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Pharma Tech Outlook | Monday, October 05, 2020
Harnessing big data can help pharma companies build visibility throughout the supply chain and provision proactive action to mitigate the threats of diversion and counterfeiting.
FREMONT, CA: Traditionally, the pharmaceutical industry has been slow to adopt when it comes to innovative, cutting edge technology, and challenges like heavy compliance and regulation make it even more painful. With intense competition playing out on a stage, pharmaceutical companies are finding outdated IT systems and infrastructure limiting their growth. Old IT systems can leave pharma companies blind to their inventory and distribution processes, restraining them from actively keeping track of products that run in and out of the supply chain. But harnessing big data can help these pharma companies build visibility throughout the supply chain and allow proactive action to reduce diversion and counterfeiting threats. Know more here.
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[vendor_logo_first]• Condition Monitoring and Predictive Maintenance
In drug production and packaging, big data analytics allows condition monitoring and predictive maintenance to collect sensor data like vibration and temperature. This will significantly reduce machine downtime. Coupled with this information, pharma companies can implement proactive measures to identify component faults and rectify them before a machine fails. Companies can also maximize the efficiency of maintenance teams. Moreover, big data analytics can track pharmaceuticals through product sorting. Sensors are critical for automating monitoring and safeguarding the cold chain. They can also help preserve the efficacy and safety of pharmaceutical products, eliminating chances for human error.
• Enhancing Supply Chain Management
In general, big data has the potential to have a profound impact on the growth of the pharmaceutical industry. With big data, AI will transform the pharma supply chain, allowing a more intuitive and data-driven approach to pharmaceutical supply chain management. The more visibility companies get, the better equipped they are to proactively manage critical business challenges through complete visibility, enabling them to predict issues before they occur, eliminating major supply chain disruptions.
• Preventing Counterfeiters
The pharmaceutical industry's growth is simultaneously an opportunity for counterfeiters to falsify lifesaving drugs, putting the health of patients at-risk. As a result, drug manufacturers must act fast to secure their supply chains as a preventative measure while eliminating falsified medicines from circulation or risk the brand's reputation and patients' health.
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