By 2023, the pharmaceutical industry is projected to increase up to $1.5 trillion dollars. Throughout the past years, there has been huge growth within the Pharma industry that will continue into 2022. Here are eight tech trends to watch going into the new year:
#1 Use of AI
Artificial Intelligence (AI) is becoming a universal term in many industries today. AI uses learned machine intelligence to perform tasks and make predictions. AI within the pharma industry has many purposes that can accelerate the discovery and development of new drugs. The most common places AI benefits this work is in finding patients for clinical trials and the improvement of medicines.
#2 Digital Processes
The use of digital processes has been around for a while and will continue into 2022. Processes that were originally paper have switched to digital to make operations more efficient. Digital processes are particularly useful for driving regulatory compliance, as they allow pharmaceutical companies to accurately track data and how it is maintained. Pharma companies have appreciated this switch to digital because of the organization it provides and the transparency it delivers across departments.
#3 Use of Cloud Technology
Cloud technology is being used by everyone, probably without most people even realizing it. In the pharma industry, the cloud is enabling companies to partner with other stakeholders to be more effective. Cloud computing is providing a cost-efficient way to leverage analytics, too. Pharma specifically is relying on the security and centralized access of the cloud to analyze the complex data associated with clinical trials. Trial participant confidentiality is protected and secured through the cloud environment, as the cloud’s scalability maintains records for thousands of remotely monitored patients.
#4 Digital Training
To improve operations and compliance in the pharmaceutical industry, online training for new technologies will continue to grow into 2022. Making sure teams understand the correct way to use technologies like e-signature, patient scheduling portals, and electronic document software reduces the chance for errors and also helps meet regulatory standards for how that information can be used. Online training is very cost efficient because it can be done anywhere, at any time, and can be personalized to each user.
#5 Increased Focus on Research and Development
Pharmaceutical companies are rethinking how they approach research and development to better meet the needs of patients while also protecting their bottom line. As they look to refine their R&D practices, pharma companies are turning to innovate technologies to support their objectives. Innovation models like open source, crowdsourcing, innovation centers, and public-private partnerships are offering new opportunities for pharma companies to reduce the massive cost of R&D while pinpointing new ways to solve problems.
#6 Precision Medicine
Tailoring a drug to a specific diagnosis is the first step in personalized medicine. However, a patient’s body may react poorly to the medication. Precision medicine looks to solve this issue by targeting drug development based on more in-depth knowledge about the patient.
For example, the use of biomarkers to identify tumors and develop a drug specific to that exact diagnosis. The goal is to create and prescribe the drug with the highest level of effectiveness and positive outcomes for the patient, and it’s an approach that is exploding within the pharma industry.
Natural Language Processing (NLP) is a form of Artificial Intelligence that programs computers to process and analyze human language. It’s role in precision medicine is instrumental, as pharma companies use it to review health records and pinpoint the characteristics that can better identify disease variants.
The challenges facing precision medicine have to do with its manufacturing, which require smaller, more specialized facilities. Despite this challenge, precision medicine still shows an upward trend in the pharma industry.
#7 Big Data
Properly analyzing R&D insights requires systems that can keep up with the high volume of data. Big data is helping pharmaceutical companies with predictive, prescriptive, and diagnostic analytics that inform new drug discoveries and developments. Its uses are also applicable to analyzing hospital data, the records of each patient, and medical imaging insights.
#8 BlockChain Technology
Blockchain technology streamlines the processes of producing and distributing drugs and helps support better outcomes with research and development. Blockchain also has uses for optimized security and transparency, making it easier for pharma companies to prevent counterfeit medicines or substandard drugs from making their way to the consumer. Pharma companies will continue to adopt blockchain to increase visibility, ensure compliance, improve the traceability of drugs, and simplify transactions.
These pharmaceutical trends are changing the industry and are adding lots of value. The pharma industry’s high standards and large-scale demands require time and research to be done correctly. To learn more about the challenges of the pharma industry, please visit our webpage here.