The biggest pharmaceutical trends expected in 2022
Covid-19 has caused chaos and drawbacks for economies and industries globally. However, one sector that witnessed extensive growth amid the crisis is the pharmaceutical industry. Challenges posed by the pandemic gave rise to new opportunities, creating a myriad of interesting life science jobs and discoveries. This expansion continues and the industry is expected to grow to $ 1.5 trillion by 2023.
The pharmaceutical industry has innovated and adapted, and is expected to undergo a sea of change and development in 2022 and the years to follow; which is good news for those looking to start or expand in a pharmaceutical career.
Here’s a look at pharmaceutical trends expected in 2022:
Artificial Intelligence (AI) is revolutionising the pharmaceutical industry and 2022 will present a radical shift in the innovation paradigm of the sector. It’s expected that 28% of companies will be using AI in the next two years.
Pharmaceutical companies worldwide are already leveraging advanced ML algorithms and AI-powered tools to streamline the discovery and potential of new medication and therapies. AI is predicted to create more affordable drugs and therapy alternatives in the years to come while drastically reducing operational costs. Many pharma companies will also introduce AI in the manufacturing process to increase productivity and improve efficiency.
Rise in E-pharmacies
During the pandemic, e-pharmacies became a crucial tool for making life-saving drugs accessible across the globe. Much like telemedicine that allows patients to connect with their doctors from the comfort of their homes, the e-pharmacy industry has a number of advantages with convenience being at the very top of that list.
Many of these electronic pharmacies remain at the forefront of providing chronic and self-medication to patients. As a growing trend, it’s expected that the rise of e-pharmacies will continue steadily, with the overall number of households served expected to exceed the $70 million mark by 2025.
Precision or “personalised” medicine is produced depending on a patient’s specific diagnosis. Essentially, a drug is customised for optimal patient results.
In the past, these smaller specialised precision medication factories were few and far between. The manufacturing of such drugs was expensive and in short demand. However, as we progress into 2022, the need for customised medications is expected to become a trend as more patients seek refined treatments that meet their personal needs and often, beliefs. AI and other modern technologies will support this trend, making the manufacturing of such drugs easier and more affordable.
Digitisation is not new to the life sciences industry, however, its contribution towards clinical trials is expected to become more significant this in 2022. From improving medication adherence to using the Internet of Things (IoT) technologies to boost patient well-being and leveraging critical data, clinical trials will make noteworthy advancements in the months to follow.
Soon, modern technology such as digital pills will increase the accuracy of monitoring and reporting and will allow doctors and scientists to track patient progress remotely.
Research and development
The Covid-19 pandemic has created a buzz around pharmacovigilance, with Covid vaccine safety causing much speculation. Pharmaceutical companies are now, more than ever, ensuring that their research and development hits the intended target. There’s a continuous effort to achieve greater efficiency, effectiveness, and safety to meet the patients’ needs and expectations while also maintaining the bottom line.
Additionally, thanks to the success of mRNA technology in the Covid-19 vaccine, researchers are now studying new ways in which the tech can help cure other prevalent diseases such as Alzheimer’s and Parkinson’s. The sky is truly the limit for research and development in the pharma industry, and 2022 is set to be a year full of innovation and milestones.
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