Technology and Its Role In Pharma Industry

Technology has and continues to affect every aspect and field from communication, manufacturing, transportation, and financial services, to medical and the pharmaceutical industry. Information technology can help deliver personalized services across the board worldwide making day-to-day activities less monotonous while being consistent and accurate. This has led to a huge evolution in digital technology.

Technologies like artificial intelligence (AI), telecare, e-prescription, etc help technicians and pharmacists in many ways and pharmaceutical companies have embraced technology because of its benefits. The pharmaceutical industry faces stringent regulatory challenges that will benefit from technological advances. Retail and out-patient pharmacies can use the technology to enhance operations. Technology helps improve the efficiency of pharmacies and the access to patients’ important information in their daily activities. Laws are constantly evolving and affect the adoption of technology along with the administration, supply, and regulation of medicines. Health information technology helps pharmacists in providing better care and treatment by making decisions in real-time. Health information technology has a beneficial impact on the overall healthcare system by reducing healthcare costs and improving treatment quality. Let's look at some of the uses of technology that enable the pharmaceutical industry to progress.

1. E-prescription: This is one of the ways that enable physicians to meet the affordable care act criteria. E-prescription forms a large part of the electronic healthcare records and is very beneficial to healthcare providers and pharmacies. To ensure easy and error-free prescription delivery, e-prescription is used and helps simplify its management and distribution. E-prescriptions can be directly sent to physicians and pharmacists at the same time aiding in accessing and controlling dangerous medication interactions. E-prescriptions ensure that unnecessary interactions to vet the medications are not needed and refills are also done promptly. It also helps in ensuring that the prescription is covered by the insurance plan immediately and on the spot.
2. Recording of data: Immunization is very important and pharmacists and physicians play an important role in this. There is a constant increase in the number and types of vaccines that are offered by local pharmacists. Vaccinations can be recorded and pharmacists can provide complete and reliable health records. Such clean record keeping simplifies the process of insurance reimbursement for both the pharmacies and the patients.
3. Bar code identification: Barcoding medicines reduce drug administration errors and lead to completeness in medication history when used with e-prescription.
4. Telecare: The Covid-19 pandemic was the springboard for telecare. Telecare helps deliver healthcare and consultations between the patient and the physician or pharmacist through digital communication. Telecare has helped reduce healthcare and travel expenses, especially for the elderly and those who could not visit the pharmacy or the physician physically. Mobile devices, automated delivery systems, and drug management technology has made a great difference in the pharmaceutical industry.
5. Medication therapy management: This system allows the pharmacy to manage the patient's medication and resolve drug issues where necessary. Using this technology and system, the pharmacist can review all the drugs that have been prescribed for the patient to date including over-the-counter (OTC) and even herbal treatments. Error, duplication, and unnecessary medications can be easily traced and corrected.

Benefits of Technology in the Pharmaceutical Industry:

Technology has proved to be extremely beneficial to the pharmaceutical industry. Some examples of how technology has influenced it are;

1. 3D printing: 3D printing is now gaining popularity and becoming more affordable. This has increased its use in various industries including the pharma industry. Research is on how to print organs using bioprinters, which can be used for organ transplants along with other uses.
2. Artificial intelligence: The use of AI is increasing in the pharmaceutical industry. Companies are exploring the use of these technologies to address various challenges like automation and optimization of manufacturing processes. AI helps in reducing manual errors and in generating reports by analyzing data that is available from various sources. AI is used to research for efficacy in the development of new groundbreaking medicines for different elements and compounds.
3. Biochemical product development: The development of drugs is through a biochemical process. New medicines are being developed using AI to create path-breaking new treatments and drugs using biochemical product development.
4. Analytics: Huge volumes of data are generated during the drug discovery and development process. This data needs to be processed and analyzed and analytics is the tool to generate trends. Advances in analytical techniques turn historical and real-time data into valuable assets for predictive, diagnostic, prescriptive, and also descriptive analytics. These analytic techniques are also used in patient records, medical imaging, hospital data, etc.

Conclusion

Like any other industry or business, the pharmaceutical industry can benefit a lot from technology. The use of technology in this sector throws up many challenges as well as advantages and opportunities. Low volume production, nano-technology, and mRNA vaccine technologies are transforming the sector. Identifying new technologies and companies for pharmacy software development early will help organizations gain a competitive advantage.