesigned to match the new request for social distancing and health security in the working environment, the workforce is called to be resilient and to redefine its approach to daily duties as well. Nations like India that are unfamiliar with the healthcare sector are reportedly emerging as the ‘global pharmacy’ for its initiative to supply Covid-19 vaccines. India is now catering to over 50% of the global demand for various vaccines. Besides, telemedicine is also taking centre stage. People are also seeking the usage of technology to streamline medical processes. As we step into a future where we hope for light, there is a lot that the pharma industry must go through and adopt.
Increasing demand and expectations in the pharma industry
Healthcare data became extremely important during the pandemic. Data and predictive analytics were performed to sort outpatient records and find what kind of treatments they might need. The way of using technology to address emerging healthcare issues have sparked an expectation in the healthcare industry. People are now increasingly seeking to get medtech solutions for common illnesses. This is putting pressure on the pharma industry to change their routine way of working and streamline the supply chain to meet the consumers’ demand.
People saw a change of mind during the pandemic. Those who went after earning and luxury changed their route to health and safety. However, this new normal is not expected to go back to the pre-pandemic stage. The lifestyle changes will make the pharma industry the centre of attraction and expectation. The pharma industry will be put at a critical spot to strengthen its supply chain to reduce dependence on foreign countries and deliver to the growing consumer needs. Besides, the norm of remote working has seen high adoption during the pandemic. Post-Covid-19 will witness a restrictive workplace pattern as the workers adjust to remote work environments while developing their technical and behavioural skills.
The expected technological twist
The post-pandemic world will see technology play a massive role in the pharma industry. Alike how the applications of AI and automation were used to research and develop a coronavirus vaccine, future vaccine making will also depend on technology. Pharma companies will step into a new phase of development where they build a digital infrastructure for increasing the productivity of medicine. To remain successful, the pharma industry will need to remain resilient and device strategies to promote an innovative work ecosystem.
It is expected that the pharma sector will see increasing usage of digital and data analytics tools. The technologies will be deployed in every area of business. For example, data science technology will be used to speed up and improve the drug-making process. Besides, automatic analytics tools will be used to increase the accuracy and speed of data collection. Laboratories will also take IoT as a part of their working system. IoT devices will play a pivotal role in transporting drugs that are bound to be kept at low temperatures.