The pharma industry has long been riddled with data accuracy, privacy, and transparency issues affecting clinical trials, supply chains, and counterfeit drugs. The industry has been exploring
technological solutions to address these issues. The COVID-19 pandemic has highlighted the urgency for the adoption of digital platforms by both the healthcare and life sciences industries to
overcome the challenges and address vulnerabilities. Patients have also demonstrated an increased inclination to adopt digital technology to achieve better treatment outcomes.
For the world to improve medical research and achieve patient-centricity, the medical industry needs to exploit emerging technologies. Including technology within each company’s DNA by using big data, AI, machine learning, and other technologies available are the key to progress. This will facilitate the creation of user and customer-centric interfaces and data-driven decisions for new ways of data collection and better outcomes.
Also, read – 6 Critical Industries That Blockchain Could Transform
For example, the use of data and AI supports identifying and targeting specific patients for drug discovery and development, which is essential for personalized drug development and reducing timelines. The management of clinical trial data using computational drug design methods and AI is used to repurpose existing drugs, analyze the efficacy of the combination of drugs, and measure dosages.
As a result of this rapidly changing environment, we must consider the best methods to manage this data and drive the change while maintaining the necessary privacy, compliances, and data security. This raises an important question: “Is it time to reconsider other technologies such as blockchain as the technology to facilitate the change and improve global health?”
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