The pharma industry has seen a rapid rise in the past three years with rapid digitization and the advanced research in the field has opened gates for newer avenues of treatment for mankind. The pharmaceutical industry is expected to grow to $ 1.5 trillion by 2023. Here are eight technology trends to watch for in 2022:

1.Rise in E-pharmacies: While the offline pharmacies may consider online pharmacies a threat to their business but an amalgamation of the two can lead to unimaginable growth prospects for both. An E-pharmacy is a boon as it is efficient and responsible in remote areas. It provides easy and affordable medicines to the people at their doorstep in just one click and additionally, gives information about the medicinal remedies’ awareness to the purchaser. With the pandemic hitting the country, people avoid going to pharmacies and so the brick-and-mortar pharmacies are facing a setback. People have switched to buying medicines online for fear of getting infected by covid-19. There is a rift between the offline and online pharmacies but like other sectors there will be an ever-growing sync between the offline pharmacies opening an online market for themselves.

2.Rapid Digitization with AI/ML: One cannot disagree or neglect the fact that digitization and technological innovation is the backbone of a growing economy and the same is applicable to the pharmacy business. Hence, people have acknowledged this fact and aligned their offline business with the online opportunities to stay in line and pace with the ever-changing business environment in the technological world. Consumers no more want to step out to buy goods and it is a world where doorstep service is given preference. The use of AI/ML has also changed the entire consumer behavior and now the customers can experience real life shopping experiences/medical consultations sitting back at home, which will be the new era of online shopping in 2022, with an ongoing decline in offline pharmacy business. 

3.Digital Records: The use of digital processes has been around for some time and will continue in 2022. Originally paper-based processes have been converted to digital to make operations more efficient. A unified Aadhaar synced medical history backup has been developed by different medical organizations. Digital processes are especially helpful in promoting regulatory compliance because they allow pharmaceutical companies to closely track data and how it is maintained. Pharmaceutical companies appreciate this switch to digitalization because of the transparency it provides across the organization and all departments and hence will continue to be the way ahead in 2022. 

4.Cloud Computing: Cloud technology is used in every sector today. In the pharmaceutical industry, the cloud allows businesses to work with other stakeholders to become more effective. Cloud computing also provides an inexpensive way to use analytics. Pharmaceutical companies rely specifically on cloud security and central access to analyze complex data in clinical research. Cloud scalability keeps records of thousands of remotely monitored patients and the confidentiality records in maintained by the cloud environment.

5.Digital Trainings: Online training courses for new technologies in the pharmaceutical sector will be further expanded in 2022 to improve operations and compliance. Ensuring that teams have a solid understanding of the correct use of technologies such as digital signatures, patient planning portals, and electronic document software which will reduce the likelihood of errors, helping pharma organizations to meet the regulatory standards for using that information. Online training courses can be offered anytime, anywhere and can be personalized for each user, making them extremely cost-effective. 

Blockchain technology and big data will further revolutionize the pharmaceutical industry in 2022, by helping them secure data and increase visibility, compliance, improved traceability of drugs, and simplified transactions. The upcoming pharmaceutical trends will add an ever evolving space for transformation in the pharmaceutical industry.

Source: https://timesofindia.indiatimes.com/blogs/voices/top-5-trends-for-the-pharma-industry-in-2022/