Healthcare industry is one of the avenues that are fast developing, whose demand is on the rise with the growing population and there is a continuous need awareness of medical conditions and the value of medical assistance. The insurgence of the huge amount of data in terms of patient details, drugs to be used, prescriptions, and many such interrelated aspects has made it necessary for medical facilities to adopt a modern outlook toward providing medical cure to patients.
The three-fold digital technologies of artificial intelligence, extended reality, and blockchain are successfully invading every industry and so have they captured the medical industry. These technologies may not have a direct impact on the medical propositions of the times, but it has a drastic influence in the supply chain of the pharmaceutical products.
AI has its most effective advantage in the healthcare sector, owing to the enormous amounts of data that they have access. AI not only helps to maintain and regulate the inventory management process but is very vital in resolving issues pertaining to the tracking of medical supplies, to decrease the time to locate medical supplies, and automate future orders. This not only makes the entire process of acquiring medical supplies more effective but also ensures the least wastage of medial inventory. Similar to the use of AI, the implementation of the technology of extended reality helps scientists, operators, and technicians to minimize the risk of human errors and repetitive, manual tasks. The environment thus provided by the use of this technology helps the human effort to be completely channelized toward providing better quality medicines for patients by providing data-driven productive decisions and adjustments. The blockchain too forms a vital part of the healthcare industry. This technology allows parties involved throughout the supply chain to share information and trace products in a secure manner. In case of any problem in medical devices or products, blockchain makes it easier to revisit the products by determining its location and preventing its further circulation.
In order to solve labor shortages, companies can look at the broader ecosystems of technology to develop advanced technical skills required to leverage technologies such as blockchain and AI. Life science organizations should align their technology investments in the supply chain with their overall business strategy to have a large impact. They can witness how technology can provide a solution by identifying their challenges.