Traditionally, the pharmaceutical industry has been slow to adopt new technologies and new ideas. There are several factors behind this: cumbersome regulations, intellectual property issues, complexity of manufacturing, high profit margins, and general risk aversion across the industry. A single decision to adopt a new technology or leadership paradigm can cost a lot of time and money in terms of research, validation, and qualification.
But a global shift in the way we think about business, even over the events of the past twelve months, has accelerated the adoption of new technologies and new business models. Here are some ways the pharmaceutical industry is changing.
1. Digital transformation
The continuous development of sophisticated digital technology and disruptive events such as the COVID-19 pandemic have impacted businesses at all levels, and the pharmaceutical industry is no exception. Many pharmaceutical companies are starting to see the benefit of embracing developing digital trends.
This transformation is driven largely by an increased focus on the customer – today’s consumers are more sophisticated, more empowered and more demanding than ever before, and the pursuit of a more digitally-centric strategy is one way for them. pharmaceutical companies to distinguish themselves in a competitive market.
Whether it is something as simple as offering more information and services through websites, focusing more on digital media to meet the needs of young clients, or providing Videos rendered in 3D that explain complex therapies and the effects of drugs, providing more digital services can help pharmaceutical companies reach more customers and ensure their long-term relevance.
2. Increased use of artificial intelligence
Artificial intelligence is one of the special ways that pharmaceutical companies are embracing emerging technologies. More and more companies are now using AI and machine learning to aid in the discovery and development of new drugs. AI is also used to solve problems like automation, manufacturing optimization, and even marketing.
Large pharmaceutical companies are also learning to use big data and AI algorithms to help identify patient cohorts for drug discovery and clinical trials. Switching to AI for this process could potentially save thousands of hours compared to more traditional methods. AI will continue to make this process not only faster, but also cheaper.
3. A shift towards precision medicine
Big Data is also driving the shift towards precision (or personalized) medicine. Precision medicine aims to provide better results by analyzing the differences between patients (such as genetics, age, other demographics, etc.) to not only find the right drug for them, but also to collect valuable data on the how these drugs are absorbed and processed. Researchers can then use this data to reduce side effects, shorten treatment times, and improve a patient’s response rate.
Tailoring personalized pharmacotherapy individually to a patient’s specific needs not only has huge potential benefits for the patient, but also paves the way for companies to become more efficient in the development and commercialization of pharmaceuticals. Individualized treatments can not only provide more effective treatment (thereby reducing costs), but can also predict (and detect) susceptibility to disorders.
4. Expansion of leadership roles
Technology is not the only area in which the pharmaceutical industry is evolving. The disruption caused by the pandemic has also led to a shift in the way companies view leadership and collaboration. The cultural tribulations of recent years have brought about a renewed interest in moral values and humanity, and the question of whether certain decisions are in the best interests of the patient or are simply aimed at profitability. Businesses are also focusing more on needs and security.
Other developments, such as the restriction (or elimination) of face-to-face contact between pharmaceutical representatives and healthcare providers, have pushed companies to find newer and more stable ways to collaborate and communicate. work more closely with service providers, regulators and stakeholders.
This shift in business and leadership models has opened doors for those looking to pursue a career in healthcare administration to take the lead and help embrace these changes in the way pharmaceutical companies do business.
5. Adopt alternative therapies
Alternative therapies have long been a source of contention in the pharmaceutical industry. On the one hand, there is the perception that alternative medicine is generally untested, possibly dangerous, ineffective and / or a scam. On the other, there is the idea that the big pharmaceutical companies are threatened by the use of alternative medicine because it is a threat to the bottom line.
The pharmaceutical industry in the West has traditionally lagged behind in terms of adoption of alternative medicine, even those that have been used and trusted for centuries in non-Western countries. But developments such as the widespread change in the legality of CBD have seen an accelerated acceptance of non-traditional medicine and therapies. This has led to increased funding for alternative medicine around the world, with the potential for larger, more traditional pharmaceutical companies to embrace the trend and secure part of a rapidly emerging market.
This article does not necessarily reflect the opinions of the editors or the management of EconoTimes.