In recent years, the pharma industry has experienced rapid expansion, and it is expected to surpass USD 1.5 trillion by 2023. A transformation is underway in the industry, as advanced digital platforms are being adopted, along with technologies like artificial intelligence (AI), big data analytics, and cloud computing.
Throughout the pharmaceutical industry, digital technologies are evolving to simplify critical, repetitive, and challenging processes. Drug discovery & development, drug manufacturing, intelligent process automation, optimizing predictive maintenance, and supply chain management are among the areas where digital technologies are widely used in the pharma value chain.
AI and big data are here to stay
In 2023, AI and big data technologies in the pharma industry will continue enabling companies to restructure their business models, rationalize biopharma manufacturing, improve financial decisions, reduce human error, increase performance, and boost speed to market. The technologies work together synergistically and are valuable in every step of the pharma value chain, including drug discovery, clinical trials, operations, commercials, marketing, and pharmacovigilance.
The growth in partnerships & collaborations between pharma giants and AI technology vendors has been observed in 2022 and is expected to continue. For instance, earlier this year, Sanofi partnered with Exscientia to develop an AI-driven pipeline of precision-engineered medicines for oncology and immunology treatments. The companies have come together again to develop around 15 novel small molecule candidates against oncology and immunology diseases, utilizing Exscientia’s end-to-end AI-driven platform using actual patient samples.
In the same year, BenevolentAI and AstraZeneca closed a deal to expand their AI-powered drug discovery partnership to develop new therapies for the treatment of systemic lupus erythematosus (SLE) and heart failure (HF). Additionally, Pfizer expanded its multi-year partnership with CytoReason to develop cell-based models of the immune system using AI-driven drug discovery. Using these biological models, Pfizer is studying the immune system and developing new drugs to treat immune-mediated and immuno-oncology ailments.
Read more: Applications of big data and predictive analytics in the global healthcare industry
Increased adoption of cloud computing
One of the most transformative technologies in the pharma industry in 2023 will be cloud computing. The adoption of cloud computing is helping pharma companies to innovate and bring new medications to market more rapidly compared to traditional methods.
Large-scale and sensitive data can be securely stored using a cloud-based infrastructure. Additionally, it promotes data integrity, security, and regulatory entity compliance. The cloud computing market in the pharmaceutical sector is expected to grow rapidly once regulatory constraints and safety concerns are addressed. Additionally, the technology ensures professional-grade security and confidentiality throughout the clinical trial process.
Blockchain is the new trend
Blockchain technology has gradually gained a foothold as an important emerging technology in the pharma sector. It is an open, decentralized, secure, public ledger that stores every single record, event, or transaction sequentially in a verifiable way, as ‘blocks”. Blockchain offers a safe and easy way to share legitimate information across organizations.
Blockchain finds immense application in drug manufacturing, medicine tracking and verification processes, protection against forgery of records, boosts research & development and its usage is anticipated to gain momentum in the coming years. The technology improves end-to-end visibility across the supply chain with data.
Blockchain bridges gaps between stakeholders by providing all parties with a real-time and accurate view of the supply chain, which is a crucial factor to ensure manufacturing and supply chain robustness.
The FDA’s Drug Supply Chain Security Act (DSCSA) and the General Data Protection Regulations (GDPR) are expected to take full effect in 2023. The pharma industry will need blockchain technology to improve traceability and visibility across the value chain in order to comply with these regulations.
In addition to this, companies are looking forward to ensuring data protection in the pharma value chain such as in clinical trials patient privacy protection is one of the major concerns. For example, Nebula Genomics is attempting to leverage the technology to enhance genome sequencing. The organization is constructing a genetic database to cut out intermediaries and assist patients in securely selling their encrypted genetic data.
Encrypgen is another business now engaged in this industry. The Florida-based company has created a blockchain-based platform that makes sharing, storing, selling, and buying genetic data easier.
Increased R&D in personalized medicine
With the global personalized medicine market forecast to grow to USD 717 billion by 2025, tailored or precision medicine has enormous potential for treating numerous ailments. The field of personalized medicine holds considerable potential for boosting the future of healthcare, especially when it comes to the treatment and prevention of disease.
Recent developments in big data, artificial intelligence, and genomic testing have made research & development procedures for personalized medicine much more advanced. Researchers can now work with an ever-growing collection of medical data to generate individualized therapies owing to the availability of data and advancements in computing power and AI.
Breakthrough personalized treatment procedures are being developed by the industry’s key players. For instance, AMPEL BioSolutions, in 2022, announced an innovative genomic platform technology that uses RNA analytics and machine learning to characterize the patient’s genes and support medical professionals with clinical decision-making. By doing this, the medical practitioner will be able to determine the most effective course of action specifically for each patient.
Read more: The evolution of precision medicine and how pharma firms are keeping pace
To sustain leadership, provide accurate outcomes, and enhance operations inside pharmaceutical organizations, digitalization has become crucial in all areas. Companies that continue to lead the way and create new opportunities in the field of healthcare are those that stay on the cutting edge of technological developments.
Numerous international pharmaceutical companies collaborate with Netscribes to obtain useful insights to guide their decisions. For a detailed analysis of the innovative trends in the pharmaceutical industry, contact us at email@example.com.