Operations and surgeries became manageable when Extended Reality enabled devices helped in viewing the infected organs of a patient. Medical Tourism has broadened itself to hilly and inaccessible areas of the world. Diagnostics has undergone a massive change post-COVID-19 pandemic. Just like any other industrial growth and development, the pharma industry is no different. Pharma Industry is one of the path-defining industries for many collaborators in terms of investments, patents, innovation, and technology. In this article, we shall see what trends and innovations have crossed the path of pharma industries and how much it impacts the world through their operations.
Here are some noteworthy trends and innovations in the pharma industry:
1) Artificial Intelligence- AI has touched almost every human through Google search and recommendation systems like Amazon, Netflix, and YouTube. Similarly, in the pharma industry, AI has helped in patient identification for clinical trials, manufacturing processes of drug discovery and development, and effective marketing strategies. For example, Pangaea Data is a British Start-Up that uses AI algorithms to identify patients for drug discovery and clinical trials
2) Big Data & Analytics- As there are many patients lined up for vaccination drives and donor requirements, the use of Big Data and Analytics becomes intrinsic. The requirement for high-performance systems and analytical techniques in patient records, medical imaging, and hospital data has become necessary for the pharma industry. For example, Pomicell is an Israeli software start-up that offers software tools for big data in pharma research and development.
3) Flexible Production- The idea of manufacturing drugs for quick delivery has been solved by the usage of single-use bioreactors. Bioreactors are used for the production of pharma and medical compounds. They help in eliminating complex steps of cleaning between production. It helps in taking less energy, high productivity, and minimizing waste. For example, Cellexus is a Scottish startup that makes single-use airlift bioreactor systems
4) Precision Medicine- Each patient is different and manufacturers have added precision medicine for making personalized medicine a reality. They determine the type of medicine based on the patient’s age, sex, comorbidities, and other clinical parameters. For example, Exact Cure is a French Start-up that studies the effects of medicines on a person’s body based on his/her characteristics.
5) Additive Manufacturing- In addition to precision medicine, pharma companies are devising manufacturing processes to make 3D printers that print tissues and cells. Such a process will help in drug development, organ engineering, and regenerative medicine. For example, FabRx is a British startup that manufactures M3DIMAKER, which is a 3D printer to manufacture pills
6) Blockchain- The problem of substandard and counterfeit drugs can be solved through blockchain. This technology can be used to trace counterfeit medicines in the pharma supply chain. Also, the digitalization of transactions through blockchain is transformative. For example, Pharma Trace is a German start-up that offers blockchain-based tech to secure data and deploy smart contracts in the pharma industry.
7) Extended Reality- Pharma industries are making inroads in extended reality through XR wearables and tools for pharma research and manufacturing spheres. For example, Nanome is a US-based start-up that offers VR collaboration tools for atomic, molecular, and protein visualization.
8) Real World Data- Real World Data is a continuously updated data collection of patients on various clinical parameters. The availability of data, reliability, and of real value is important for the research-oriented pharma industry. For example, Graticule is a US-based start-up that offers structured data sets.
9) Digital Therapeutics- Digital Therapeutics offers evidence-based interventions that use software to prevent, manage and treat physical, mental, and behavioral conditions. It helps in having greater control over health and outcomes. For example, Cognivive is a US-based start-up that offers evidence-based digital therapeutics for the treatment of neurocognitive and neuromotor impairments.
10) Curative Therapies- Curative therapies are changing the paradigm for the pharma industry. Curative therapies like cell and gene therapies are changing the way we treat difficult chronic diseases by eliminating the need for long-term treatments. For example, Lacerta Therapeutics is a US-based gene therapy startup working on cures for the central nervous systems.
11) Improved Cybersecurity– The pharma industry is a huge industry where big data and cyber security need to go hand in hand. The sensitive data and technological advancements make it necessary to put strong security systems in place.
Therefore, the pharmaceutical industry is going through repeated rounds of technological engagement. COVID-19 has shaped the industry and has enforced the spirit of growth and innovation. It is hoped that 2023 for the pharma industry will be fuelled by development.
Here is the List of Top Pharmaceutical Companies in 2023 –
- Sun Pharma
- Lupin Ltd
- Zydus Lifesciences
- Glenmark Pharmaceuticals
- Abbott India Ltd
- Apollo Pharmacies Limited
- Dr Lal Path Labs
- Catalent Pharma Solutions
- Envoy Global
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