Top 5 Game-changing Trends in Pharmaceutical Industry
The pharmaceutical industry has seen rapid developments in terms of technology, innovation, and practices. Such changes can be attributed to rising patient awareness, increasing the cost of medicine, the entrance of medical insurers, and changes in rules and regulations. Companies in this sector must keep up with the pharmaceutical industry trends and innovation to sustain themselves in a dynamically […]READ MORE >>
The pharmaceutical industry has seen rapid developments in terms of technology, innovation, and practices. Such changes can be attributed to rising patient awareness, increasing the cost of medicine, the entrance of medical insurers, and changes in rules and regulations. Companies in this sector must keep up with the pharmaceutical industry trends and innovation to sustain themselves in a dynamically changing environment. For instance, a modern patient is more aware of medical conditions and usually asks for more information from their healthcare providers regarding a medical condition, treatment, or medicine.
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Pharmaceutical industry trends
Every person has a unique set of human genome containing DNA, RNA, and a set of proteins. Genome sequencing can identify mutations in DNA causing cancer and other diseases. In such cases, generic medicine is of little to no use, and personalized medicine can vastly improve the chances of survival in fatal diseases. Such medicines could be personalized as per the required chemical component and tailored doses.
3-D Printed Drugs
In 2015, the FDA approved the first 3-D printed drug, Spritam, which dissolves quickly and is used to treat epilepsy. Since such drugs are required by the patient in varying dose with a varying component, it becomes a challenge to mass produce them. Thus, a 3-D printer at the nearest pharmacy could produce the drug in exact dosage with the needed component at an economical price.
Use of Real World Evidence
The pharmaceutical industry trends like big data and analytics help to improve the effectiveness of new medicines. They are relying on real-world evidence to test the effectiveness of drug under various conditions. Such methods would not only reduce the cost and increase the drug safety claims, but also reduce the time-to-market.
Modern-day supercomputers are not only capable of churning large sets of data to analyze the results but also learn on their own to better themselves. Supercomputers such as the IBM Watson are able to skim through a large amount of data which can be useful in genomic research and biotechnology. In the near future, it can even eliminate the need for human clinical trials by multiple simulations of human physiology.
The Rise of Biosimilar Drugs
Ever since the approval of the first biosimilar drug in 2015, multiple companies have started manufacturing biosimilars. These drugs provide a cost-effective option for the consumer as well as manufacturing companies. The rise of biosimilar drugs could change the landscape of the pharmaceutical industry as they would eventually capture a lucrative share in the pharma market.