Shifting to Industry 4.0 is a crucial growth factor for the life sciences sector in the coming years.
FREMONT, CA: The emergence of digital technologies has driven the new industrial revolution, the fourth industrial revolution (Industry 4.0), which stresses on interconnectivity, automation, machine learning, and real-time data. Today, every sector has shifted towards digitalization as the world has approached Industry 4.0. The life sciences sector is no different here. Thus, by harnessing new, innovative business model driven by advanced technologies, life sciences companies can reap an immense competitive edge. And the adoption of disruptive technologies can revolutionize the manufacturing value chain in the industry. Here is how industry 4.0 can benefit life sciences.
• Supply chain management
One way in which Industry 4.0 can assist life sciences companies is by helping them with supply chain management. The next-generation supply chains can be analytics-driven and monitored and controlled through a centralized system in real-time. This could prove to be important as companies move into collaboration with firms to decrease their bottom-line spending.
• Scope of innovation
Innovation is not just needed to how medicine or technology is developed.
It is about the entire patient journey. Drug manufacturers need to work more closely with those who prescribe them and patient groups, but they also should be aware of consumer trends hidden in their data. This costly process can be eliminated by integrating Industry 4.0 solutions across a company’s research facilities, irrespective of their locations. Teams in different areas for analysis can then access these data. This system will also help in minimizing the time and expenses relating to trials.
• Automation of Operations
The health and life sciences sector is expected to have significant growth in the coming years, as clients demand assistance for automation programmes across their operations. It is predicted that the life sciences industry is poised to grow by $1.92 billion from 2020 to 2024, progressing at a CAGR of 6 per cent during the forecast period. Life sciences companies are bypassing manual steps with automation, and an increasing number of manufacturing facilities are deploying Process Analytical Technologies (PAT) system into assembly lines to accelerate production while optimizing the batch quality and minimizing wastes and production costs.