The pharmaceutical industry has experienced significant growth in the past 20 years. In 2019, its worldwide revenue was $1.25 trillion.
What do advances in medicine and a global shift to a more healthy lifestyle mean in pharma's future?
Technology can help medical professionals identify illnesses much sooner. These early interventions may curb diseases from developing. Then there are also non-pharmacological preventive measures.
These factors will determine how current pharma companies operate in the future. They may cause a shrinking product market for some companies.
For proactive enterprises, they present growth opportunities to supply equipment to the healthcare, pharma sectors, and more. American BioTech Supply mentions how freezers, for example, play a fundamental role in the successful operation of laboratories and medical facilities.
Here are changes that could alter the course of the pharmaceutical industry. Leadership is vital as corporations that ignore these signs could be in trouble.
Early Detection and Prevention
Artificial intelligence will allow us to detect and preempt illnesses before they occur. There'll be more disease prevention and cure. Treatment for some conditions will no longer be necessary.
By 2040, fewer people will need medication for long-term conditions like high cholesterol because of better nutrition and a healthy lifestyle. We’ll see a reduction in demand for generic drugs that treat those illnesses.
The effect on revenue will be huge as these medicines account for 90% of all prescriptions sold. Companies relying on volume sales will now have to focus on target-marketing. They must deliver health products and services that people want.
We know that general therapies that work for a patient may not have the same effect on another. Treatment can be more successful with personalized dosages.
However, it’ll take a lot of data to identify the proper therapy for each person. Companies need to offer customized drugs. The change in the business model will impact their growth and sustainability.
Treatments that cure illnesses can also lower the demand for prescription meds. For instance, studies show that gene and cell therapies can successfully treat diseases such as certain cancers.
Biopharma companies will need new measures to develop and market these curative remedies.
Digital therapeutics are programs that help prevent, treat, or manage a disease. The technology helps patients adopt a holistic approach to managing their illness.
For instance, there are specialized digital programs for people with diabetes. They include a blood-glucose monitor, action tips, and personalized coaching.
Doctors can now track drug therapy in real-time and intervene before the condition worsens.
Targeted medical intervention can also cut down the demand for drugs. The following technologies can improve cancer treatment, infectious disease, and chronic pain:
As the capabilities of robotic surgery advance, it can reach previously-unreachable sites. Soon, there’ll be no need for standard medical procedures such as chemotherapy.
Microscopic particles can reach affected tissues and deliver precise treatment with nanotechnology.
3D printing can create highly-customized medical products at a low cost. These items include prosthetics, organs, and dental and orthopedic implants.
The Future is Bright
There’s a promising future for pharma companies if they take advantage of the changes. Those mentioned in this article are just the beginning, and there’ll be many other significant advances to come.