Rama Krishna Sreepada is the Co-Founder & Chief Architect at [x]cube LABS. Rama Krishna has formidable expertise in a wide range of technologies, including VoIP, iOS development, mobile advertising and analytics, and much more. He has been part of organizations such as PanTerra Networks and Competent Solutions as a Software Architect before joining [x]cube LABS. At [x]cube LABS, he is responsible for project management as well as engineering standards and training implementation. Most people simply call him RK.
Digitization in the pharma industry has played a crucial role in upgrading and reforming the pharma industry. The pandemic impacted the industry in various ways by delaying routine treatments, disrupting healthcare budgets, and much more. However, the sector was resilient in its approach and took to a greater degree of digital adoption with the sole aim to cope with the ever-evolving scenarios as well as thrive in the market.
The impact of the pandemic on the pharma industry
India holds a respectable position in the global pharmaceutical market and fulfills approximately 40-70 percent demands of the WHO for diphtheria, tetanus, and a lot of drugs. It is the third-largest producer of pharmaceutical products and services. During COVID, the country faced extreme challenges to fulfill medical demands as pharmaceutical units ran short on staff and had to deal with major disruptions to their daily workflow. Adding to the problems, the pharma industry also faced supply chain hindrances due to which availability of raw material and packaging resources became a serious issue.
Being a basic necessity, it was extremely important for the pharma sector to opt for new ways to overcome the hindrances and match the extensive demand. Business leaders also realized they were having difficulties reaching the right audience.
Shifting from traditional methods to modern digital ways was the only solution which could address all the above problems. It was quickly understood that digital solutions resulted in cost-effectiveness, improved patient care, drug development, and greater transparency in the pharma sector.
Digital transformation of the pharmaceutical industry
Ever since then, the pharma industry and digital transformation have been running in parallel. The industry was cautious at first but eventually went on to apply digital means to uplift and improve the pandemic healthcare situations. By applying these technologies, the companies were able to improvise and fasten the supply chain management.
Medicine companies all around the world are leveraging the power of Machine Learning and Artificial Intelligence to enhance the drug discovery process. The adoption of AI has enhanced the success rate of new drugs, developed economic treatments, and reduced human intervention. On the other hand, Virtual Reality and AI have helped the sector to facilitate better communication and deliver services like virtual medical appointments, automated helplines, and much more. All of this resulted in timely planning accuracy, productivity, improved service levels, and increased efficiency in manufacturing and healthcare. Additionally, digital solutions enabled medical facilities to reach more consumers and increase their business.
The medical industry also depended on social media platforms and content marketing to build trust and advance its product and messaging. The industry in the pre-pandemic times believed in traditional methods of word of mouth and incentives as the way to sell their products. In this crisis, social media marketing helped display the product and create a buzz in the digital space while boosting sales and ensuring organizations reached a wider audience.
Additionally, digitalization has enabled improved drug development, better virtual interaction with patients, and enhanced distribution of pharmaceuticals along with more transparency in the supply chains.
The pharma industry trod on the path of digitization since it was the dire need of the hour. The digitization of the sector has facilitated the boom of the industry matching the high necessary demands of the health care sector by saving the country during the health crises. It is due to digital adoption that the pharma industry has upscaled significantly and this pace of digitization will continue to pick up pace in the times to come as well.
Digital transformation will play a vital role in pushing the growth of businesses as well as boosting sales in the pharma sector. However, to achieve this objective, associating with the appropriate digital-driven and innovative partners is essential. The solution providers that work with a creative approach and possess the ability to make a difference by devising a comprehensive and robust digital strategy, building solutions, and implementing them effectively will further help in enhancing the productivity of the pharma industry in the post-Covid world.