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Integrated, intelligent and data-rich paperless approaches are expected to drive pharma market growth in the near future and the pharma market is expected to grow at a CAGR of around 11% in the next five years till 2028, according to experts.
New technologies have emerged with the evolution of more cost-effective and efficient manufacturing processes. Novel drugs are constantly being manufactured, approved, and marketed with the rise in the demand for prescription medicine.
According to Jesal Doshi, deputy CEO of B Medical Systems, “The global pharmaceutical industry is undergoing a roller coaster ride post-pandemic. While circumstances are favourable for hiking up the growth trajectory, pharma companies are still facing challenges that hinder their agile operations. Under sheer market competition, menaces like an incompetent workforce, data breaches and cybersecurity threats, pharmaceutical frauds, and supply chain disruptions may jeopardise industrial expansion. These are some major obstacles that the pharma industry needs to overcome to reach the projected US$ 2151 billion market size by 2027.”
B Medical Systems is a global manufacturer and distributor of vaccine cold chain and medical refrigeration solutions. Based in Hosingen, Luxembourg, the company was founded in 1979, when the World Health Organization (WHO) approached the Swedish manufacturing giant Electrolux, to provide a solution to safely store and transport vaccines around the world.
Experts are of the view that pharmaceutical companies encounter large amounts of data entered by technicians, market analysts, and healthcare units. Comprehensive data collection is a crucial element guiding industry processes and decision-making. However, managing and analysing the incoming data with proper technologies is essential to forecast consumer demands and risks. Agile tools that minimise resource wasting and strategise risk management regarding drug approval, quality control, and supply chain are limited.
Jesal Doshi further explained that with increased dependence on digitisation, cyber threats on valuable consumer data are multiplying. Pharmaceutical companies were the fourth most impacted industry that incurred an average cost of US$ 5.06 million due to cyber-attacks in 2020. Sensitive information like R&D data, patents, and patient details makes them the prime targets for malicious activities. Apart from revenue losses, cyber data breaches may disrupt clinical trials that are even more expensive. Unauthorised access to confidential information may lead to loss of public trust and stolen intellectual property.
Adopting intelligent technologies like IoT, artificial intelligence (AI), machine learning (ML), natural language processing (NLP), and predictive analytics may improve forecasting and strategic decision-making. Predictive analytics help analyse market demands, predict pricing strategies, optimise inventory management, and plan shipping routes, thereby reducing costs and combatting unprecedented disruptive events.
Moreover, product manufacturing and operations need to be integrated, agile, and transparent across all fields. Recruiting a skilled workforce and imparting technical skills are essential for companies seeking to overcome obstacles and increase productivity. Processes like labelling, packaging and handling need to be automated to shift workload and help employees focus more on strategizing action plans. Professionals who can protect the pharma ecosystem from malicious interventions need to be involved. In-house or managed cyber security teams should be nurtured for end-to-end vigilance and sophisticated threat management.
“Supply chain and logistics is another crucial realm that needs substantial attention. Visibility across layers can be improved with communication, and real-time tracking of in-transit shipments Technologies like RFID tags and GPS positioning hold immense potential in establishing transparency and improving the traceability of products,” Doshi concluded.
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