It consists of de-identified patient-level information, revealing their demographics, health parameters, treatment journey, prescribing healthcare physicians (HCPs), and much more. With its storm of big data and digital technology, the fourth industrial revolution is paving the way for significant transformations across all industries, and more specifically in healthcare and life sciences. Information Management By augmenting Artificial Intelligence (AI) with human instinct, expertise, and domain knowledge of the healthcare ecosystem, pharma companies can connect with the patients at a more personal level. Pharma companies often struggle with fragmented analytics teams, dispersed thought leadership, and disconnected operating models. And that, of course, includes Blockchain and Artificial Intelligence which have had radical effects on businesses and society today. More autonomous, flexible and cooperative This blog lays down the four fundamental pillars that will help life sciences companies garner the necessary disruptive advancements towards patient centricity, commercial efficiencies, and overcome regulatory barriers during the fourth industrial revolution. Our strong view is that as a nation we must create the jobs of the future. https://www.weforum.org/agenda/2016/01/the-fourth-industrial-revolution-what-it-means-and-how-to-respond/, https://healthitanalytics.com/news/big-data-to-see-explosive-growth-challenging-healthcare-organizations, https://www.pwc.com/gx/en/consumer-markets/consumer-insights-survey/2019/report.pdf, https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Life-Sciences-Health-Care/gx-lshc-2017-pharmaceutical-rd-leader-survey.pdf, https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Life-Sciences-Health-Care/gx-lshc-ls-outlook-2018.pdf, https://www.biospace.com/article/biotech-companies-investing-in-key-technologies-for-the-fourth-industrial-revolution/, Health Economics & Outcomes Research (HEOR), track the complete patient treatment journey, self-serve AI-ML-based data management and analytics platforms, next-generation cloud-based AI-ML platforms, https://www.nitrd.gov/rfi/ai/2018/AI-RFI-Response-2018-James-Madara-AMA.pdf, https://scipol.org/track/augmented-intelligence-health-care-white-paper/augmented-intelligence-health-care-white-paper, Top Three Opportunities For Medical Device Sales Operations, Top Life Sciences AI Content for the Self-Quarantined Geek, A Roadmap for Establishing and Maturing Omnichannel Marketing Within Life Sciences, The Fourth Industrial Revolution: what it means, how to respond -, Big Data to See Explosive Growth, Challenging Healthcare Organizations -, PWC’s Global Consumer Insights Survey 2019 -, Deloitte’s Big Data to See Explosive Growth, Challenging Healthcare Organizations -, Deloitte’s 2018 Global life sciences outlook -, Biotech Companies Investing in Key Technologies for the Fourth Industrial Revolution -, Update to the 2016 National Artificial Intelligence Research and Development Strategic Plan RFI Responses -, Augmented Intelligence in Health Care (White Paper) -. The healthcare ecosystem is faced with overwhelming transformative pressure, arising from the fourth industrial revolution, coupled with patient-centric expectations and regulatory demands. The Four Broad Pillars The WEF groups rights into four broad pillars. The fourth industrial revolution was developed in Germany in 2013 but is spreading rapidly in Europe and the world as a whole . The 4th Industrial Revolution will change the kinds of jobs needed in industry. … The second industrial revolution came in the early 20th century, when Henry Ford mastered the moving assembly line and ushered in the age of mass production. Such automated platforms can help pharma executives analyze patient-level information to make swift decisions for drug development6, clinical trials6, product launch strategies, commercial operations, and market access. Copyright © 2020 Axtria. Data and technology are etching a new DNA of each touchpoint of our lives today. Integrated data must be analyzed and operationalized across the enterprise, at scale. These insights can then be used for creating effective medical and commercial operational strategies. AI and Machine Learning One of the biggest problems for transformational innovation is the inability to access data-sets being used by different functional teams, in varying terminology and definitions. Known as Industry 4.0, this wave sweeping across factory floors takes automation to the next level. Industry 4.0 experts have encouraged manufacturing companies to invest not only in the technical infrastructure but also talent. Cyber Security: Security of your infrastructure, both online and offline is a business critical factor. Large data sets to optimise quality, save energy, improve equipment service It is the underlying force driving life sciences companies towards disruptive transformation and bringing them closer to the patients, especially patient-level, payments, and managed care data. Cloud Data Management Rid your binge-watching boredom through artificial intelligence and machine learning – a leading cause of the pharmaceutical industry's best innovations and advancements. According to the first policy recommendations by the American Medical Association (AMA)8, the development of health care Augmented Intelligence “benefits patients, physicians, and the health care community.” It also lists “clinical decision support, patient monitoring and coaching, automated devices to assist in surgery or patient care, and management of health care systems” as examples of high-quality Augmented Intelligence systems. Pharma companies are stepping up their data management game to harness the patient-level information – such as Protected Health Information (PHI), to track the complete patient treatment journey and make informed clinical and commercial decisions. Interact with one another; works safely side by side with... 3. There are a number of different uses for this technology in the manufacturing industry, such as: Simulations leverage real-time data to reflect the physical world of product development and production processes in a virtual environment. These models can be used to run more efficient tests so settings and processes are optimized before production even starts, reducing downtime and improving quality. In the late 19th century, electricity and assembly lines made mass production possible, giving rise to the second revolution. This will result in an agile manufacturing environment allowing real time production corrections and quick pivots. Using the industrial Internet of Things (IoT), manufacturers can connect the physical world with the digital and take complete control over systems as never before. With its storm of big data and digital technology, the fourth industrial revolution is paving the way for significant transformations across all industries, and more specifically in healthcare and life sciences. Connected machines will interact, visualize the production chain, and make decisions automatically and autonomously. • Defining the fourth industrial revolution • Examining the financial sector’s digital transformation 6 Prioritizing digital transformation and its pillars • Preparing a digital transformation strategy • Focusing on key transformation pillars 10 Overcoming the barriers to digital transformation • … 1.Higher productivity This happens with each industrial revolution and apparently productivity of each industrial era goes up 50 times over the preceding age. Patient-related real-world evidence (RWE) data forms a significant chunk of this pie, with 74 percent of global consumers agreeing to share their most sensitive healthcare data3. The common theme among all of these pillars and new technologies is data collection and analysis. Analysis needs to scale across all parts of the business from HR, sales, marketing to the manufacturing floor. the fourth industrial revolution: pillars The best way to understand what the Fourth Industrial Revolution really is and what are its benefits, you need to understand better its part. Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. The analysis performed on such data-sets helps pharma companies to discover and create new drugs, HCPs to identify disease and therapy trends, and patients to benefit from better treatment outcomes at reduced overall costs. Privacy | Terms. Data Governance However, also think of wearables, cars, and any machine or device that allows the transmission of data, even our refrigerators. The Internet of Things refers to the networking and connectivity of smart devices. Four Pillars Of The Fourth Industrial Revolution for Life Sciences DATA INTEGRATION. Whether you work in the manufacturing industry or not, it is imperative to familiarize yourself with these pillars, as they are expected to have a widespread impact across all industries and society as a whole. Data is to healthcare what carbon is to the universe. While the manufacturing industry has made great strides when it comes to automation over the last few years, there is still a lot of untapped opportunity. Almost everything is transformed today: Food is being ordered online The Internet of Things refers to the networking and connectivity of smart devices. When she's not obsessing over dashboards, you can find her scouring cookbooks for inspiration or planning her next trip. As the use of technology and data sharing at manufacturing companies grows, cloud computing provides scaleable storage and increased computing power. Soon, healthcare regulatory bodies are likely to encourage data integration with the adoption of intelligent and automated technologies, including storage of data in the cloud5. Thanks for sharing this! Your email address will not be published. When constructive inputs from one team flow into the decision-making process of the next team, winning synergies are born, which lead companies on the path of ground-breaking success and sustainability. 2. As professionals, we need to follow suit, by leveraging data and technology to create innovative products, operational efficiencies, stronger customer equity, and higher profit margins. Your email address will not be published. So much so, that life sciences companies are finding themselves placed right at the core of this revolution, as healthcare data grows faster than that of other industries at 36 percent through 20252. While manufacturers are looking to expand the use of additive manufacturing in their processes, technologies like 3D printing are already playing an important role in three key areas: Industry 4.0 is all about improving connectivity – and not just between machines. With data integration, synergistic collaboration amongst the various functional teams across the enterprise is crucial. Accelerating adoption of Fourth Industrial Revolution technologies: recommendations for business leaders 9 3.1 The value delivery engine – high-impact use cases 10 3.2 The scale-up engine – actionable best practices 16 4. Autonomous Robots It’s important for manufacturers to have tools, such as dashboards, to help them clean, organize, and visualize the massive amount of data available. With the help of next-generation cloud-based AI-ML platforms, pharma companies can benefit from an all-in-one suite. 2. Click here to download our guide to How to Build and Use Dashboards in Manufacturing. It is the underlying force driving life sciences... ANALYTICS INDUSTRIALIZATION. Pharma Click here to download our guide to How to Build and Use Dashboards in Manufacturing. Interested in learning more about the use of dashboards in manufacturing? These pillars outline the new technology manufacturers are using to improve all areas of production processes. Required fields are marked *, © 2020 iDashboards. Carol Senn, one of the newest members of the iDashboards family, is responsible for new business growth. To say that AI-ML-based advanced technology stacks are entirely capable of utilizing this data to improve patient lives without human expertise, would be a bit too ambitious. While the First Industrial Revolution was ushered in by steam, the Fourth Industrial Revolution is being fueled by digital transformation. Collection and... 2. As the results are reported up the hierarchy towards decision-makers, insufficient insights from various disjointed systems, and overwhelming reporting views lead to delayed actions and loss of business opportunities. It’s absolutely critical that companies prepare and protect their information systems and production lines from cyberthreats. Augmented Intelligence Large-scale machine-to-machine communication and the internet of things are integrated for increased automation, improved communication and self-monitoring, and production of smart machines that can analyze and diagnose issues without the need for human … For instance, while designing the overall commercial approach for pharma companies, several teams become parts of an interconnected commercial value-chain – starting from the product launch and go-to-market strategy, to structuring the sales force sizes to be deployed across target territories, to designing individual call plans to achieve maximum customer conversions, to crafting attractive incentive plans to keep the sales reps motivated. He said the world is moving towards the fourth Industrial Revolution in which India must participate from the front. The 4th industrial revolution in Africa: The next great frontier By Jacques du Preez Analysis in brief: The Fourth Industrial Revolution is now underway and is set to forever change the way in which economies relate to each other in the global market. AI The Fourth Industrial Revolution is the ongoing automation of traditional manufacturing and industrial practices, using modern smart technology. The massive technological advancements that have swept across the world today are extremely significant in this context. Advanced analytics deployed on such structured data-sets can bring companies closer to the patient and gain competitive advantage. The Fourth Industrial Revolution is ‘characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres’ and people can witness how much these spheres are intertwined today, and how much they affect people’s life. 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