Robotic technology and artificial intelligence are reducing manufacturing floor downtime and product waste. Drug manufacturing companies must test personnel, environments, techniques, equipment, processes, and materials thoroughly to ensure that their new drugs are predictable, consistent, effective, and, most importantly, safe for human use. The past few years have seen a shift in the way the healthcare sector has been operating. Adapting new technologies and up-scaling entire infrastructure as needed might be a cost-intensive process, but in the long run, it will help pharma companies cater to the needs of changing times. “I feel ever so privileged to work in a profession that actually pays me to do what I like best.” Last January she joined our Healthcare Management Centre and was appointed Professor of Strategy and Innovation Management. Pharmaceutical industry is pro-active in making new technology and adopting primarily due to its tight regulations and domain complexities. The data regarding this industry is considered very sensitive. In a 2018 report, Sau Lee, Director of the Office of Testing and Research within the FDA, presented the case for CM, noting that recent advances in manufacturing technology have prompted the pharmaceutical industry to consider moving away from batch manufacturing to … And like I said, this is where new technologies and advanced data analytics come into play.”, What does she hope to achieve? AI is imperative to complete genome sequencing of the Covid-19 virus, running humongous data through machine learning tools to shortlist plausible drugs and vaccine candidates and systematically design massive-scale clinical trials. Here are four ways that technology can be used in the pharmaceutical and life sciences industry to deliver tactical, long-term learning solutions. Professor of Strategy and Innovation Management. Bengaluru, Karnataka 560037. Technology that improves retail pharmacy safety While technology is improving safety on the patient-provider side, retail pharmacies are also recognizing the benefits of technology. Be a student, always. Welcome on our website! Have you ever had to undergo physiotherapy? Among others in the pharmaceutical industry, Swiss drug giant Roche reported about $2.2 billion in Ocrevus sales for the first half of 2020, up 25% from the year-ago period. 4580 Weaver Parkway, For example, all pharmacies use pharmacy management systems for medication records, dispensing, labelling, ordering and stock control. The pharmaceutical industry is a highly regulated and technology-intensive one, where knowledge is the main source of competitive advantage. In the healthcare sector, disposable ECG, EMG, EEG patches, ultra-thin thermal patches, fitness measurement patches, etc. Get the latest market updates, business opportunities and ideas delivered right to your inbox. UTM Medium must have at least 0 and no more than 1900 characters. First name must have at least 0 and no more than 1900 characters. We have been leading innovation in business for well over half a century. Online learning journeys with the complete Vlerick Business School experience. Suite 202 With our flexible online MBA programme, you set the pace. The partial shift of the healthcare sector to virtual platforms has created a ripple effect on its related sectors. Warrenville, IL 60555, 6535 Shiloh Road, > Or cookie settings and more information, Privat Dozentin (∼Associate Professor) ETH Zürich, Switzerland (2017-present), Visiting Scholar Chalmers University of Technology, SE (2016), Senior researcher and lecturer (∼Assistant Professor), ETH Zürich, CH (2011 – 2016), Researcher and lecturer, ETH Zürich, CH (2006 – 2011), PhD in Strategic Management and Innovation, ETH Zürich, CH (2006 – 2011), MSc Mechanical Engineering, RWTH Aachen University, DE (2003 – 2006). The pharmaceutical industry continues to evolve to meet accelerated changes from new technology solutions that lead to new business models to meet patient needs. Contact XcelPros today to transform your business. Here are emerging new technological health innovations that will have significant impact on the pharmaceutical industry:- 1. mHealth Sensors Pharmacy research institutes are already beginning to take advantage of mhealth technology to conduct clinical research. alliances or R&D activities, companies learn and build their knowledge stocks and how these knowledge stocks impact on innovation and company performance. Zeynep is an innovation and strategy scholar, with a special focus on technology and knowledge management in the pharmaceutical industry. XcelPros is a Chicago-based company and delivers transformation through technology. The pharmaceutical industry has been using AI and related technologies to fine-tune operations, fasten the drug discovery processes, and minimize human efforts. Girish Malhotra, PE, EPCOT International: New classes of drugs: We believe technology is the key enabler of exponential growth for us and our customers. Gradually the industry now embraces the information exchange via drug bar … AI represents the epitome of medical innovation and industry players are eager to invest millions in it. Because these changes are so radical and so all-encompassing, it’s a major challenge for pharma companies to keep pace. Big Data has made its way in almost all the major industries and healthcare-pharmaceutical integration can benefit from this technology to store, organize and leverage the humongous amount of data generated. Thanks to sophisticated analysis techniques firms will be able to improve their understanding of disease pathways, to plan clinical trials more efficiently and to take timely decisions to stop projects with little chance of success.”, She adds: “Big data and artificial intelligence initiatives have changed the competitive landscape: pharmaceutical companies now face competition from the likes of Apple and Google, whose analytics capabilities are way ahead. Read about all the latest news going on at Vlerick Business School. A well-researched business strategy can become the blueprint that the pharmaceutical companies can replicate in other geographies to grow their business. The need for newer technologies, the cost of their adaption and the overall ROI are factors that pharmaceutical companies should consider to bring about a technology-driven reformation of their processes. Business process automation will help meet customer demands and enhance their operational efficiency. Scientists working in the research and development aspects of the pharma industry are also looking to use AI to discover new ways in which elements and compounds can be effective in engineering new groundbreaking drugs. The Tufts Center for the Study of Drug development (CSDD) is funded in part by unrestricted grants from pharmaceutical and biotechnology firms, as well as companies that provide related services (e.g., contract research, consulting, and technology firms) to the research-based industry. alliances or R&D activities, companies learn and build their knowledge stocks and how these knowledge stocks impact on innovation and company performance. … People are encouraged to pursue their curiosity and creativity in both teaching and research. Taking a macro perspective, she investigates how and through which channels, e.g. The value of the Webform language field is not valid. Acquire the necessary general management tools to give your career a whole new sense of direction. This will help mitigate supply errors, prevent bottlenecks, and ensure smooth distribution of drugs and raw material. The moment the schedule at the physiotherapy center ends, you probably stop exercising by yourself. “Learning new things, being intellectually challenged, is what makes me tick”, says Zeynep Erden. As a result, we observe changes in the way those companies operate: how they interact with stakeholders, such as patients and payers, how they design their research and conduct clinical trials, and how they market their drugs,” says Zeynep. The modern era of the pharmaceutical industry—of isolation and purification of compounds, chemical synthesis, and computer-aided drug design—is considered to have begun in the 19th century, thousands of years after intuition and trial … While the past decade has seen positive changes in the way technological advancements have made their presence felt in this industry, there is still a lot to be desired. Because these changes are so radical and so all-encompassing, it’s a major challenge for pharma companies to keep pace. Suite 100 New technologies such as big data and AI are revolutionising the pharmaceutical industry. how they can improve their knowledge creation practices and deal with uncertainty, and what they can do to become more agile. The microcapsule technology involves the use of microcapsules that can be injected or delivered in a fine mist spray directly to the site of injury. Or to paraphrase Novartis’ new CEO, Vas Narasimhan: technologies enable reimagining Novartis as a medicines and data science company. Looking for talent? 8 Let us look at how technology in the pharmaceutical industry can prove to be integral in accelerating business growth for pharma companies. Given that the majority of this industry continues to express the need for better process efficiency, as the single most important trend over the past five years, any new manufacturing technology will necessarily need to demonstrate efficiency, and be regulator-friendly. Technology experts are touting automation in the pharmaceutical industry as the next big thing for them. blockbuster drugs designed for the average patient will be replaced by treatments that take into account individual variations in genes, environment and lifestyle. 1. Zeynep thinks carefully before she answers: “I want to be involved in research that shapes our future and inspire people with my teaching. I believe pharma companies should try and find ways to reduce costs by selecting leads that have a higher chance of making it to the market, and by avoiding late phase clinical trial failures. Automating the manufacturing processes and facilities will enable pharma companies to move from batch production to continuous manufacturing. Advertise your job opportunities to Vlerick students! Pharmaceutical companies have no time to lose: they should think out of the box, explore the opportunities these new technologies have to offer and weigh them against the associated risks and threats.”, “Pharmaceutical companies realise the threats and have started to invest in digital healthcare and advanced analytics. Pharmaceutical Facets Being Transformed by Cutting-Edge Technologies, Expedited Process, Optimized Operation, Reduced Manual Labour and Error Mitigation, Better Understanding of the Market and End-User Dynamics, Formation of a data-driven and Technologically-Enabled Business Strategy for Enhanced ROI and Profitability. Vlerick Alumni, 22,000 alumni working in over 100 countries throughout the globe. 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