The considerable growth in the pharmaceutical industry has been constant in recent years and, according to the trends and prospects for 2023, it will continue to rise with positive results.
This is partly due to current consumer dynamics and the thousands of compounds in the late stages of clinical development, along with hundreds of new products with expected approvals in 2023 and the following years.
The large mass production, derived from COVID-19 and the growing demand for drug consumption, will continue to increase the number of clinical trials and the need for post-production and post-marketing monitoring.
All these factors have dictated that the next trends should be aimed at transforming the performance of the pharmaceutical industry through new tools that already exist and have had a positive impact on other markets.
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1. Artificial Intelligence Integration
Artificial intelligence (AI) is a term that is becoming increasingly popular in all industries. In the pharmaceutical sector, specifically, it is expanding across different processes such as clinical trials, function optimization, and the discovery and development of new drugs.
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2. Increased production of precision medicine
The purpose of this trend is to ensure that the drug is created to fit the patient's needs efficiently.
The production of precision or personalized medicine requires specialized facilities, which is a challenge for the industry; however, the increased interest and number of investors have been a positive aspect of funding new studies and facilities.
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3. Adaptation of Blockchain technology
The Blockchain aims to simplify the way transactions are conducted, thereby optimizing security and transparency.
The pharmaceutical industry has established itself as an opportunity to increase process optimization, ensure compliance, improve traceability and simplify drug transactions, thereby maximizing R&D capital contributions.
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4. Security and digital transformation
Both aspects have been trending over the last few years in the efficiency of processes in the market. The pharmaceutical industry, it, will gain further momentum in 2023.
Improved operational efficiency, cost savings, and easier compliance with regulations and standard operating procedures are some of the benefits of implementing digital processes.
Likewise, cloud technology is a complement that, through its applications, enables pharmaceutical companies to effectively partner with multiple stakeholders, increasing compliance with standards and best practice quality guidelines.
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5. Increased focus on R&D value
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An increased focus on the cost of medications results in pharmaceutical companies being more focused on ensuring that R&D investment achieves its intended purpose with new creations.
The drive to achieve greater quality and efficiency to meet current patient needs and protect the outcome has resulted in the continual review of practices within companies that can ensure that objectives are met.
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New release models
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Companies should examine and review their successful launches over the past two years and look at similar and different characteristics regarding their pre-pandemic product launches. The purpose of this practice is to gather information, which allows them to create a new way of defining a product launch's success.
These major trends are transforming the innovation landscape in the pharmaceutical industry, seeking to produce both short- and long-term positive impacts.
Growth Projections
- A $1.5 billion increase in the global pharmaceutical industry market.
- Annual growth between 3 to 6% where the main driver will continue to be the U.S. market.
- Pharmaceutical companies can speed up to $100 million per year in recalls linked to labeling errors.
References
The Global Use of Medicine in 2019 and Outlook to 2023 https://www.iqvia.com/insights/the-iqvia-institute/reports/the-global-use-of-medicine-in-2019-and-outlook-to-2023
