2022 Pharma Tech Trends: Technology that is shaping the Pharma industry’s growth
The pharmaceutical industry was traditionally slow in technology adoption. Nevertheless, it is now undergoing rapid change due to the development of several valuable technologies.
Throughout the past years, there has been massive growth within the Pharma industry that will continue into this year 2022. By 2023, there’s a prediction of an increase of up to €1.31 trillion.
Using SaaS and advanced technologies like Artificial Intelligence (AI), Machine Learning (ML), and IoT (Internet of Things), pharma companies will gain a competitive advantage. As they evolve alongside technological advances.
Researchers have been, for several years, developing new solutions to provide effective outcomes for patients and healthcare professionals. Becoming an indispensable part of the worldwide population’s well-being. Technological innovation has helped so many other sectors, so why not the healthcare industry?
The industry is adopting AI technology in its practices. Responding to a demand for healthcare cost reduction, precision medicine adoption, and big data collection.
By 2025, the global artificial intelligence in healthcare market size is expected to reach EUR 27.37 billion, growing at a CAGR of 41.5%.
Even for an industry of billions of euros, this prediction reflects the shift in the direction of the major pharmaceutical companies.
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AI uses computer systems to perform tasks without human intelligence. Requiring, then, the inclusion of decision-making, speech recognition, and visual perception. This resource enables the translation of information between different languages. While different roles and areas within pharma can accelerate and expand.
For example, AI is being globally adopted and integrated into healthcare systems to accurately predict diseases in their early stages based on historical health data.
Mixed Reality, Virtual Reality & Augmented Reality
Pharma companies are exploring the applicability of these technologies within the areas of pharmaceutical research and manufacturing. As it allows visualizations like never seen before.
It’s now possible to oversee a world without animal testing and human participants’ side effects, where experiments take place inside simulations of reality with accurate data results.
In terms of benefits, it saves time and lowers costs, while evolving and distancing pharma companies from the testing stigma. Some organizations believe that shortly computer simulations will generate more than 50% of all clinical trial data.
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Everyone uses cloud technology, even without realizing it. And it’s now allowing pharma companies to partner with other stakeholders as they look for efficiency and leverage analytics without high costs.
The pharmaceutical industry is currently using secured and centralized access to the cloud to compile and analyze complex data from clinical trials. It ensures confidentiality to the participants and a secure environment for the sensible data collected from thousands of patients.
Everybody must be on the same page. So, online training for healthcare providers and professionals regarding the new technologies is a trend to continue in 2022.
To engage properly, teams need to fully understand how to use technologies like e-signature, patient scheduling portals, and electronic document software. This reduces the chance for errors and helps organizations meet regulatory standards on how to use the information.
Being remote-friendly, online training is cost-effective and can be tailored to every business and the team’s needs.
Focus on R&D
To better suit the patients’ needs, pharma companies are rethinking the Research & Development (R&D) approach. In the global picture, the pharmaceutical and biotechnology sector represents 18.4% of total business R&D expenditure. Also, the pharma industry is the technology field with the highest ratio of R&D investment to net sales.
To redefine R&D, pharma companies are turning to innovative technological models that support their goals and lower costs. New cost/effective paths truly show through models like open source, crowdsourcing, innovation centres, and public-private partnerships.
Precision medicine looks to solve poor human side effects by orienting the drug development based on a more in-depth knowledge of each patient.
Moreover, this allows to tailor a drug according to the needs of a specific diagnosis and prescribe with the certainty of a positive outcome for the patient.
Natural Language Processing (NLP) is a form of Artificial Intelligence that programs computers to process/ analyze human language. Also, it has an instrumental role in precision medicine. It requires familiarity with reviewing health records and pinpointing characteristics that better identify disease variants.
Big Data Collection
Big data is helping pharmaceutical companies become more knowledgeable with valuable insights when it comes to research and development.
Predictive, prescriptive, and diagnostic analysis has a great impact on both new drug discoveries and developments.
The possible uses are endless, with the analysis also applying to hospital data, records of each patient, and medical imaging insights. With more data comes more tailored patient care and overall positive health experiences.
The pharmaceutical industry is a key asset to the global economy’s growth and competitiveness. In the high-technology sector, the pharma industry has the highest ratio of R&D investment to net sales and one of the highest added-value per person employed.
New technological solutions were developed and are now available for pharma companies, shaping the trends for the near future. Technology is changing the industry landscape while adding valuable tools and resources for a seamless patient care journey.
Big data collection is already taking place. Leading to a more tailored, patient-centric approach resulting from what are now more knowledgeable pharma companies. With precision medicine becoming more and more a reality, technologies are indispensable and are benefiting both healthcare providers and patients.