First, it concerns paperwork. From an operational perspective, one of the trends that will grow in 2021 is the use of digital training to ensure the proper and efficient use of technologies implemented. Research firm MarketsandMarkets predicts that the global active pharmaceutical ingredient (API) market — including chemical and biologic drug substances, both branded and generic — will expand at a compound annual growth rate (CAGR) of 6.3%, and will climb from $157.95 billion in 2016 to $213.97 billion in 2021 (6). Personalized medicine is when medication is produced based on a specific patient diagnosis. The need to keep databases safe to prevent information (research data) leakage is affecting how the pharmaceutical industry responds to the latest technology trends. 2019 was a watershed year for the life sciences industry, with topics such as Industry 4.0, digitalisation, Internet of Things (IoT), advanced analytics and cyber security at the forefront of trend discussions. As you can see in almost every aspect of our lives, data became one of the most valued resources. Keeping in view the tremendous competitive pressure that the pharma industry is facing, efficient management of business processes is becoming essential for sustenance and growth. Digitalization will help not only accelerate many processes but also prevents losing important data and optimizes the workflow. This happens to be a level of pharmaceutical production that is not customary and has not occurred for about a decade. In an ongoing desire to reduce the cost of medications, there are governmental agencies, such as Health and Human Services, that will increase the offering of discounts and rebates. Data security and compliance concerns have traditionally made pharmaceutical companies skeptical of using external networks to access resources and data. In fact, the industry is expected to exceed a $1 trillion by the following year. Just as this technology is expanding across all other industries, it will support pharmaceutical industry growth. Life sciences companies are prime targets for cyberattacks due to high revenues, extensive spend on R&D and operations, sensitive intellectual property, trade secrets, and reliance on technology. 1990 Madison Street, Suite 105, Clarksville, TN 37043, Digital IT Trends in Pharma Pharmaceutical Industry, Deloitte’s report on measuring the return from pharmaceutical innovation, Deloitte’s fourth annual survey of mid-market technology, Pharmaceutical Innovation as an Infographic, Virtual Private Data Centers – Keeping Pharmaceuticals Companies Focused on Cures, Pharmaceutical Industry Cloud Service Resources, Software Testing Service by a Virtual Robot, Cloud Hosted Desktops will become More Popular in 2021, 10 Compelling Reasons SMBs Need Cloud Computing. telecommunications industry. In addition to the trends discussed, there is interesting data surrounding the pharmaceutical industry. This is where the pharma industry can leverage (Robotic Process Automation) RPA and BPM (Business Process Management) technologies like a Virtual Robot, that can offer a powerful solution for the pharmaceutical industry and that enables them to be standard compliant and optimize their ROI. This has required pharmaceutical companies to examine their research and development practices to ensure they are refined and focused. Here are some pharma industry trends for … Without a doubt, there are some doctors that were not eager to jump on the medical marijuana bandwagon, even after it became more widely accepted. However, it is something that will gain momentum in the pharmaceutical industry. It has been embraced in the pharmaceutical industry and this is a trend that will continue. #1: Context-Based Services: Where You Are and What You’re Doing As a result, there will be an increasing number of small production facilities. Get Blazing Fast Remote Workspace Solution. The scalability and agility that a cloud solution offers can help pharma companies with their R&D, clinical research and cost savings. This year, the industry has taken center stage, as governments, businesses and individuals are now recognizing the important role of good quality medications in maintaining an excellent healthcare system. USA, China and Europe account for more than half the pharmaceutical patents filed worldwide in 2015 as depicted in Figure 1. However, on a positive note, we saw smaller firms continue to outperform the larger ones. Let’s take a close look at 10 trends that will transform the pharmaceutical industry in 2021. With the Pharmaceutical Industry constantly evolving due to globalization, consolidation and regulatory compliance, we see the industry looking at new competing challenges, including: According to Deloitte’s report on measuring the return from pharmaceutical innovation, the annual projected R&D returns along with the peak sales per asset have been declining for the past few years. Global patent trends It will also help to drive regulatory compliance. Prior to that, for thousands of years people relied on medicinal properties of […] This dossier on pharmaceutical trends provides an insight into the pharmaceutical industry in Europe. There has been increased compliance with the good practice quality guidelines and regulations (GxP) as a result of applications used in the cloud. As a result, pharmaceutical companies are more concerned than ever about ensuring research and development hits the intended target. Many of the healthcare professionals that found it difficult to accept in the past cannot deny the benefits that have become evident when using medical marijuana for pain reduction, mood regulation, digestive functions, and vascular health, among other conditions. When used by pharmaceutical companies, blockchain technology can help with boosting efficiency by streamlining processes. We strongly believe that only digital health can bring healthcare into the 21st century and make patients the point-of-care. The use of AI in the pharmaceutical industry has different roles that are expected to expand, such as accelerating the process of drug discovery and development. This applies to transactions that involve healthcare clinics, hospitals, regulators and other stakeholders. The pharmaceutical industry looks to be accepting new technological advancements with open arms and people all over the world are benefitting. With big data, artificial intelligence, and a deeper understanding of the human body, the medical industry is on the verge of creating a deeper symbiotic relationship with modern tech unlike ever before. All are from technical background and have more than 5 years of experience on their belts. The pharmaceutical industry is witnessing a massive revamp. Greater Acceptance of Medical Marijuana, © 2013 - 2021 Linchpin SEO, LLC All Rights Reserved, precision medication has demonstrated a higher level of effectiveness. 8 The implementation of digital processes isn’t new. What many pharmaceutical companies appreciate about the implementation of digital processes is that the benefits far outweigh the costs. This includes tasks like decision-making, speech recognition and visual perception. Simply put, the perception of cannabidiol (CBD) when used as medication is changing. For instance, there are many paper processes that have been replaced by digital processes, which has enhanced operational efficiency and facilitated adherence to standard operating procedures with greater ease. The pharmaceutical industry is also undergoing some significant changes associated with digital disruption in a number of its branches. Additional benefits can include: The pharma industry is realizing the benefits cloud solutions offer, and are increasingly moving towards the model. Taking a macro perspective, she investigates how and through which channels, e.g. Cloud for Pharma. Need for pricing reforms as the cost pressure from payers continue to increase and the changing demands, Pharma companies can considerably increase visibility in their supply chain operations, Manage and assess the results of personalized medicine delivery, Determine the direction of product development. As the use of blockchain technology has expanded in the financial arena, others have started to identify ways to use this innovation, including companies in the pharmaceutical industry. Anyone that has a computer at home or work is probably familiar with cloud technology by now. Just like that, 2019 is coming to a close and what a year it has been for healthcare and especially for pharmaceuticals. Reforms to current regulations introduced by the Food and Drug Administration will also play a key role in how these technologies may be deployed in the future. Summary From the development of new drugs to the innovation of beyond-the-pill services and cutting-edge technology, the pharmaceutical industry has been successful in expanding its horizons in order to meet the demands of its consumers and cater … The use of precision medication has demonstrated a higher level of effectiveness than other options. Pharmaceutical manufacturing is more progressive with new technologies than other areas of the pharmaceutical industry. As aforementioned, precision medicine requires the use of smaller manufacturing facilities, which is unlike what’s needed for the mass production of pharmaceuticals. With Cloud, pharma companies can develop a single integrated network that makes collaboration on a global level easier across different IT architectures or ERP systems, making networks more scalable. It has been embraced in the pharmaceutical industry and this is a trend that will continue. By partnering with a cloud solution provider (CSP), pharma companies can work to customize and implement a secure and effective cloud-based Enterprise Quality Management (EQM) Strategy. Notably, some of the challenges associated with this model include the need to ensure maximum profits through fast production to accommodate demands. There are 66 biologic patents in the United States that will expire from 2021 to 2025. According to Deloitte’s fourth annual survey of mid-market technology, nearly 40 percent of executives expect the greatest productivity gains will come from investments in cloud infrastructure. When a smaller number of medications are produced, they will obviously serve a smaller number of patients. The primary purpose of blockchain technology is to simplify the way transactions occur, while also optimizing security and transparency without requiring a third party. Some of the areas that will benefit from AI include clinical trials, fraud detection and the overall improvement of medications. The pharmaceutical industry is confronted with several important challenges today, including the need to sustain their pipelines and offset patent expirations and inevitable generic competition. Pharmaceutical (Pharma) industry is a set of public and private organizations that discover, develop, and manufacture drugs and medications (pharmaceuticals). AI analytics will also optimize how different healthcare professionals share medical information. Technology News & Trends (TNT) is an idea of tech innovators. Distinguishing between the buzzwords, philosophies and reality in life sciences manufacturing has been critical. The trends play a crucial role in the progression of the sector. As smaller firms are able to leverage technology to enhance their agility, digitization holds tremendous potential in helping companies adapt. With Cloud, pharma companies can develop a single integrated network that makes collaboration on a global level easier across different IT architectures or ERP systems, making networks more scalable. At a time when strict requirements set forth by the federal government are making the storing and sharing of sensitive information a difficult process, we feel that Pharma companies can leverage these recent trends in pharmacy technology in 2019 to save cost, secure their valuable research and data and help facilitate more effective communication and efficiency between different departments. Technologies like Artificial Intelligence, Machine Learning, AR-VR, Digital Apps, The Internet of Things, Blockchain, 3D printers, Organ-on-Chips are among the innovations that are starting to transform the pharmaceutical industry in the ways they have already transformed the other industries like media, retail, banking, telco, education, etc. Although it has posed problems for manufacturers, this is a trend that’s expected to continue as methods used are refined. A typical product lifecycle is lengthy from idea-to-market, requires extraordinary investments and patents. TECHNOLOGY AND DATA IN PHARMACEUTICALS; Pharmaceutical companies are now using Artificial Intelligence (AI) has for drug development. Pharmaceutical companies can sped up to $100 million per year on recalls that are linked to labeling mistakes. The 19th century is the beginning of the modern era of the pharmaceutical industry, because then it started focusing on chemical synthesis. by . Technology Trends: The Transition to Digitalization. Cloud technology enables pharmaceutical companies to partner with multiple stakeholders with a greater level of effectiveness. Given such dynamics, pharmaceutical companies are always responding to rapid developments and challenges. Subsequently, the pharmaceutical companies recognize the tremendous opportunities that exist. There’s also the issue of knowledge building for the purpose of maintaining high productivity and overall efficiency. Periodically, the pricing of medications will hit the news circuit, especially when there is outrage about the high price of life-saving drugs. Cloud technology enables pharmaceutical companies to partner with multiple stakeholders with a greater level of effectiveness. The pharmaceutical industry is a highly regulated and technology-intensive one, where knowledge is the main source of competitive advantage. The level of innovation that’s taking place in the industry is likely to create tremendous value. In the pharmaceutical industry, digitalization involves developing and implementing digital technologies at all levels of pharmaceutical operations. While there have been efforts in the past using approaches that are market-focused, these efforts are expected to expand. It also enables the translation of information between different languages. This is a trend that will continue. Without any doubt, the introduction of modern technology provided some massive benefits to the pharmaceutical industry. The use of digital platforms for training is also cost-effective because you can train personnel on-demand at any time of the day or week. Here’s a roundup of the top emerging trends in the pharmaceutical industry that will shape the future for the next generation. There is an effort to achieve greater effectiveness and efficiency to meet the needs of patients, while also protecting the bottom line. Medical data is going digital with the help of AI. With every passing day, however, more pharma companies are … Anyone that has a computer at home or work is probably familiar with cloud technology by now. Approximately 38% of industry experts expect big data to have the greatest impact in the pharmaceutical industry. In 2020, the pharmaceutical industry continues its transition to value-based outcomes and a focus on gathering more real-world evidence. It will make patient care more efficient. Top 10 trends emerging from 2017 Emerging Technology Trends in Pharma: 2019 Survey - ResearchAndMarkets.com ... of a 15 minutes survey of 77 respondents employed within pharmaceutical filed. The FDA established its Emerging Technology Program in 2017 to help industry implement innovative technologies to improve product quality and modernize the industry. Kevin Joy is the managing editor of HealthTech. From the new health economy, to drug pricing, to new product developments, and manufacturing service models, DCAT Value Chain Insights takes a look at the top 10 trends emerging from 2017. Improve operations by making them more adaptive and responsive. Check out the statistics below: © 2013 - 2021 Linchpin SEO, LLC All Rights Reserved / Sitemap, Trends In Pharmaceutical Industry Shaping The Industry In 2021, 2. Below, you might find some more articles of interest: Copyright dinCloud 2021. With benefits of greater efficiency, reduced costs, enhanced competitive edge and increased security, the cloud has become a pivotal innovation in the pharma industry. Now, let’s take a look at some of them. The prominent pharma industry trends include artificial intelligence (AI), additive manufacturing, blockchain, and other Industry 4.0 technologies. 7 In 2017, a major cyberattack affected manufacturing and other operations of a large pharmaceutical company, costing US$1.3 million in losses. Top 5 Trends in Pharma Industry. What patients and providers should know about the rapidly evolving components of care. Implementing a strong infrastructure using cloud technology also offers an opportunity to improve that integrity of data. Benefits of Technology in the Pharmaceutical Industry. Cloud based IT Infrastructure can enable rapid computing for different types of data and systems from the physical network across all nodes of the supply chain. This is also for the purpose of achieving regulatory compliance. The pharmaceutical industry is well protected by entry barriers. How Does a Revamped dinManage Make Your Life Easier? The industry is an essential part of the trade and wellness ecosystem as it contributes to the overall revenue of the country and also ensures the health of the citizens. Robotic technology and artificial intelligence are reducing manufacturing floor downtime and product waste. THE $20 BILLION pharmaceutical packaging industry is the frontrunner in deploying technology for advanced security through packaging. It’s essentially the use of computer systems to perform tasks that would otherwise require human intelligence. Across all other industries, it will support pharmaceutical industry, 2019 is coming to a close look at of! Been efforts in the industry is likely to have both a short- and long-term impact prevents losing important and. 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