The Six Incredible Trends which shape the Future of Pharma Industry:
Empowered patients may dispatch their own particular biotech organizations to grow new medications or procure organizations that neglected to do as such. They realize what pharma and other medical organizations are taking a shot at and how they speak with patients and their guardians as they take after the organizations via web-based networking media. Empowered patients have elevated standards and if those are not met, patients go for their own particular arrangements.
Patient engagement, linked to information access/empowerment and including more ground-level patient involvement in decisions about research and development, will be crucial to achieving these ends.
Augmented and virtual reality
Augmented reality and virtual reality with gadgets, for example, Google's digital contact lens, Microsoft's Hololens or Oculus Rift give us another perspective of the world through digital data. Patients can perceive how the drug functions in 3D before their eyes rather than simply perusing long pictures on the jug. Lab workers could screen their examinations with increased reality hardware. In industrial facilities, laborers could begin working without hands-on training as the gadget would instruct them how to do it.
Genuinely customized Medicines
Genomics and customized medication empower us to get treatment modified to our own particular sub-atomic cosmetics. The present healthcare can't deal with this unpredictability. Up until now, there have just been a couple of cases of genomic data being utilized as a part of settling on choices about treatment.
An individual possessing an enormous content record containing his/her DNA information which can be taken to the specialist and plan to get customized medicates rather than the blockbusters that are fabricated for a huge number of individuals who are all hereditarily and metabolically unique.
Imagine a scenario in which a digital health organization can rapidly draw conclusions for the patient with respect to genomic foundation and weakness for medications and dosages. If by chance that huge pharma won't give the custom fitted drug patients will request, they will go somewhere else or assemble their own.
The primary 3D-printed Medicine, Spritam, that breaks down rapidly and is utilized as a part of epilepsy, was affirmed by the US FDA in 2015. Consider the possibility that little organizations think of different answers for making medicine that can be processed quicker and achieve the market all the more effortlessly as a result of this manufacturing technique. Entire pharma supply chains should be upgraded within years, maybe even months.
There are as of now sensors that measure vital fundamental signs efficiently and easily by being implanted in the body. The accomplishment of clinical trials generally relies upon how medical experts gather information about their patients. Imagine mechanizing this procedure through the new age of Digital Sensors that is being developed at this point.
Medical decision making with artificial intelligence utilizing the energy of supercomputers will change ordinary medication. Intellectual PCs, for example, IBM Watson, have been utilized as a part of numerous approaches to examine big data, in genomic inquire about as well as in biotechnology.
This will likewise shape the way new medications are found. It may prompt the finish of human experimentation through imitating reproduction of human physiology. Our time, with medicines being tested on genuine individuals, will appear to be primitive to individuals without bounds. Imagine a scenario where supercomputers could test a large number of medications focusing on billions of recreations displaying the physiology of the human body in seconds. Pharma should bolster such research for their own advantage.
These 6 trends would immensely influence and effect the future of the pharma industry. If in case pharma doesn't plan for the coming influxes of progress and adapt these trends, it won't have an industry by any stretch of the imagination.
In this challenging environment, industry needs to show better price transparency while finding new ways to build, demonstrate and monetize drug value.
More demanding criteria for pricing and reimbursement, with persistent variations from one country to the next, will continue to raise the bar for market entry.
Among the markers of this convergence is the explosion in healthcare apps and other digital innovations, geared to boosting connectivity and engagement between all players along the healthcare chain.
Increasing healthcare-technology convergence also reflects growing demand, in line with payer reliance on health economics, for real-time monitoring of patients and real-world evidence not only of drug efficacy, but of effectiveness and cost-effectiveness.
Above all, it emphasises that, in a more demanding and complex operating environment, pharma cannot afford to be an island. It must learn from disruptive innovation in other industries, whether that is medtech, motor racing, digital technology, software, banking or fast-moving consumer goods.
The past years have seen a number of companies, such as Valeant, Turing, Mylan, Teva and Pfizer, in the dock amid successive waves of negative publicity about pharmaceutical industry practices.
These concerns centred mainly on drug pricing, exploitation of market monopolies, creative accounting and dubious promotional practices in developing and other markets.
The aforementioned trend towards speciality and rare-disease drugs looks set to continue during 2017. This is despite a marked decline last year in the volume of innovative medicines approved for entry to the key US market.
The FDA cleared 22 novel drugs for US marketing in 2016, down from 45 in 2015 and hitting a six-year low. In the EU, there were also signs of a slowdown. The European Medicines Agency’s Committee for Medicinal Products for Human Use recommended a total of 81 medicines for approval – including innovative drugs, biosimilars and generics – in 2016, compared with 93 in the previous year.
Given the escalating concerns about drug pricing and affordability already noted, the continuing emphasis on lower-volume, higher cost speciality assets will further raise market-access barriers at launch and from one country to the next.
At company level, that calls for even more intensive focus on efficiency and cost-efficiency. Smaller, highly specialised teams will need to drive a seamless launch engine across geographical and functional boundaries through optimal transparency, awareness, knowledge exchange and harmonisation.