The pharmaceutical industry is witnessing a massive revamp due to the development of several technologies, according to StartUs Insights. Here is a little insight on the top trends shaping the pharma industry for 2021.
The use of artificial intelligence (AI) and machine learning is accelerating the drug discovery and development processes. These technologies can be used to address various challenges such as automation and optimization of the manufacturing processes, as well as designing effective marketing and post-launch strategies. AI simplifies the identification of eligibility criteria and the inclusion of patients and also makes the cohort identification process faster and cheaper.
Big Data & Analytics
The large volumes of data available throughout the drug discovery and development process require high-performance systems to properly analyze data and derive value from it. Pharmaceutical companies are looking to open up their critical data to third parties, thus making data management a crucial area of focus. The advancement in analytical techniques is also turning historical and real-time data available with pharmaceutical companies into valuable assets for predictive, diagnostic, prescriptive, and descriptive analytics. These analytics techniques are used on almost all types of medical data such as, patient records, medical imaging, hospital data, etc.
Precision medicine comes from the idea of treating each patient as a unique individual. Advancements in omic and data analysis are providing new insights into how the human body responds to drugs. This knowledge is making personalized medicine a reality by providing the right dosage for drugs based on age, sex, comorbidities, and other clinical parameters.
Pharmaceutical companies are also rethinking the manufacturing process. Research is currently underway for making advanced 3D printers that print tissues or cells. 3D printing of human tissues has great applications in drug development, organ engineering, and regenerative medicine. This allows the development of age or physiology-dependent medical formulations, as well as precision pills. Bioprinters also help in pushing innovation in bionics, tissue engineering, and microfluidics.
Real-world data (RWD) and real-world evidence (RWE) are transforming innovations in the pharmaceutical industry. RWD includes patient health status, treatment data, and health reports collected routinely. The pharmaceutical industry, owing to its research-intensive nature, has to make sure that the data they use is reliable and of real value. The availability of real-world data enabled by the Internet of Things (IoT), sensors, and wearables is restructuring the way the pharma industry is functioning.