Current trends in pharmaceutical industry: Post -CoVid-19 pandemic effects P7
December 10, 20256
Author and Source: Sranford University
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Developing trend:
Digitalization has brought extensive advancements from research and development (R & D) to supply chain, manufacturing, regulatory compliance and patient engagement. The incorporation of latest digital technologies such as AI, block chain technology, telemedicine and DCT are the trends that came into existence in the post-pandemic era [1, 22]. Computerization, automation and robotics have enabled cost reduction, increased production and efficiency and adaptability [23]. Added to these, patent expirations, increasing customer demand, rising competition and rising pricing pressures challenge the pharmaceutical industry. Drogana et al. have explained that scientific digitisation improves collaboration and product quality by streamlining operations, reducing errors and enhancing efficiency to adapt to the economy and boost productivity. Training and up-skilling in digitalisation can have a significant impact on productivity. True digitalization should encompass all businesses and industries, with small and mid-sized businesses adopting technology and large corporations grappling with technological challenges [24]. Investment in digital transformation could lead to increased revenue growth and return on investment, ultimately enhancing drug productivity [25]. Therefore, Digital health during the CoVid-19 pandemic has evolved very rapidly, with different applications and roles aimed at curbing the pandemic [26].
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