The recent advancement in technology and rising awareness in healthcare are the major factors leading to exponential growth in the pharmaceutical industry. The industry is also bullish on the ever-increasing investments, new innovative start-ups, expiry of several essential patents, market share gains of existing products, inter-organizational partnerships and favourable regulatory norms. In spite of the pandemic blues, experts in the domain predict the industry in India to touch the US $100 billion by 2025 (1).
Let us enumerate some of the trends that have been forecast for this vital sector in 2021.
Welcome Artificial Intelligence
The continuous development in the niche area of Artificial Intelligence (AI) and other modes of digitization will continue to accelerate the drug discovery and development processes. AI simplifies the identification of eligibility criteria, the inclusion of patients and the cohort identification process, as well as renders it cheaper.
Many start-ups are using this new era of digitization to overcome the challenges faced by the industry – they are successfully coming up with practical solutions like automation of the manufacturing systems, effective marketing plans and path-breaking post-launch strategies (2).
Evolution in spending on medicine
Significant growth in medicine spending has been projected for 2021. This trend is expected to gain steady traction thanks to upcoming novel products as well as technological advancement – it is estimated to be in the tune of S1.4 trillion by the close of 2021, as per a report by IQVIA’s 2019 Global Use of Medicine (3).
Flexible production
The industry is exploring innovative manufacturing methods, such as small batches for precision medicine. Single-use technology will continue to gain more ground since it reduces downtime, enhances productivity and minimizes wastage. Biopharmaceuticals will carry more focus on them in 2021, riding on new bioreactor systems and steady growth in manufacturing processes.
Higher patient engagement
Pharmaceutical companies are expected to continue to reinvent their digital engagement for a seamless, consistent, intuitive and simplified customer experience. More meaningful collaborations with doctors for effective patient management is the order of the day. The companies will also look at newer sales strategies aimed at servicing customer needs more efficiently.
More global collaborations
The near-future will witness more global collaborations in key areas like R&D as well as drug manufacturing. These new partnerships forged internationally will be built on mutual trust and value systems. This will open up enormous opportunities for T-cell banking, development of novel raw materials and niche medicines. India and the United States of America are poised to play a pivotal role with regard to these futuristic tie-ups (1 & 2).
Shubham Pharmachem: Continuing its growth story
Being one of the top pharmaceutical companies in India, Shubham Pharmachem will continue to contribute to the growth of this industry. It is well-poised to further stamp its authority for its production of top quality Active Pharmaceutical Ingredients, herbal extracts, nutraceutical ingredients as well as cosmetic ingredients. Supply chain protection, R&D investments, optimum utilization of the factories and ensuring continuity of supply by working closely with vendors will be the key focus areas of this top brand in 2021.
Disclaimer:
Shubham Pharmachem’s blog posts have been coined with the information gathered from approved medical journals and websites online. Our research and technical team strives to provide relevant information through such articles. We strongly advise readers to not consume or administer any medication without prior consultation with their doctor.
References:
- Kruglyak, I.Pharmaceutical Industry in 2021: Top 11 Pharma Trends – Avenga. [online] Avenga. Available at: https://www.avenga.com/magazine/pharmaceutical-industry-trends/#:~:text=1.,by%20the%20end%20of%202021
- Five trends to watch out for in the pharma industry in 2021 – eHealth Magazine. [online] Ehealth.eletsonline.com. Available at: https://ehealth.eletsonline.com/2020/12/five-trends-to-watch-out-for-in-the-pharma-industry-in-2021/
- Express Pharma. Reimagining the next era of doctor engagement – Express Pharma. [online] Express Pharma. Available at: https://www.expresspharma.in/marketing/reimagining-the-next-era-of-doctor-engagement/
