The pharmaceutical industry is nowadays going through a major shift as the sector is having trouble keeping up with shifting consumer expectations and market demands. In addition, technology has shown to be vital in maintaining the pharmaceutical industry intact in the face of so many difficulties and challenges.
The pharmaceutical and healthcare industries are now more than ever using numerous digital technologies to increase productivity and streamline processes. Since 2010, the digital health market has experienced substantial growth, and 35% of pharmaceutical industry professionals think that the pandemic has significantly sped up digital transformation in the sector. According to the data, we’ll be living through a period of intense digitalization that may permanently change the world’s industrial environment.
Nevertheless, it’s not only technology that alters the world of the modern-day pharmaceutical industry as there are many new pharmaceutical advancements that propel the industry ahead. Here are the top trends that you should be aware of for 2022 and beyond.
Use of psychedelics to treat certain conditions
Clinical trials for a variety of diseases, including depression and post-traumatic stress disorder, have shown the effectiveness of psychedelic substances. Large biopharma companies are taking an interest in psychedelics as they aim to capitalize on a new growth sector that is predicted to reach $6.8 billion by 2027.
For instance, it was discovered in 2021 that using inpatient therapy along with the medication MDMA significantly improved the treatment of PTSD. These medications have received $1.8 billion in venture capital funding as they transition from the medical periphery to the mainstream.
If you’re curious about the potential market for psychedelic medications for medical use, it’s best to constantly be up-to-date with the latest psychedelic news to learn more about the companies that lead the way in research and development.
Artificial intelligence
Artificial intelligence (AI) is gaining popularity across many fields. In essence, it involves using computers to carry out operations that would normally need human intellect. This includes activities like judgment, speech recognition, and vision.
Additionally, it makes information translation between many languages possible. Different uses of AI in the pharmaceutical sector are anticipated to grow, including speeding up medication research and development. Clinical studies, fraud detection, and the general advancement of drugs are some of the fields where AI will help.
Acceptance of medical marijuana
Certain medical professionals undoubtedly resisted joining the medicinal marijuana bandwagon even as it gained wider acceptance. This is beginning to alter, and the tendency will persist in 2023.
Simply put, how people view cannabidiol (CBD) as medicine is evolving. The advantages of taking medicinal marijuana for ailments including pain relief, emotional control, digestive health, and vascular health, among others, cannot be denied by many medical specialists who previously considered it difficult to embrace. Pharmaceutical firms afterwards realise the enormous prospects that are available.
Personalised medicine
Personalized or precision medicine is when a patient’s diagnosis is used to create a treatment. The goal is to make sure the medication is personalized for the best possible results for patients. Precision medicine is more successful than other treatments.
The issue for producers is that there are several treatment variations since a lower amount of medication is produced. Notably, facilities that produce precision medicine must be specialised and smaller than conventional manufacturers. Although it has caused issues for the makers, it is anticipated that this tendency will persist as the techniques are improved. The number of investors who support precision medicine has surpassed expectations.
Blockchain technology
Companies in the pharmaceutical sector have started to look for methods to employ blockchain technology as it has become more prevalent in the finance sector. Blockchain technology’s main goal is to make transactions simpler while maximizing security and transparency without the need for a middleman.
Blockchain technology can help pharmaceutical businesses increase efficiency by simplifying operations. This is relevant to deals involving hospitals, clinics, government agencies, and other parties. Additionally, it can enhance the effects of research and development.
Reduced production of pharmaceuticals
As indicated, compared to what is needed for the mass manufacture of pharmaceuticals, precision medicine calls for the use of smaller manufacturing facilities. There will therefore be a rise in the number of small industrial facilities. These smaller facilities are also a result of a preference for creating fewer, higher-quality pharmaceuticals as opposed to more, lower-quality ones. Medications will treat fewer individuals if they are produced in fewer quantities. Notably, one of the difficulties with this strategy is that it must produce goods quickly to meet demand while still ensuring maximum profitability.
Final thoughts
The pharmaceutical industry is changing in multiple ways and doing so faster than ever before. With emerging markets and an increasingly price-sensitive consumer base, drug manufacturers have to adapt their business models by adopting new technology.
Not surprisingly, these changes will continue to impact the different sectors within the pharmaceutical market over the coming months. With this in mind, hopefully, this article helped you take a closer look a some of the most promising trends in the pharma industry today.
David Tobin did his degree in psychology at the University of Hertfordshire. He is interested in mental health, wellness, and lifestyle.
