By Guide to implementing healthtech in pharma for sustainable pharmaceutical development in India
Pharmaceuticals in India have a commendable reputation globally, owing to their third-largest volume of pharmaceutical production. The Indian pharmaceutical development has been estimated to grow by 15% in the coming future. Digital pharmaceuticals are reflecting the overwhelming growth of pharmaceuticals across the world. Applications like ML empowered by big data and the AI of healthtech in pharma are facilitating enormous progress. The Healthcare industry globally is employing pharma-tech to cope with the rapidly growing demands.
The greater reliance on innovation and technology has fueled the recent expansion of healthtech in pharma globally. Latest technologies are assisting pharmaceutical companies in speeding up the research and development process, conducting tests in less time, adding freshness to products, and trying to improve efficiencies and conformance in production.
Need for Sustainability
The epidemic put sustainability on the back burner. With a greater emphasis on distributing large quantities of important medications and vaccines, the consumption of plastics and non-biodegradable items has increased dramatically, adding to problems that impede the industry’s sustainability aims. Going forward, there will be a growing need for the industry to address this issue on a more fundamental level. The industry can increase value while simultaneously ensuring environmental sustainability by investigating the usage of single-use plastic substitutes, refining production methods, and optimizing supply chains.
Role Of Covid-19
Covid-19 has also boosted the introduction of digital technology as well as healthtech in pharma. With the demands of the pandemic, pharmaceutical companies are re-evaluating current business models and restructuring the operating ecosystem inflexible, inventive, and cost-effective ways. Digital technology in the pharmaceutical business is also critical for enhanced patient care, prompt treatment, supervision, cost-effectiveness, and drug research. This shift also has an impact on the quality, affordability, and accessibility of medicines.
Market Improvement
By 2025, it is expected that the digital health market would be worth $10.6 billion. Telemedicine is predicted to be one of the largest contributors to the e-health market, with a market value of $5.4 billion by 2025, accounting for 25% of the country’s total healthcare market. Since the outbreak of the epidemic, hospitals and healthcare institutions in India have redesigned their architecture to be more technologically dependent. Online consultations, pharma-tech, and remote monitoring have largely supplanted traditional face-to-face consultations at most medical centers. Robotics, cloud computing, e-pharmacies, 5G telecommunications, artificial intelligence (AI), and digital infrastructure have all become indispensable tools for them.
Indian Pharmaceuticals Landscape
While it is difficult to set up and expand a fully digital pharma ecosystem that serves all segments of society in a country the size of ours, it is not impossible. With healthtech in pharma comes the risk of cyber security, as demonstrated in a few Indian pharmaceutical organizations. To make it a success, enhancements must be implemented based on clinical outcomes, real-time patient tracking services, population demands, and increased business productivity.
Compliance with Current Budget
The pharmaceutical industry has reacted favorably to the fiscal bill for 2022-23. Aside from a 16% increase in financial allocations, the government has also made new industries eligible for subsidies to strengthen domestic capabilities and stimulate R&D, as well as extended the deadline for establishing manufacturing units. This is a hopeful step that can help the noble objective of developing an ‘Atmanirbhar’ Bharat. The finance minister also prioritized the development of an open platform for the National Digital Health Ecosystem, which includes digital registers of health providers and health facilities, a unique health identity, and universal access to health facilities. It is a positive step toward the digitization of the healthcare system and increased accessibility of healthtech in pharma.
India must aim to strengthen its position as the world’s leading pharmaceutical industry by exploring technological opportunities for innovation, increasing R&D projects, and keeping overall sustainability as a guiding principle.
