The role of pharmacy in healthcare tends to accomplish the healthcare sector. Technology trends in the pharmacy eliminate manual errors by providing accurate data. Top trends in the pharmacy are helping to make botanical extracts more effective and accessible for a variety of applications. Many of these wonders in the making have a digital backbone powered by technologies such as artificial intelligence, robotics, IoT, cloud, machine learning, advanced data, and analytics.
CEO Insights magazine recently interacted with Ng Nan Lee, Pharmacist, KDH Pharmacy. She says, “Nutrition plays an important role in aging. Eating a variety of vegetables and getting protein is necessary; you need to eat meat. Individuals should avoid petroleum-derived products to maintain healthy skin. These input our body with the external hormones that can cause cancer of the reproductive organs.”
Today, innovation and disruption in digital health and wellness are now even radically breaking down barriers and rapidly pushing boundaries in the world of trusted neighborhood pharmacies. A vital part of the healthcare ecosystem, pharmacies were often the first port of call for health and wellness needs during the peak of the COVID-19 pandemic as people battled the new virus. Pharmacies provided a range of expanded services, including preventative medications, vaccinations, counseling, equipment, nutritional supplements, testing services, drive-thru delivery, and online and virtual primary care as they met the needs of patients during this crucial time.
Miranda Rochol, SVP for Provider Solutions at Prescryptive Health, says, “The era of consumerism in healthcare has (finally) arrived. Patients demand information and access, and health systems must provide it. Regulations offer a valuable way to create a new digital front door for patients and increase the return on investment in digital innovation. Let's use "bedside medicine" as a scenario. At this point, when the patient leaves the hospital, the doctor, ideally a pharmacist, puts the right medication in their hand instead of relying on the patient to fill the prescription. This is where technology can play a key role: A pharmacist or dispensing technician could enroll a patient in a mobile or digital health experience that gives the patient control over their medications in a digital medicine cabinet. Refills, prescription information, pricing information and more are easily accessible to the patient on their phone, making it the center of their experience.”
Technology touches every aspect of pharmaceutical operations, from research labs to quality assurance and everything in between—new drug discovery methods, efficient clinical trials, and advanced manufacturing processes. Like it or not, pharmaceutical companies operate in a labyrinth of regulations and standards. Here, technology acts as both a guiding light and a shield, ensuring that organizations like yours stay in line with evolving demands. To succeed, everyone in the industry must be able to quickly adapt to any potential changing regulations. In this regard, technologies like Qualify play a vital role in facilitating this adaptation through various emerging pharmaceutical technology solutions.
Technologies Driving the Pharma Industry in 2024
AI in pharma
Artificial intelligence is redefining many aspects of pharma, including drug discovery, clinical trials, and even supply chain optimization. Its main advantage is that it quickly analyzes large data sets and predicts further progress in these and many other areas. The potential benefits are limitless.
Blockchain for clinical trials
Blockchain technology increases data integrity and traceability in the pharmaceutical industry by recording transactions and information in a highly secure and transparent manner. This technology has various applications in various sectors of the pharmaceutical industry, including clinical trials, regulatory compliance, personalized medicine, and supply chain. Innovation. Its scope for expansion is huge and promising. Therefore, we recommend keeping this in mind for 2024 and the following years.
Regulatory Automation and Compliance
Regulatory technology (RegTech) streamlines compliance processes and ensures pharmaceutical companies effectively comply with regulatory standards. Automation reduces compliance costs and risks. For example, technologies like Qualify help pharmaceutical companies improve risk mitigation management. Going into detail, Supplier Intelligence solution performs an in-depth analysis of each supplier's compliance status and enables our customers to benchmark against market standards. At the same time, it helps identify outliers in supplier rating distributions and ensures that the most suitable ones are engaged.
Sustainability Initiatives
Sustainability initiatives in the pharmaceutical industry are driven by green technologies. These initiatives reduce environmental impact and reduce costs. These technological advances will define the pharmaceutical industry trends for 2024 in drug discovery, regulatory compliance, sustainability efforts, and even supply chain audits. Staying informed and adapting to these trends is essential for pharmaceutical professionals who want to stay competitive and deliver the best possible healthcare outcomes.
The integration of emerging technologies in the pharmaceutical industry brings many opportunities but also some challenges. First, due to its highly regulated nature, any technology adoption must comply with evolving regulatory standards, so compliance can sometimes be a bit tricky. Additionally, ensuring data integrity adds to this challenge. Second, data privacy and security are critical, given the reliance on digital solutions and the handling of sensitive information. Protecting sensitive data and intellectual property from cyber threats is an ongoing concern.
While the technology promises efficiency, the costs associated with the initial investment and ongoing operations can be a burden. This creates a need to balance innovation with cost management. In addition, the rapid pace of technological advancement means that companies must constantly update their infrastructure to avoid obsolescence and remain competitive unless they choose to work with a third-party technology company to accelerate their processes in any activity.
For example, regulatory automation and compliance technologies can streamline processes, reduce errors, and improve approval timeliness. This can lead to faster time-to-market for new healthcare products and better regulatory compliance.
Role of Pharmacy in Mental Health
With advanced technologies, the focus will be on improving productivity, simplifying access to care, and improving the customer experience. In addition to dispensing medications, pharmacies will seek to expand their service offering to provide holistic and personalized care to their customers. Pharmacies can reduce the burden on emergency facilities by providing convenient primary care services in their neighborhoods.
The importance of mental health will also increase manifold in the future, and pharmacies will play a key role in the provision of mental health care services, including screening, education, and preventive care. Pharmacies will thus become wellness destinations – as one-stop shops offering individualized services, including physical and mental health care, wellness packages, preventive treatment, and community outreach.