A very small percentage of drugs that are tested across the globe become viable to be marketed, widely accepted and used by the masses. The cost of testing and running operations in the pharma industry have doubled while the returns have been halved. With upcoming technologies such as Big Data Analytics, AI, hyper-sensitive robots, etc the pharma market is getting transformed. These technologies will also increase the efficiency and sustainability of the pharmaceutical industry by utilizing unstructured and structured data.
Big Data and Pharmaceutical Industry
Market players of pharma and lifestyle industries are harnessing the power of big data. They derive data from pharmaceutical retailers, patients, caregivers and from potential candidates of the drug such as those suffering from an ailment. Pharma market intelligence is making use of Big Data tools and technologies to expand the consumer base and pharmaceutical products. Structured and unstructured data are helping industries and scientists yield user-friendly and environmentally viable medicines and medical procedures which are also cost-effective. Data Visualizers, Data Architects, and Domain Analysts are getting trained and certified in technologies such as SAP BODS, and Oracle Data Integrator. These professionals are not only finding career opportunities in the pharma industry but are also securing professional growth.
The technology and technology-driven practice of generating a pool of empowered patients is a growing trend in the pharma industry worldwide. In this, patients and potential patients are given the digital allowance to access their prognostic and diagnostic plan. The patients are able to do the research and gather information about their health and continued medical interventions in the future. The concept of empowered patients aims at simplifying medical procedures for it to become comprehensible to a layman. This makes the domain more inclusive and user-friendly for patients.
‘E-patients’ end up making more informed choices and decisions about their medical procedures as they are able to take guidance and advice from the experts worldwide. This technological structure is still in its nascent phase and still requires much acceptability and testing before it can be marketed to countries across the globe.
The Reality of The Pharma Industry is Technology Driven
Augmented and virtual realities are getting introduced in the pharma industries. Google’s digital contact lenses and Oculus Rift is able to give the world of medicine a different, more digital vision. Google Glass performs a variety of functions for a pharma professional. The device has the ability to perform screen-share functions, store the information that is in its view as well as identify the nature and functioning of the subject.
Google Glass can store information about the pharma procedures in its vision. This helps scientists refer to the already performed experiments and tests without referring to other sources of the catalog.
Fascinating and enormous changes are being observed in the pharma industry across the globe today. The experiments and operations are getting more simplistic with the help of comprehensive technology. The pharma industry is getting closer to its end-users. It is also becoming increasingly more cost-effective and more result-oriented in its research and development.