ADOPTION OF INTERNET OF THINGS IN PHARMACEUTICAL INDUSTRY AND SUPPLY CHAIN MANAGEMENT IN INDIA

Abstract

Internet of things or IoT relates to inter network of physical devices with sensors and network connectivity to facilitate easy exchange of data in real- time. Although the industrial automation and control technologies are well established in pharmaceutical industry but the real time status of products delivered is still not readily available to take timely decisions. Advancement in such process of digitization and the data across value chain along with the advent of Internet of things (IoT) can transform pharma industry. Although the implementation and adoption of IoT is at its nascent stage in life sciences industry but use of such smart device communication activities will thereby increase agility, safety and cost efficiency in pharmaceutical operations. The adoption of such technological advancement can make a dramatic difference in various areas such as monitoring of supply chain, R&D and clinical development. Investments in such areas can address the concern of improving supply chain management and manufacturing performance with varying degree of success. Using IoT platforms pharmaceutical companies can digitise and connect vital functions, elevate efficiencies and assure product quality and compliance. The study focuses on how IoT has the potential to transform pharmaceutical industry by offering value to cost optimization, higher productivity, faster time to market and improved compliance adherence. Also focusing on the IoT framework and best practices for accelerating the transition to digital