Cloud solutions build a scalable IT environment for Pharmaceuticals, transforming and benefiting the whole business processes.
During the last few years, the pharma industry has had to rethink the approaches and working models commonly used. Digital transformation is still a hot topic in the supply chain. The scalability and agility of the cloud were discovered by Pharmaceuticals, becoming a leading technology in the path toward digital transformation.
The global volume of cloud computing in the pharmaceutical market is projected to reach 59,371.09 million USD by 2030, and it is not a coincidence. Different divisions of digital transition require establishing various emerging technologies and developments. In manufacturing, solutions such as digital factories and connected devices are becoming “a must”. From the regulatory point of view, the Pharma industry meets various challenges regarding big data processing that cloud solutions could quickly resolve. However, the technology helps the pharma actors to achieve 360-degree visibility and transparency among the whole supply chain, thanks to the wide range of functionalities and opportunities that the technology could provide.
Impact on the Pharma industry
It is a fact that digital transformation impacts our whole life. Specifically, in the case of the Pharma industry, we talk not only about the facilitation of processes but about the general improvement of the healthcare system that directly impacts the end-users (patients). Because of that, it could be said that digital transformation in the pharma industry is quite a more crucial and sensitive topic. Digitalization of processes in the pharmaceutical industry enables effective data management and process authentication, ensuring the manufacturing of counterfeit-proof drugs with guaranteed authenticity. As a result of cloud solutions functionalities, the issue of pharmaceuticals keeping up with the exponential digital technological development could be solved.
The amount of data exchanged across the pharma supply chain is tremendous. This created the need for an effective and secure solution that could proceed with the information. Cloud data management provides an opportunity to build and maintain a secure platform for exchanging, storing, ingestion, processing, distributing, archiving, and backup data. The solution could be integrated with multiple data sources, both on-premises and in the cloud, providing consistent data access, support, usage, and security in various data sources. Moreover, by synchronizing the different data sources, the technology enables the data and process flow, and real-time monitoring and reporting.
The development of easy and fast data communication methods is crucial for the Pharma supply chain. Cloud technology gives you control over your data from anywhere any time, streamlining your data management and instantly exchanging information.
Security is one of the top priorities in the field of data exchange in the Pharma industry. As a security threads prevention, cloud computing technology incorporates multiple layers of security and encryption.
According to research, the pharmaceutical industry is expected to increase to $1.5 trillion by 2023, and approximately 38% of professionals within the industry expect big data to have the most significant impact on the pharmaceutical industry. It is pointed out that pharmaceutical companies can speed up to $100 million per year on recalls linked to labelling mistakes. With all of this on the board, it is obvious that supply chain participants need reliable solutions that support their growth. Cloud computing technology is preferred by the pharma industry because of various reasons, and it is expected that this trend to continue. The solution becomes more and more attractive. The hyper customization of services that allows the development of customer-adapted solutions as per your organizational needs in the combination of reduced upfront infrastructure and setup costs, scalable management, collaborative environment, and fast deployment is a sufficient argument for why pharma companies choose and rely on cloud technology.
Trends Transforming The Pharmaceutical Industry Outlook in 2023