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Pharma Tech Outlook | Wednesday, April 07, 2021
Technologies are being used in various ways, including speeding up drug development, lowering R&D prices, and lowering clinical trial failure rates. In pharma, big tech is here to stay, but how the relationship between big tech and big pharma evolves in the future remains to be seen.
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FREMONT, CA: Pharma has a greater presence and more support in 2021 than in previous years. For a long time, the industry has battled with its reputation, with some seeing it as a huge industry that prioritizes profits over people. The success of COVID-19 treatments is altering this paradigm, providing the pharmaceutical industry with increased investor interest and public support as a base for potential innovation.
Pharma's cutting edge knows no limits, but a few main developments are likely to shape the industry in the near future.
Big Tech
[vendor_logo_first]Big tech is rapidly infiltrating all sectors, including pharma. It has been slowly growing its presence in the sector over the last few years, and this trend is expected to continue. With technology increasingly playing a role in pharma, whether by machine learning or big data, big tech firms have a lot to give pharma companies, many of which may lack the technical resources or skills to integrate within research applications.
Many companies are looking to incorporate technology to make subsequent R&D activities more effective, and developments in technology such as are coming to fruition in pharma applications. Technologies are being used in various ways, including speeding up drug development, lowering R&D prices, and lowering clinical trial failure rates. In pharma, big tech is here to stay, but how the relationship between big tech and big pharma evolves in the future remains to be seen.
Digitalizing the Patient Experience
Pharma, like many other industries, is slowly but steadily digitizing its services. This shift affects the entire healthcare environment, from diagnosis to treatment, medication growth, and chronic disease management. The digitalization process has been accelerated thanks to COVID-19. Many practices have strengthened their online and video conferencing facilities, and the healthcare systems now allow appointments through their health service app, as General Practitioners (GPs) have had to keep physical visits to a minimum, and phone calls are often unreliable. The healthcare experience is slowly being changed by digitalization, with many growth areas yet to be completed. For example, communications between GP, specialists, and patients are still often conducted through a letter. More time and resources invested in digitalization would hasten the application of game-changing technologies to provide more care to a larger population.
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