With the continuous advancements in the world of pharmaceuticals, the whole industry is in for a major overhaul in the coming decade. With the world heading towards a time where everyone expects to get effective medicines at cheaper rates, other industries (mainly tech and AI) are too joining hands to improve the overall healthcare sector.
To better understand how the coming years will shape up, we look at some of the top emerging trends in the Pharmaceutical Industry.
Use of Big Data and AI for Preventive/Predictive Measures
When it comes to healthcare, time is a vital factor, and that is exactly what the right use of Big Data and AI can help you optimize. With the whole industry opening up to the idea of real-time responsive drug discovery services, manufacturers are putting in all their efforts to create medicines based on predictive quality techniques.
Another thing in the store is the use of the Pharma 4.0 model, which will completely digitize the whole system, leading to incredible transparency and faster solutions. With faster decision-making skills, you can get better control over the business, operations, and quality, as well as its direct result.
Furthermore, thanks to the use of robotic technology and AI, there will be a significant drop in medical product waste due to the precise use of raw materials in the manufacturing process.
Use of Personalised or Precision Medicine
The use of precision medicine or more popularly known as personalized medicine is getting really popular thanks to its quick results. The process involves identifying the health issue of a person and creating a medicine that’s tailor-made to treat the problem in that particular situation.
Since more and more such medicines are passing the clinical tests, huge investments have been made in this industry as well with predictions suggesting a 33% growth by 2025.
Expansion of Biosimilar Market
Due to the incredible competition in the pharmaceutical industry, there has been a significant surge in the biosimilar medicines in the market. Biosimilar medicines are basically medicines that are pretty similar to the original or reference biological medicine. Once the biological medicine expires from the market, these biosimilar medicines replace them in the market.
Since the benefits and effects are the same as the biological medicines, a lot of hospitals are now prescribing these to the patients. Due to the cheaper rates, it benefits the patients as well. Need more insights, get in touch with Jubilant Biosys for a wide array of drug discovery informatics services.
Continuous Mergers and Expansions
Almost every industry experienced an economic slowdown in 2019 but the same was not the case with the pharmaceutical industry. With the healthcare sector, in general, seeing good growth, the pharma industry too experienced the ripple effect.
However, due to the extremely competitive market out there, most companies are thinking of either a merger or acquiring other companies. Most mid and small-sized companies are soon to be taken over by their superior counterparts.
Moreover, the bigger companies are looking to consolidate by indulging in some significant mergers to maintain their stand in the market. This strategy will be on cards for a foreseeable future but the acquisitions are expected to happen at a slightly brisker pace.
Legalisation of the Use of Marijuana
With the world of healthcare slowly warming up to the use of marijuana in various treatment programs, the legalization of marijuana for adults to use will expand for sure.
Several analysts and statisticians are predicting a domino effect when it comes to more and more countries legalizing the use of it. As a result, a significant surge in the investments is again something that is being predicted.
All these global trends indicate a positive impact in the pharmaceutical industry. Since the healthcare sector is not an industry that takes a hit even with a global economic slowdown, one can expect to see significant advancements in the pharmaceutical industry as well in terms of innovations and investments both.
The pharmaceutical industry needs the best talent they can get. An important issue for 2020 will be the challenge presented to contract research organizations of their ability to collect and use real-world data.