Digital transformation in the pharmaceutical industry is crucial for improved patient care, cost-effectiveness, greater transparency, improved production, and drug development.
Verdict has conducted a poll to assess by how much time the COVID-19 pandemic has accelerated the digital transformation of the pharmaceutical industry.
Analysis of the poll results shows that COVID-19 has fast-forwarded digital transformation of the pharma industry by more than five years, as opined by a majority 35% of the respondents.
While 30% of the respondents voted that the pandemic accelerated digital transformation by more than six years, 5% voted that digital transformation was accelerated by five to six years.
Digital transformation of the pharma industry has been accelerated by two to three years and three to four years, according to 9% and 8% of the respondents, respectively.
Further, 8% of the respondents voted that digital transformation of the pharma industry has been accelerated by four to five years.
Approximately 27% of the respondents opined that COVID-19 has accelerated the digital transformation of the pharma sector by less than one year.
The analysis is based on 482 responses received from the readers of Pharmaceutical Technology, a Verdict network site, between 20 January and 01 March.
Impact of COVID-19 on digital transformation of the pharma industry
The COVID-19 pandemic impacted the pharmaceutical industry in many ways by delaying routine treatments, straining healthcare budgets, derailing drug development for non-COVID related diseases, and causing supply chain disruptions. The pharmaceutical industry was forced to adopt various digital technologies to overcome the challenges posed by the pandemic.
Technologies such as cloud computing and cybersecurity helped the industry adopt remote working and perform decentralised clinical trials, according to GlobalData. Companies need to adopt digital technologies according to the business needs and develop a robust digital transformation strategy before investing in new technologies, adds GlobalData.