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Pharma Technology Trends to look for in FY 2023 – 2024

Pharma Technology Trends to look for in FY 2023 - 2024

The pharmaceutical industry has always been at the forefront of innovation. From developing new drugs to creating novel therapies, Pharma technology has always pushed the boundaries of what is possible. Technology has played an increasingly important role in the industry’s development in recent years. Here are a few tech trends in pharma that are currently transforming the industry. The financial year 2023- 2024 will be about investing in these technologies:

  1. Artificial intelligence (AI)

Artificial intelligence is rapidly becoming a game-changer in the pharmaceutical industry. With its ability to analyse vast amounts of data and identify patterns, AI is being used to discover new drugs, streamline clinical trials, and develop personalized therapies. AI algorithms can also help predict drug interactions and side effects, which can save time and money in drug development.

  1. Blockchain

Blockchain technology is revolutionizing the way the pharmaceutical industry operates. By creating a secure and transparent record of drug development and distribution, blockchain can help prevent drug counterfeiting and improve patient safety. Blockchain can also help track the efficacy of drugs and reduce the risk of fraudulent clinical trials.

  1. Automation and dark factories

Thanks to AI, machines are now capable of carrying out more and more tasks that were previously reserved for humans. So, it makes sense that machines can take on more and more manufacturing tasks. Automation can bring many advantages to manufacturers, including higher productivity (machines don’t get tired), greater accuracy, and lower costs. We may even see more entirely automated factories or so-called dark factories – fully automated sites where production happens without direct human intervention on site.

  1. Extended Reality and the metaverse

Extended reality technologies such as augmented and virtual reality will play an increasingly important part in manufacturing, from enhanced product design, better production planning, augmenting human abilities on assembly lines, and more immersive training. As more of the world extends into the metaverse, more opportunities will arise for manufacturers.

  1. 5G & edge computing

The fifth generation of mobile data network technology (5G) will enable manufacturers to easily connect their IoT technology and leverage the data collection and data processing within devices such as smart machines and sensors (what we refer to as edge computing). Manufacturers can create a private 5G network on their premises which will give them superfast data speeds without the need for cables and much-improved data security.

  1. Internet of Things (IoT)

The Internet of Things is creating a connected ecosystem of medical devices and systems. With IoT, medical devices can communicate with each other, enabling more efficient and accurate monitoring of patients. IoT Pharma Technology can also be used to track drug distribution and monitor pharmaceutical products’ temperature and humidity.

  1. Virtual reality (VR)

Virtual reality is being used in the pharmaceutical industry for medical training and education. With VR, healthcare providers can simulate surgeries and procedures, improving their skills and reducing the risk of errors. VR can also be used to educate patients about their conditions and treatments, improving their understanding and engagement.

In conclusion, these Pharma Technology trends are transforming the industry. As technology continues to advance, we can expect even more innovative solutions to emerging.

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