If you are talking about the Pharma Industry world, one thing that comes with it is innovation and
technology. Innovation is non negotiable when it comes to Pharma Industry. Let’s talk about the
recent Covid 19 outbreak itself. The reason we are all up and about with our lives during a
pandemic is innovation. The widely available vaccines made it possible to return to our lives.
Covid 19 not only helped us appreciate Research and development but also revolutionized it.
Talk about trial recruitment and strategies; all have been developed a lot since and because of
it. The R&D department works tirelessly to provide the latest medicines and latest innovations.
The world is moving fast, and so are medicinal innovations.
There are many new Pharma Industry trends seen in the last decade, like blockchain technology, AI,
curative therapies, etc. In this article, we will discuss the Top 5 Innovations and New Operational Strategies in Pharma Industry R&D. Let us first look into why innovation is important in the pharma industry.
Role of Innovation in the pharma industry
Innovation is the building block of the pharma industry. It is consistently involved with drug development. A good pharmaceutical company in India is always adopting new technologies to improve healthcare. Health innovation improves-
- Efficiency of drug
- effectiveness of drugs
- Obviously the quality
- Furthermore, sustainability
- Safety, of course
- And, last but not least, the affordability of healthcare.
Top 5 Innovations and New Operational Strategies in Pharmaceutical R&D
Let us discuss the new innovation and operational technologies one by one:-
Adaptive Pharma Trial Designs
Adaptive trial designs are basically where users modify (adapt) a trial mid way based on the interim results without affecting its integrity and validity. They are more efficient and ethical than traditional trials. They make trials more flexible. And, also, fast.
Robotics, automation, and computerization are all used more commonly as part of the digitalization process. This helps to,
- reduce cost
- decreases the chances of error
- increases productivity, and
- Increases adaptability to changes.
Real-world Pharma Data
Obviously, it is next to impossible to make a drug suitable for people of all demographics, lifestyles, etc. Using RWD helps a lot with this. It also helps to overcome the limitations of clinical trials. RWD and hence RWE (Real world evidence) are produced by studying designs or analyses. This includes randomized trials, including big simple trials, pragmatic trials, and observational studies (prospective and/or retrospective), among others.
Big Data Analytics
Big data analytics as pretty much evident by the name, involves the
- manipulation, and
- analysis of large and complex data sets.
Big data analytics is very useful to a pharmaceutical company in India. One can use data like genetic information, personality qualities, and disease status of a person for trials. It is used to select ideal people for clinical trials, increasing the chances of the treatment being successful.
Decentralized Digital and Remote Pharma Trials
Decentralization opens up trial access to a bigger and perhaps more varied patient population. Most clinical trials can be entirely virtual but can use decentralized elements. One can opt for a hybrid method. These trials will open a new world of possibilities. For example
- the potential for telemedicine,
- nursing and home health care,
- new devices and wearables, and
- remote monitoring.
Challenges faced by a pharmaceutical company in India with innovation
- Shortages of talent
- Ethical and economic obstacles
- Problem with patient recruitment in clinical trials (patient retention, population diversity, etc.)
- The complexity of clinical studies is rising with the increase in targeted therapies.
Role of PCD Pharma Franchise company in India
PCD Pharma Franchise company in India: As you know, the distribution of more than half of the meds depends on the pharma franchise holders in India. It is very necessary for a PCD pharma franchise company in India to adopt new innovation and operational strategies. This will help not only the pharma franchise holders but also the general public. As discussed before, methods like big data, adaptive trial designs, etc., not only help in the speedy and efficient design of drugs. But they also reduce processing time along with the chance of error. This, in turn, enhances the quality of drugs and also reduces delivery time. This helps pharma franchise companies a lot. Automation and innovation are the rulers of all industries. But they are the foundation of the pharma industry in particular. After all, the entire world depends on the pharma industry.
Since a PCD pharma franchise company holds a monopoly over drug distribution. Hence, it should be their first priority to adopt and adapt to these new technologies.