How Connected Devices Are Revolutionising The Pharmaceutical Industry

How Connected Devices Are Changing The Pharmaceutical Industry?

The pharmaceutical industry is one of the world's largest and most strictly regulated industries. It has reached a global valuation of $1.48 trillion in 2022. Still, it has to follow laws and regulations covering everything from pharmaceutical development to clinical trials to the marketing of products. The industry is also dealing with a number of difficulties, such as rising costs, escalating competition, and shifting patient needs. 

Thanks to connected devices, many of these challenges can be solved. Here are some steps on how IoT is driving change in the pharmaceutical sector. 

1. Real-Time Data Collection 

Real-time data collection, which is essential for drug development, is made possible by connected devices. Pharmaceutical companies can gather information on the efficacy and safety of their products, allowing them to make decisions backed by data. Additionally, this information can be used to spot any possible drug safety issues, further improving patient outcomes. One such example is the use of temperature monitoring solutions to track in real-time the conditions of life saving vaccines when being transported. 

2. Remote Monitoring 

Remote patient monitoring is another benefit of connected devices for clinical trial participants. As a result, experts are better equipped to identify any changes in the patient's health and deliver prompt therapies that enhance patient outcomes. Additionally, remote monitoring lessens the need for patients to go to hospitals, which enhances patient satisfaction and lowers healthcare expenses. 

3. Wearable Devices 

The pharmaceutical industry is also using wearable technology to track patient adherence to medications. These gadgets check medicine usage and alert patients to take their medications on schedule. It results in better patient outcomes and lowers medical expenses. 

Potential Challenges & Limitations Of Connected Devices In The Pharmaceutical Industry 

1. Data Privacy and Security 

In the pharmaceutical sector, connected devices may be used to gather private patient information. It is critical to ensure that all sensitive data is secured against theft and unauthorised access. 

2. Regulatory Hurdles 

Several laws and regulations apply to connected device use in the pharmaceutical industry. Making sure that these rules are followed is crucial. 

3. Patient Acceptance 

Not all patients may be willing to use IoT devices for various reasons such as cost or privacy concerns. 

4. Technical Issues 

Connected devices are susceptible to technical concerns such as device malfunction or connectivity issues. To handle these problems swiftly, it is essential to have solutions in place. 

Benefits Of Connected Devices In The Pharmaceutical Industry 

1. Improved Patient Outcomes 

Healthcare professionals may now keep an eye on patients in real-time thanks to connected IoT devices in the pharmaceutical industry. This implies that medical professionals can monitor patient health indicators including blood pressure, heart rate, and oxygen saturation. A better patient experience can result from using this data to make well-informed decisions about patient care. 

2. Increased Efficiency 

Healthcare practitioners can concentrate on more important activities by using IoT devices to automate a variety of tasks. Remote patient monitoring, for example, can reduce the need for patients to attend healthcare facilities for routine check-ups, freeing up significant time for healthcare practitioners. 

3. Reduced Costs 

By removing the need for pointless visits to medical facilities, connected devices can help lower healthcare expenditures. Remote patient monitoring can help identify health problems early so they can be treated before it worsens and become more expensive to treat. 

4. Enhanced Data Collection & Analysis 

Countless pieces of patient health data can be gathered via connected devices. Better treatment strategies and health issue predictions can be made using this data. 

5. Better Drug Development 

Data collection on the effectiveness and safety of medications can be done via connected devices. To create better medications and guarantee patient safety, this information can be exploited.