Trends And Estimates For The Pharmaceutical Industry In 2023

The pharmaceutical sector has grown quickly in recent years, and by 2023 it is anticipated to reach USD 1.5 trillion. With the use of cutting-edge digital platforms, big data analytics, cloud computing, and artificial intelligence (AI), the sector is undergoing a transition.

Digital technologies are developing in the pharmaceutical sector to streamline important, labor-intensive procedures. They are widely applied in the pharmaceutical value chain in several areas, including drug discovery and development, drug production, smart process automation, maximising predictive maintenance, and supply chain management.

Big data and AI are here to stay

Pharma businesses are reorganising their business models, rationalising biopharma manufacturing, improving financial decisions, reducing human error, boosting performance, and speeding up time to market thanks to AI and big data technologies. Each stage of the pharmaceutical value chain, including drug development, clinical trials, logistics, commercialization, marketing, and pharmacovigilance, benefits from the technologies’ synergistic interaction.

In 2022, it was noted that there had been an increase in alliances and collaborations between major pharmaceutical companies and suppliers of AI technology. For instance, Sanofi and Exscientia collaborated to create a pipeline of precision-engineered pharmaceuticals for oncology and immunology therapies early this year. With the help of Exscientia’s end-to-end AI-driven platform and real patient samples, the firms have teamed up once more to create about 15 novel specific molecular options against oncology and immunology illnesses.

The same year, a contract was reached between BenevolentAI and AstraZeneca to broaden their AI-powered drug development collaboration to create novel treatments for systemic lupus erythematosus (SLE) and heart failure (HF). Additionally, Pfizer strengthened its multiyear collaboration with CytoReason to create immune system models based on cells using AI-driven drug development. Pfizer is researching the immune system and creating novel immuno-oncology medications by using these biological models.

Greater use of cloud computing

Cloud computing is one of the pharma industry’s most revolutionary technologies. Compared to old approaches, the use of cloud computing is assisting pharmaceutical companies in innovating and bringing new treatments to market more quickly.

A cloud-based architecture can be used to safely store large amounts of sensitive data. It also encourages data security, compliance with regulatory bodies, and the integrity of information. Once regulatory restrictions and safety issues are addressed, the cloud computing business in the pharmaceutical industry is anticipated to expand quickly. The technology additionally guarantees expert-level security and secrecy all through the clinical trial process.

The newest fashion is blockchain

Blockchain technology has steadily established itself as a significant new technology in the pharmaceutical industry. Each record, event, or transaction is kept in sequential, verifiable blocks on an open, decentralised, secure public ledger. A secure and convenient method of legitimate information sharing between enterprises is provided by blockchain.

Blockchain has a huge impact on the production of pharmaceuticals, the tracking and verification of medical supplies, the prevention of record fraud, and research and development. Its use is expected to grow in the future years. With data, the system enhances end-to-end supply chain visibility. Blockchain fills the gaps between stakeholders by giving everyone a precise, real-time perspective of the supply chain, which is essential for ensuring the resilience of manufacturing and the supply chain.

The General Data Protection Regulations (GDPR) and the Drug Supply Chain Security Act (DSCSA) of the FDA are anticipated to go into full effect in 2023. To comply with these rules, the pharmaceutical industry will need blockchain technology to enhance traceability and visibility throughout the value chain.

Additionally, businesses are working to ensure data security in the pharmaceutical value chain, where patient confidentiality is one of the main issues during clinical studies. For instance, Nebula Genomics is seeking to improve genome sequencing by using the technique. The company is building a genomic database to eliminate middlemen and help people sell their protected genetic data in a secure manner.

Another company operating in this sector at the moment is Encrypgen. The Florida-based startup has developed a platform based on blockchain that streamlines the exchanging, storing, selling, and buying of genetic data.

R&D in personalised medicine is increasing

Tailor-made or precision medicine offers immense promise for curing a wide range of illnesses, with the worldwide custom medicine industry predicted to rise to USD 717 billion by 2025. Particularly in terms of illness treatment and prevention, customised medicine has a lot of potential to advance healthcare in the future.

Research and development processes for customised medicine have advanced significantly as a result of recent advancements in big data, artificial intelligence, and genomic testing. Due to the availability of data, improvements in processing power, and artificial intelligence (AI), researchers may now create customised treatments using a constantly expanding collection of medical data.

The leading companies in the sector are creating revolutionary, tailored treatment methods. For instance, in 2022, AMPEL BioSolutions will unveil a cutting-edge genomic platform technology that employs RNA analytics and machine learning to define the patient’s genes and aid clinicians in clinical decision-making. The doctor will then be able to decide on the best course of action, especially for each patient, by doing this.

Digitalization has become essential in all areas for pharmaceutical businesses to maintain leadership, deliver accurate results, and improve operations. Companies that stay at the forefront of technical advancements are those that continue to pave the way and open up new chances in the healthcare sector.