Role of Digitalization in Pharma Sector

Reduction in the use of raw materials, human resources and time, as well as reduced risk for final products of low quality due to digitally automatized control steps, directly increase the profitability.

The Indian Pharma sector is ranked third largest by volume in the global market and is currently valued at $41.7 billion and it is forecast to reach $65 billion by 2024 and $120 billion by 2030. Digital technologies like Artificial Intelligence, Machine Learning, 3D Printing, and Additive Manufacturing are helping Indian Pharmaceutical companies to step up R&D process, conducting tests in less time, improving efficiencies and compliances in manufacturing, and increasing profitability.

Technology has helped in delivery of evidence-based healthcare, allowed self-monitoring of chronic conditions, increased compliance to medication and enhanced concordance between patient and pharmacists.

Today pharma is recognised as a well-entrenched sector for our country’s economy and is anticipated to grow threefold in the decade. While it is expected to be a $65 billion industry by 2024. Digital transformation across the entire value chain was vital for enhanced patient care, greater transparency, cost-effectiveness, improved production and drug development.

The growing affordability of exponential technologies such as those that enable AI is bringing cost-prohibitive tools to the mass market, reducing production costs and enabling the creation of more individualized products and services.

Given the disruptive nature of these technologies, it will prove increasingly important for pharmaceutical manufacturing chains to be operationally agile. Informatic solutions that offer the versatility and scalability to extend capabilities as business needs change will give pharmaceutical manufacturers the best competitive advantage.

According to the International Society of Pharmaceutical Engineering, digitalization, an important component of Pharma 4.0, will connect everything, creating new levels of transparency and adaptivity for a digitalized plant floor. This will enable faster decision making, and provide in-line and in-time control over the business, operations, and quality. It will also require higher levels of security since connected systems heighten vulnerability.

S Mohini Ratna, Editor, VARINDIA