Spencer Nguyen - December 27, 2022
Many pharmaceutical companies have been around for decades and have to adapt to the ever-evolving, technologically driven world. However, even for pharma companies that have stayed up with technology trends, many still store their data and information in data silos and disparate systems. When data can’t be easily accessed or shared between multiple applications, it is difficult for pharma companies to meet patient expectations, expedite products and new drug launches, or develop personalized medicine and therapies from over-the-counter to injectables. Studies show that one way is to foster better customer relationships and promote data-driven growth is through APIs for pharmaceutical companies. The DreamFactory platform is already helping the healthcare industry integrate APIs to meet changing standards in healthcare.
This article will highlight APIs, how they work, and outline some of the key benefits that they can provide to pharma companies and drug manufacturers, even the size of Pfizer or Johnson & Johnson. Read on to discover more about the manufacture of APIs and how they can benefit pharmaceutical companies today and in the future.
Table of Contents
- What Is an API and How Does It Work?
- Key Benefits APIs Can Provide to Pharmaceutical Companies
- How Dream Factory Can Help
What Is an API and How Does It Work?
An Application Programming Interface or API is a software interface that allows communication between two or more application or computers. Essentially, an API serves as a messenger that delivers a request to one application, records the response, and delivers it to a second application. Overall, the purpose of an API is to allow various machines or applications to share data and information.
Looking at how an API works and the API development process, we quickly discover that APIs are comprised of a set of functions that allow applications to access data and interact with external software, operating systems, and microservices. A simple way to understand how API production works is to liken an API to a waiter in a restaurant.
Both you and the cook at the restaurant can be likened to two applications. In this situation, you and the cook cannot communicate directly, just like two separate applications. That’s where the waiter comes, allowing you to order food, deliver the message to the cook, and then bring you the food that the cook prepares. This is essentially the same process that an API goes through to get information and data from two separate applications that otherwise wouldn’t be able to communicate.
If you’re still wondering what an API does and how it works, schedule a call with the DreamFactory team today to consult with an API specialist and learn more about API suppliers, API manufacturing, and the API market.
Related Reading: API Security: Tips and Practices to Keep Your System Safe
Key Benefits APIs Can Provide to Pharmaceutical Companies
So, APIs allow multiple applications two communicate and send data back and forth, but what does this have to do with the pharmaceutical industry? Well, APIs can provide many benefits to pharmaceutical companies that are experiencing ever-changing challenges in the realm of product and FDA-approved drug product launches, virtual patient outreach, and personalized medicine and therapies.
Related Reading: Common Uses of APIs that Drive Innovation and Allow for Business Agility
The following list outlines some of the key benefits that APIs can provide to pharmaceutical manufacturing companies, helping to combat many modern challenges they may face regarding outsourcing, the manufacturing process, formulations, and more.
Identifying Data-Driven Insights
As the healthcare industry continues to grow and evolve with modern technology, connecting data between clinics and commercial settings like pharma companies has become a necessity. In addition, pharma companies are also looking to garner better quality criteria and data-driven insights in order to increase sales and revenue. One of the simplest and most effective ways for pharma companies to achieve these data-driven insights is by implementing APIs.
For example, pharma companies can use APIs to record data and information on how patients are interacting with their current company’s services and therapies. Tracking this information can lead to better patient engagement, retention, and recruitment for pharma companies.
Connect Via Partnerships
Implementing APIs also allows pharma companies to connect more efficiently with external vendors or partnerships. For example, many organizations in the healthcare and pharmaceutical industries are partnering to conduct clinical research, examine active pharmaceutical ingredients, analyze raw materials and active ingredient life cycles, meet regulatory expectations, and develop additional capabilities that would otherwise take years to develop through in-house development alone.
Expand Via Mergers and Acquisitions
Mergers and acquisitions allow pharma companies to expand their product offerings and evolve faster than ever before. However, merging organizations can be a tedious and time-consuming process where data needs to be integrated across ERP systems, CRMs, etc.
To make this data integration process much more efficient, pharma companies can implement APIs to quickly and efficiently integrate data between multiple companies during a merger. Ultimately, utilizing APIs will ensure that pharma companies can maintain business operations throughout mergers and acquisition periods.
Scale With Automation
Another key benefit that APIs can provide to pharma companies is the ability to scale with automation. Simply put, automation saves time. Saving time also saves money. When pharma companies can utilize APIs to automatically sort through customer orders and fulfillment rather than manually sorting this information, they can get customer orders filled in less time. This allows pharma companies the opportunity to scale and generate more income in the process. It also allows them to address shortages, examine supply chain issues, analyze clinical trials, and try to meet other benchmarks that they otherwise wouldn’t have the time or resources to address.
Related Reading: Here Are the Industries That Use APIs and Why They Matter
How Dream Factory Can Help
If you’re ready to discover how implementing APIs can help elevate your pharma company, then DreamFactory is here to help.
Sign up for a free trial today to see how DreamFactory can help you secure your API.
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As a seasoned content moderator with a keen eye for detail and a passion for upholding the highest standards of quality and integrity in all of their work, Spencer Nguyen brings a professional yet empathetic approach to every task.