By 2023, pharma industry is expected to be worth more than $1 trillion
As a part of Express Pharma’s January 2023 cover story, Raheel Shah, Director, BDR Pharma, shares his views below.
The pharma industry has experienced tremendous growth in recent years, and the outlook for 2023 remains optimistic. By the following year, the industry is expected to be worth more than $1 trillion. This is due in part to the thousands of compounds currently in the final stages of clinical development, as well as hundreds of new products with approvals expected in 2023 and beyond. This level of pharma products is unusual, and hasn’t occurred in over a decade.
AI is a term that is gaining traction across all industries. It is the use of computer systems to perform tasks that would normally require human intelligence. Decision-making, speech recognition and visual perception are examples of such tasks. It also allows for information to be translated between different languages. The use of AI in pharma industry is expected to expand in various roles, such as accelerating drug discovery and development. clinical trials, fraud detection and overall medication improvement are some of the areas that will benefit from AI.
As blockchain technology has grown in popularity in the financial sector, companies in the pharma industry have begun to explore new applications for it. The primary goal of blockchain technology is to simplify transaction processing while also improving security and transparency without the need for a third party. Blockchain technology, when used by pharma companies, can help boost efficiency by streamlining processes. This is true for transactions involving medical clinics, hospitals, regulators and other stakeholders. It can also improve the results of research and development.
Medication pricing will occasionally make headlines, especially when there is the outrage over the high cost of life-saving drugs. The examination of drug prices and continued scrutiny to detect impropriety will continue in 2023.
One of the operational trends that will grow in 2023 is the use of digital training to ensure the proper and efficient use of implemented technologies. This is also done to ensure regulatory compliance. Pharma companies and pharmacy employees, like those in any other industry, must be well-versed in regulations and be able to navigate the various systems put in place in a way that complies with them.
There is a greater emphasis on the worth of medications. As a result, pharma companies are more concerned than ever about ensuring that research and development are directed in the right direction. There is an effort to improve effectiveness and efficiency in meeting patients’ needs while also protecting the bottom line.
To read more stories in the January 2023 edition, read our digital issue at: https://www.expresspharma.in/express-pharma-january-2023/