Pharma 4.0: Transforming the Pharmaceutical Industry through Digitalization
The pharmaceuticals market encompasses businesses that develop and sell drugs and associated services. According to research presented on Global News Wire, the market is projected to reach $1700.97 billion in 2025, growing at a Compound Annual Growth Rate (CAGR) of 8%. As the world rapidly shifted towards digitalization in response to the pandemic, the pharmaceutical industry was not exempt from this trend. Since the onset of the pandemic, there has been a global surge of 27.8% in traffic to health medicine websites. Embracing digital transformation has become imperative for adapting to consumer trends and future-proofing organizations from disruptions. Challenges of Digital Transformation in the Pharmaceutical Industry The pharmaceutical industry faces significant challenges in managing digital transformation, the strategic approach of leveraging technology to shift from analog to digital operations. According to a recent report by Deloitte with MIT Sloan Management Review, only...