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Pharma Tech Outlook | Tuesday, November 24, 2020
Pharma companies need to identify technology innovation and be involved in early engagement through co-development to stay competitive.
FREMONT, CA: Technology plays a vital role in drug development and the R&D value chain by revolutionizing clinical trials and decreasing the failure rate. Though the availability of technology has been increasing and regulation of methods is easing, pharmaceutical firms have been slow to leverage the emerging technologies due to the chaos prevailing in this space and a highly fragmented supply market. Here are some of the key technologies that have a high impact across trial phases.
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Increased clinical trial costs, combined with a higher percentage of trial failures and increased patient-focused trials, have caused a surge in demand for technology
implementation in clinical trials. The use of technologies in the R&D market is evolving, owing to the organizational and clinical trial implications, and technology adoption has proved to be cost-efficient for sponsors. The key applications of technology within clinical trials are real-world data capture, enhanced patient adherence, faster patient enrollment, and improved trial data analytics.
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Disruptive technologies, including mHealth, and wearable, have paved the path to conducting smaller trials. Things are executed through a phone given to trial participants from patient enrollment to drug administration and follow-ups. Recently, pharma companies have boosted spending on AI and Big Data analytics, given their transformative power over the R&D process and the cost savings they provide. Competition in the market is one of the key forces driving huge investments.
Increased impact on treatment adherence has been one of the major reasons for the surging interest in technology by pharma firms. The introduction of wearables and ingestible sensors and the use of AI-driven chatbots to track and monitor patient outcomes are all evidence that this trend is booming in pharma R&D. Pharma firms are increasingly deploying technologies through collaborations with significant players in the market. This greatly increases the traditional global participation of only 3 percent in clinical trials.
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