The Internet of Things is gaining a lot of traction all over the world, but in areas where being online and connected isn't necessarily top-of-mind for everyone, there are certain sectors who are really benefiting from what it can offer. In today's post, we're going to take a look at how companies within the pharmaceutical industry have been able to leverage these emerging technologies to offer much more complex, interactive and engaging services.
Internet of Things is a network in which a variety of devices can share data. This includes everything from home appliances to industrial robotics. IoT is essentially a global network of interconnected devices capable of communicating over the said network without calling for Human intervention. IoT is often one of the major driving forces for Industry 4.0, often called the fourth industrial revolution. Given that IoT is often treated as a buzzword even by capital allocators, IoT devices are just embedded systems with sensors capable of recording data and sharing it with other devices over a shared network. Different types of connections are used to form networks depending on the use case. It depends on the amount of data that needs to be shared with other devices within the network and the speed and latency of transfers over the network. The number of active IoT devices is increasing swiftly, with a projected 25.44 billion operational units in 2025, up from 10.07 billion units in 2021. The global IoT market is expected to reach a value of $1.3 Trillion by 2026 while growing at a staggering 10.53% CAGR from $761 Billion in 2020. Mordor Intelligence(2020), Internet of things(IOT) Market - Growth, trends, COVID-19 impact, and forecasts(2021-2026).
In this fast-paced industry, it can be tough to keep up. That's why harnessing the power of IoT is crucial. IoT is an emerging technology that has the potential to improve the timeliness of inspections and diagnostics by providing accurate and timely information, reducing downtime. IoT gives you the power to go from clunky and costly to a lean and agile company. How? Find out. Here are the top five benefits of IoT for the pharma industry and how to use them to grow your business.
The pharmaceutical industry is facing unprecedented levels of change, driven by the introduction of new medicines and new technologies, the growth of emerging markets and the advent of a new generation of patients who are increasingly looking to be engaged in their health and wellbeing. In fact, according to a recent report by Accenture, the most-accurate word for what the pharmaceutical industry is experiencing is ‘renaissance’. In this age when small startups have better access to capital than traditional companies that are generating revenue, it is understandably hard to invest into new technologies. But at the same time, it is important to acknowledge the fact that investing into the future is the only way to stay ahead of the curve. The potential value to be tapped into in terms of drug discovery and development, patient care, and supply chain and manufacturing is huge.
The Pharmaceutical Industry spends billions of dollars on maintenance, repairs, and upgrades annually. IoT offers the potential to improve the timeliness of these services by monitoring and diagnosing equipment in advance of failures. The applications of IoT in pharma are listed below:
Some challenges faced by IOT implementation include security, scalability, and interoperability. For example, while the internet enables access to knowledge, data, and people, it is often open to vulnerability to hacking, misuse, or exploitation. Interoperability refers to the ability for different IOT devices to work together which is a huge concern given the different types of IoT networks and devices that are in use today. Given that the market for IoT devices is increasing in value at a very swift rate, the industry shall adopt certain standards for security and interoperability. But it is incredibly important for your own IoT implementation to set a list of security principles to abide by. Additionally, it is important to monitor the security of your network by running penetration tests and bug bounty programs.
Atidan specializes in helping your business realize its true potential with the help of the latest technologies to make sure that you come out ahead. With decades of experience and a tremendously powerful platform, our goal is to help you realize the full potential of today's cutting-edge technologies. Atidan is proud to have associated with numerous pharmaceutical companies to help with their technological needs in the past. With a presence in over 14 countries, We have software engineers that can help you maximize your technology investments and bring new efficiencies to your business. Our team of developers, architects, and specialists bring a diverse array of technology frameworks and a rock-solid approach to ensure your application works seamlessly. Atidan’s expert consultants will work actively with your business process managers, IT staff, and executive leadership to identify your requirements and help you reach your business goals. At Atidan, our goal is to tend to all your technology needs so that you can focus on running your business.