Pharma 2020: Key Pharma Industry Trends to Watch Out For
The pharma industry is undergoing a myriad of changes. Therefore, success in today’s pharmaceutical marketplace largely depends on companies’ ability to continually reassess strategic direction, move with agility, and anticipate and adapt to changes. Businesses must not only keep a close watch on the pharma industry trends, but equal emphasis should be given to tackling [...]READ MORE >>
The pharma industry is undergoing a myriad of changes. Therefore, success in today’s pharmaceutical marketplace largely depends on companies’ ability to continually reassess strategic direction, move with agility, and anticipate and adapt to changes. Businesses must not only keep a close watch on the pharma industry trends, but equal emphasis should be given to tackling the upcoming challenges. Some of the key challenges identified during our pharma industry analysis include:
- Increasing instances of chronic diseases are placing greater pressure on the healthcare budgets
- Healthcare policy makers are increasing pressure on doctors regarding what to prescribe
- Growing demand for medicines in emerging economies
- Regulators are becoming increasingly cautious while approving new and innovative medicines
- Pharma-economic performance is measured in order to insist on outcome-based pricing
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Pharma industry trends
Despite these challenges, there are several exciting pharma industry trends underway. Infiniti Research’s pharma industry analysis reveals the following trends that companies in this sector must gear up for:
Prevention over treatment
One of the key pharma industry trends that are expected to go mainstream is the idea of prevention over treatment. Governments across the globe are backing this, especially in the case of chronic diseases. Global pharmaceutical industry analysis suggests that there is an unprecedented amount of supply in prevention supplements and pills around the world. If certain chronic diseases cannot be treated, some of its symptoms and fatal consequences can be prevented through such initiatives.
Reverse innovation refers to any innovation which is adopted first by emerging economies and then distributed globally. Pharma industry trends of the future such as reverse innovation provide answers to various challenges faced by companies in the pharma industry including the rising research costs, patent expiration, and consequent revenue declines, and huge costs in bringing a drug to market.
Nanotechnology is one of the most notable recent trends in the pharmaceutical industry. Nanotechnology is a scientific, multi-disciplinary effort that involves the creation and utilization of essence systems on a nanometer scale. An important application of this innovation is in the form of ‘Nano-medicine’. Pharma industry experts at Infiniti Research believe nanotechnology to be one of the most impressive pharma industry trends and will unleash several breakthroughs in medicine, diagnosis, and genetic engineering. A key example of an innovative nanomedicine is that of Genexol-PM which is an anti-cancer drug used to fight breast cancer and non-small lung cancer.
Customization or personalized medicine
People around the globe are known to have genetic differences, however, all of us consume similar medicine that has been designed for millions of people. However, this trend is about to change in the near future. Personalized medicine is expected to become one of the most favored pharma industry trends in the future. The drugs will be customized based on the patient’s examination reports and medical records. Though it would take some time for this to become full-fledged in the pharma industry, such trends in the pharma industry will provide enhanced treatment to the patients.
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3D printers are under rapid development. The adaptation of this technology in the pharma industry will enable companies in the sector to print the necessary medicines as per requirements. In 2015, the first FDA approved a drug called Spritam was printed. This drug is used to treat epilepsy. This pill was made 3D printing several layers of the powdered drug, binding the layers of powder together, and blowing away the excess powder. The drug easily dissolves when compared to a traditional pill due to its unique structure. This is especially useful for cases where otherwise large, hard-to-swallow pills are prescribed.
Body sensors are breakthrough pharma industry trends that are all set to revamp patient-care and drug prescription. Wearables, integrated body chip, mini robots, and several other types of body sensors can obtain patient information and communicate the same immediately to the healthcare professionals. This can help them make quick and informed decisions regarding the drugs that need to be prescribed to the patient. These systems integrate living human cells with micro-engineering to help researchers and product development teams a new standard for predicting human response with greater precision.
Artificial intelligence and cognitive computers help gather and classify large volumes of data in a matter of seconds. This solves the common problem that the drug discovery process is lengthy and expensive. These advanced technologies will also help pharma companies to run cognitive trials in lesser time. Which means drugs can be delivered to patients much earlier than before.
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