Top 10 Trends Shaping the Pharmaceutical Industry in 2021- Part 1
The COVID-19 pandemic and the events related to it have sped up the digital transformation of the pharmaceutical industry in an unprecedented manner. As one of the top healthcare consulting firms, at The Brooks Group, we keep a close watch on the innovations, disruptive technologies, global adaptations, evolving political climates, and everything else that affects the pharmaceutical industry in order to provide strategic insights to our clients.
We are bringing to you a two-part blog series that will help our readers understand the landscape and the drivers for change in 2021 and beyond. Here the top 10 trends in the pharmaceutical industry in 2021.
Use of Artificial Intelligence
For the pharmaceutical industry, Artificial Intelligence (AI) is proving to be instrumental in developing new drugs and scientific discovery. Companies that are investing in AI technology are cutting down on production time and user error, improving clinical trials and overall quality in the medical field.
Data Integration & Cloud Technology
From clinical trials to AI simulations to market research, the pharmaceutical industry has a vast repository of data. Storing this data securely and making it readily available is a challenge many companies face, especially since most pharma companies have multiple facilities spanning the globe. This is where data integration and cloud technology play such an important role.
Having all the data stored on cloud servers accessible from any approved device anywhere in the world saves time and increases organizational efficiency. It also eliminates the need to have a team of on-site IT personnel, thus saving costs. With the amount of data used in the pharmaceutical industry, cloud computing continues to be essential to saving time and money, and boosting productivity.
Compliance & Regulatory Environment
Thanks in large part to recent global efforts in creating a vaccine for COVID-19, pharma companies globally are moving towards a collaborative effort. With this change comes the need for compliance with diverse international regulations. Training in these regulations and emerging technologies will be imperative in the coming years to stay competitive in an ever-changing industry.
Drugs exclusively created for a patient based on a particular diagnosis (precision medicine) increase the overall effectiveness of the treatment. Unfortunately, the obvious consequence of having small-scale, tailor-made medication is a higher price tag. Most manufacturers cannot handle a smaller quantity of drugs, and specialized facilities that can produce precision drugs are rare. Thankfully a surprising number of investors have taken an interest to guarantee this trend continues to grow.
Virtual & Self Monitoring in Patient Care
Before the invention of IoT devices, patients would have to rely on visits to a medical facility for monitoring. Now, there are numerous devices that patients can bring home for a fraction of the cost that can do the same as if they were at a doctor’s office, and the data can be shared in real-time with the medical personnel for review as needed. As patients and caregivers continue to embrace the idea of self-monitoring, the need for medical IoT devices will continue to grow and the technologies will continue to evolve. COVID-19 forced social distancing and isolation has also forced patients and providers to quickly adopt telehealth technologies and practices. This trend is predicted to continue even after the pandemic-related guidelines are no longer enforced.
Pharma companies are usually big behemoths that have to deal with tremendous security and compliance issues. So adapting quickly to change is always a challenge. It helps to make strategic decisions quickly if the leadership team, as well as other executives, stay ahead of the trends and are aware of the innovations and disruptions in the field.
Stay tuned for part two!