The pharma industry has grown in the past years, continuing in 2022. Technological advances are playing a big part in this trend. In fact, the development of a variety of valuable technologies pushed forward its rapid adoption by the industry. In this article, you will discover the main pharma tech predictions.
By 2023, predictions state that the pharmaceutical sector will have an increase of USD 1.5 trillion. Pharma companies have to look at tech as an advantage and embrace its adoption to thrive.
Pharma Tech: Technology Advances Role in Pharma Industry’s Growth
The research developed in the past years resulted in effective solutions. Especially for healthcare outcomes improvement. This is beneficial for both patients and physicians. It also enables pharma to evolve by using SaaS and advanced technologies like:
- Artificial Intelligence (AI);
- Machine Learning (ML); and
- IoT (Internet of Things).
The innovation and proliferation of tech have provided solutions for several industries. They can now play that part in healthcare and pharma. Thus, tech is now an indispensable part of the general population’s well-being journey.
Pharma Tech: The main game-changers
Artificial Intelligence: Healthcare Adoption
The healthcare industry is currently adopting AI technology. The aim is to meet the needs of lower care costs, greater application of precision medicine, and big data collection.
Predictions show that AI in the healthcare market has a potential size reach of USD 31.3 billion, growing at a CAGR of 41.5% by 2025. These numbers unfold the direction taken by the biggest pharma companies for the upcoming years.
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It’s a fact that AI, through computer systems, can ‘substitute’ humans in tasks. Specifically, the ones involving decision-making, speech recognition, and visual perception. In fact, it can play different parts in distinct fields of pharma.
Artificial intelligence enables the translation of information between different languages. Through that, it contributes to a faster expansion of the pharmaceutical industry.
Having the outcomes in health at the center stage, we can take the example of the AI adoption and integration in the healthcare systems for disease predictions in early stages based on health data records.
Improving Outcomes: Mixed Reality, Virtual Reality & Augmented Reality
The enabling of precise visualizations from these technologies is under analysis. This is in both pharma research and manufacturing. Innovation brings the possibility to exclude animal testing. Not only that but also on reducing the human side effects of drugs.
Through alternative reality technologies, experiments can occur inside simulations with accurate data results. It can benefit timelines acceleration and lower costs. These solutions also allow pharma to distance itself from the drug testing stigma.
It’s possible that in the upcoming years, computer simulations expand their size to over fifty percent of all clinical data generation, according to some organizations’ beliefs.
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Evidence Collection: Cloud Technology
In clinical trials, complex data collected from thousands of patients is currently stored by pharma companies. Where? In the cloud with centralized access in a secure environment. This enables a bigger compilation of information with continuous analysis. At the same time, it ensures the complete confidentiality of the participants.
Human Resources Empowerment: Digital Training
For full technology adoption, healthcare providers and medical professionals are accessing training. This aims for a better understanding of the digital tools now at their disposal. In either case, the trend for remote training of medical human resources is here to stay.
In fact, medical teams can engage by having full comprehension of tech usage in their work. This will also contribute to reducing human error. Not only that but also to meet the demanded data regulatory standards.
So companies have all to gain by enabling online training programs fit for their needs. All while being cost-effective and beneficial in both the short and the long term.
Keeping the Focus: R&D Importance
The pharmaceutical and biotechnology sector represents 18.4% of total business Research & Development (R&D) global expenditure. This is why pharma companies are reshaping and tailoring their R&D approach to best meet the patients’ needs.
The pharma industry is already the technology sector with the biggest ratio of R&D investment to net sales. It’s leaning furthermore toward technological models that are in line with its goals. Models like open source, crowdsourcing, innovation centers, and public-private partnerships are now more and more regarded as cost-effective.
Tailoring the Care: Precision Medicine
With the reduction of human negative side effects from drugs, precision medicine is a solution. In the long run, it enables an oriented drug development through deep knowledge of each individual.
This means that a drug can be tailored to the specific needs of a patient’s diagnosis. Especially with doctors ensured of its efficacy before the prescription. This, and the patient’s guarantee of a positive outcome in their care journey.
AI enables computerized processing and analysis of human language through Natural Language Processing (NLP). Thereby playing an essential part in precision medicine. How? Through the review of extensive health records and pointers collection for improved disease variants’ knowledge.
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Crucial Insights: Big Data Collection
Valuable insights and increased knowledge are being granted to pharma companies. All through big data collection.
This will have a direct impact on R&D in both drug discovery and development timelines. Making the possibilities derived from this endless to both pharma and healthcare.
With analysis application to hospital data, health records, and medical imaging insights, we can expect greater tailoring. Specifically in each step of the patient care journey with better health outcomes.
In the global picture, the pharma industry is a crucial part of the economic growth and global competitiveness in the upcoming years. In fact, pharma tech will have a key role to play.
With the biggest ratio of R&D investment to net sales and one of the highest added-value per person employed, it’s expected to grow furthermore. Especially with the trend for the rapid adoption of the newest tech solutions.
The technological advances researched and developed in the last years now lead to the trends of the near future. This is valid for both the healthcare and pharma landscapes. Especially with valuable digital tools and resources. These benefit both healthcare professionals and patients in their journeys.
With more knowledge, come more tailored approaches. They’re provided by pharma companies through AI, computerized simulations, and big data collection.
There’s a greater focus on precision medicine development. The belief is that tech will solve and delete from the equation human side effects. Thereby guaranteeing that each treatment is effective with only positive outcomes.