A Growing Blend of Technology in The Pharmaceuticals Industry: Paul Edalat

Being in the Pharmaceutical industry for 30 years and creating medical devices using a blend of technology in Pharmaceuticals, Paul Edalat has seen the growth firsthand. However, there is no denying that the pharmaceutical industry took a lot of time to adopt technology, and the pace of embracing technology was quite slow. But after the invasion of the pandemic, it has accelerated in many ways. The challenges and disruptions have pushed the industry to adopt technologies like AI, Big Data, machine learning, Quantum computing, and more.

The industry is now increasingly adapting these technologies for research and analysis to improve product development and experience for users. According to a global survey, in 2022 pharmaceutical industry respondents believe 70% impact of smart technologies will be on the pharma industry. I believe the pandemic has increased the need for technology in the industry to increase the pace of development. Big giants in the Pharmaceutical industry who have already incorporated technology before the pandemic were able to grab the opportunity quickly. While small pharmaceutical manufacturers took a while to adopt these technologies.

Combined all technologies have a strong impact, but these technologies also have an impact individually. Paul Edalat shares the impact of various smart technologies in pharma:

Big Data:

Research and development is the major part of inventing drugs or medical devices. However, the cost associated with R&D is not feasible for all. Sometimes due to this reason, there is not enough manufacturing of new drugs. The use of Big data and analytics provide accurate information and have reduced the exploration cycle which makes product development faster. Moreover, this has reduced the time for clinical trials where a lot of research had to take place to check the investigation. 

Blockchain:

This technology is becoming popular in recent years, and the use of blockchain takes place in high-level positions in the industry. However, the need for this technology is critical at high positions such as industry owners and stakeholders to share more safe, secure, and reliable information. One of the most useful benefits of this technology is the visibility of the supply chain. It has reduced barriers to providing real-time information in the supply chain and provides more transparency from top to bottom.

AI- Artificial Intelligence:

AI technology is not new in the market, many business niches are using AI to improve their business. Similarly, in the pharmaceutical industry, the use of AI is rapidly increasing in the industry to improve product development and more. AI is used by the pharma industry to increase drug invention or discovery and manufacturing. According to research, AI in the healthcare sector is expected to be $31 billion b6 2025.

Conclusion:

Paul Edalat believes the need and the use of technology in the pharmaceutical industry are growing. It would increase many folds in the coming years with the use of smart technologies like AI in the industry. It has its own benefits and drawbacks, but to keep up with the pace of the market, industries have adopted new technologies.