Like many other industries, the internet of things has the power to revolutionize the Pharma industry completely. Pharmaceutical companies can leverage the benefits that this technology has to offer in manufacturing plants, the entire supply chain, delivery routines, and the patients themselves.
Besides the full range of benefits that the technology has to offer, there is an equally vast number of tools and services to choose from. While some industries and Pharma companies realize the monumental impact, IoT has on their operations, production, and sales, others are still in doubt.
In this article, we aim at explaining and exploring the most important reason for how the Pharma industry can take advantage of IoT.
Top 6 Ways Pharma Industry Can Harness the Potential of IoT
1. Better Trials and Data Records with Wearable Tech
One of the most common and underappreciated uses of IoT comes with wearable devices and dedicated mobile apps. This tech is not only affordable, but it also encourages and incentivizes patient adherence.
In a traditional patient monitoring setting, the evaluation is very subject and depends upon the patient exhibiting or describing their symptoms. According to a survey, most patients don’t report any symptoms before the need for medical attention arose. This disables their ability to recognize a crisis or notify anyone before it hits them. This is where wearable IoT comes in.
The wearable tech works in two stages for the Pharma companies. The initial stage uses IoT networking to monitor the early signs of serious medical events in real-time and alerts all appropriate parties. The second and mainly the most essential stage provide the individual patient condition metrics and ongoing data analytics to a remote server. This transmission of data is to the physicians and pharmaceutical company representative that monitors the patient issues and recovery progress.
In other words, IoT ensures better trials with wearable tech and the precise recording of data simultaneously.
2. Real-Time Insight into the Health of the Production Process
Anyone familiar with the internet of things is aware of its most outstanding feature, real-time data. Pharma companies can utilize the information gathered through connected devices and optimized lab equipment in many excellent ways.
Managers and supervisors can know and prepare for any likely issues, potential cost overruns, and pinpoint any inefficiency before it happens. In other words, IoT provides us with real-time insight into the health of the production process to boost productivity and profitability levels.
3. Automating the Process for Real-Time Data
Since Pharma is a risk-averse industry, it is crucial to avoid asset failure. When the firm automates its processes using IoT, it creates a domino effect of changes happening for good. The lab equipment provides real-time data that provides the managers with an extraordinary level of transparency.
They can maintain equipment predictability, drug success, complications, and other factors that were otherwise hard to foresee. This way, the firm will be able to retain not only the quality of drugs but also the consumer safety and improve machine lifetime.
4. Maintenance of Standard Quality throughout the Supply Chain
Any point of a supply chain can become a high-risk factor that calls for strict and vigilant monitoring. With IoT integration in Pharma specific logistics, the monitoring of the entire supply chain becomes smooth and easy. It also enables the drug to retain its standard quality throughout the supply chain, especially during shipping.
IoT services like cloud-based monitoring and location-based shipment tracking give managers and company personal advanced warning. Managers can monitor the temperature, humidity, and keep the conditions controlled to avoid compromise to the quality of the drug.
Apart from these factors, IoT also takes into consideration other high-risk factors like traffic, vehicle delay, or weather. This enables decision-makers to redirect a shipment for temporary holding in a properly equipped facility to avoid spoilage.
With IoT, Pharma companies can minimize their on-route wastage and damage as best as they can.
5. Smooth FDA Approval with Drug Development Blockchain Ledgers
All the production process of pharmaceutical companies needs to be well–documented, and all the records maintained consistently with regularity compliance. This is a necessary step that makes the forms the foundation for FDA approval.
The IoT technology continuously and automatically sends data to a central server for the maintenance of data consistency and standard compliance. Apart from that, IoT also cuts down on the potential margin of error and manual paperwork.
Some Pharma corporations can harness the full power of IoT with blockchain technology. The decentralized revolutionary technology provides an astonishing amount of transparency to the viewer.
Pharma companies can maintain a blockchain ledger of the entire drug development process to ensure swift FDA approval and patents. Instead of skimming through massive offline logs, regulators can process the data by leveraging highly visible and predictive algorithms.
Pharma companies can also use the Blockchain network as a solution to drug tracing and tracking challenges.
6. Greater Collaboration within the Pharma Industry
By now, you are well aware of the fact that IoT enables organizations and companies to assemble data from a broad scope of processes and functions. You should also know that we can also use IoT in establishing greater inter-industry collaboration. Stakeholders are no longer bound by geographic factors when it comes to preaching progress report. They can access the information quickly and transparently through IoT technology.
While some Pharma companies have yet to recognize the benefits and advantages mentioned above, some organizations are well aware of their impact on profitability and production. Perhaps this is why the future of IoT adoption looks promising, especially in the health care sector.
The current market for the internet of things stands at $82.3 billion in 2020, and the expectation of its growth extends to $241.1 billion by 2025. This is an astonishing growth rate of 24.1% only for the period of 2020 to 2025. The numbers paint an optimistic picture for many investors and pharmaceutical company owners.
Swittons is an IoT device that can transform the way pharma companies and physicians interact. By deploying thousands of remote engagement devices, such as Swittons, pharma companies are making it easier than ever for Physicians to communicate with their sales reps.
If you’re interested in learning more about how Swittons can benefit your pharma company, click below and you can chat with one of our experts.