Emerging Technologies for Indian Pharmaceutical & Life Science Industry Technology savvy lifescience industry is now adopting new technologies which directly align and support their more nimble business strategies. This article tries to figure oud how the end-toend IT solutions bring in efficiency in operations, comply with regulatory aspects, and manage products efficiently.
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ccording to India's Ministry of Commerce and Industry, the Indian pharmaceutical industry, which is expected to grow over 15 per cent per annum between 2015 and 2020, will outperform the global pharmaceutical industry, which is set to grow at an annual rate of 5 per cent between the same periods. The India pharmaceutical market is expected to grow to USD 55 billion by 2020, thereby emerging as the sixth largest pharmaceutical market globally by absolute size. India has also maintained its lead over China in pharmaceutical exports with a year-on-year growth of 7.55 per cent to USD 12.54 billion in 2015. The above data points paint a very rosy picture for the future of India's pharmaceutical industry but one cannot ignore the challenges that pharmaceutical industry will face as it outperforms the global pharmaceutical market. The changes in economic, political, technological and social environment will continue to affect the pharmaceutical industry and pharmaceutical companies will have to strategize to streamline their journey to become USD 55 Billion Industry by 2020. As per the industry experts, the major points to be concerned about will be the evolving regulatory and risk environment; ongoing pricing, cost, competitive pressures; and overall manufacturing cost optimization. Pharmaceutical Companies, although slow adopters of information technology, have been taking support from IT systems to
Chetan Pathak Executive Vice President Tectura India 32 ď‚ƒOctober 2016
overcome the internal and external industry challenges. Existing technologies like Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) systems have become second nature to pharmaceutical companies. These systems support pharmaceutical companies in ensuring regulatory compliance, controlling costs, driving process efficiencies, targeting the potential customers, rapidly ramp up sales and marketing efforts with new drug approvals, improve field sales productivity and marketing effectiveness and much more. However, both ERP and CRM systems have their own limitations and would not be enough for pharmaceutical companies for the times to come. Leading services providers realize the limitations of the current ERP and CRM solutions available to pharmaceutical industry and hence, are integrating their ERP/CRM offerings with path breaking technologies like Analytics and Internet of Things (IOT). The volume of raw data with pharmaceutical companies captured over decades are like gold mines waiting to be extracted and valued. Using Analytics to find associations, recognize patterns and identify trends that allow a company to shape customer experiences for increased engagement and greater profits is a great way to bring the perspective of the customer into business decisions. Recently Microsoft launched Microsoft Dynamics CRM platform Field Services
The volume of raw data with pharmaceutical companies captured over decades are like gold mines waiting to be extracted and valued. Pharma Bio World