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Digital Transformation Shift in Global Pharmaceutical Industry Going through the Covid-19 Pandemic Era

Asian Journal of Innovation and Policy / Asian Journal of Innovation and Policy, (P)2287-1608; (E)2287-1616
2023, v.12 no.1, pp.54-74
https://doi.org/10.7545/ajip.2023.12.1.054
Il Seo (Chungbuk National University)
Hak Kyun Yang (Chungbuk National University)
Min Joon Seo (Chungbuk National University)
Sung Hyun Kim (Chungbuk National University)
Hong, Jin Tae
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Abstract

With the advent of the ‘4th Industrial Revolution’, digitalization using AI (Artificial Intelligence), big data, IoT (Internet of Things), cloud computing and mobile is accelerating across all industries and global companies have fundamentally reorganized customer experiences, business models, and operations centering on digital transformation. Business innovation drives productivity improvement, process simplification, price, competitiveness and sustainable expansion. Whether digital transformation will be necessary for the current industrial environment is no longer important, and how quickly companies achieve digitalization has emerged as the utmost crucial element in industrial continuity. As non-face-to-face and remote technologies have begun in earnest, and accelerated in the pharmaceutical industry. They are looking for ways to provide value, generate profits, improve efficiency, and sustain the future. Compared to other industries, the pharmaceutical-related sectors have shown high interest in digital transformation especially to reduce costs and meet the challenge of delivering products during the pandemic environment.

keywords
Pharmaceuticals industry, Digital transformation, AI (Artificial Intelligence) based drug discovery, Digital supply chain, Digital Therapeutics

Asian Journal of Innovation and Policy