The Global pharmaceutical industry will surpass $1.5 trillion in the next few years. It is increasingly important for pharma companies to stay on the cutting edge of research and development to remain viable.
You can focus your resources where they’re most needed by knowing where the industry is heading and understanding the developing trends. By contributing value and innovation, you can shape the pharma world, not just follow it.
Want to know more? Continue reading to learn about current trends and advancements in the pharmaceutical industry.
Growth of Asian Markets in the Pharmaceutical Industry
China is the biggest emerging market in pharmaceuticals.
They have done innovative work with Alzheimer’s and Lymphoma treatments. Healthcare providers and insurers approved 70 new medicines from Chinese companies to their repertoire in 2019. Their progress in advanced therapy R&D surpasses that of the U.S. and is changing the world landscape of development.
One reason for this is the difference in regulations between the two countries. Researchers in China are able to test and modify treatments faster than in the Western world. Legacy healthcare systems in the U.S. and Europe impede their ability to develop digital infrastructures. Healthcare systems in emerging markets like China have a chance to overtake them.
Increased Genomics – Genetic and Cellular Therapies
Our understanding of the genetic makeup of diseases continues to evolve. We can now treat genetically based diseases with a larger range of therapies than ever before. Creating treatments based on a person’s unique cellular makeup is becoming more effective.
The number of rare disease studies is growing and the cost of them continues to soar. Real World Evidence (RWE) helps counter the costs of these studies. One source of RWE is genomics – using the DNA contents in genes as a source for the treatment. With genomics, you can cut costs and develop more treatments and therapies for rare diseases.
Digital Technology Trends in the Pharmaceutical Industry
Digital technology continues to impact pharmaceutical companies in different ways.
Pharma companies can improve patient engagement in clinical trials by:
- personalizing automated messages
- educating patients on medication or illness
- offering helpful reminders
- checking in on their progress
Machines continue to get smarter and increase functional efficiency. On-boarding support and diagnostic tools help identify problems and remedies. Sensors help facilitate predictive maintenance. Standardizing and consolidating R&D data reduces inefficiencies and allows for faster innovation. Analyzing that data accelerates clinical trials and lets us better anticipate patient outcomes.
Companies such as Roivant Sciences use innovative technology to develop medicines and treatments. This allows them to reduce costs and get products into the healthcare system faster!
Be A Pharma Industry Leader
The pharmaceutical industry is progressing quickly. Don’t be the company that’s chasing pharmaceutical trends, be the one establishing them!
Explore more cutting edge companies on our site to know who the other trendsetters are and what they’re focused on in the year ahead.