The pharmaceutical industry is worth about $1,204.8 Billion. But despite having so much capital at stake, pharmaceutical companies have introduced innovation to manufacturing, supply chain, and the retail of pharmaceuticals with caution. Things might be different this year, though. The fight against COVID 19 has highlighted the importance of renewing outdated processes and updating this sector’s technology.
There has also been a focus on changing how pharmaceutical companies view patients’ role in the drug design and manufacturing process. 2020 will also see big data and AI technology continue to take center stage in the pharmaceutical industry. Let’s consider the emerging trends of pharmaceutical companies are implementing them.
Emerging Trends of Pharmaceutical Industry in 2020
- SUPPLEMENTING WITH MULTIVITAMINS.
An emerging trend of the pharmaceutical industry in 2020 is the high demand for multivitamins. People began to focus more on their immunity, and dietary requirements as concerns over contracting disease and viruses began to turn into panic.
Healthcare professionals advised consumers to consider Recommended Dietary Allowance (RDA) dietary guidelines when buying multivitamins. As patients become pickier about which multivitamins, there will be a trend of consumers making informed choices about them. Tablets specially formulated to fulfill specific nutritional requirements like elevit with iodine will continue to remain in-demand, as prescribed for pregnant women.
- ONLINE PHARMACIES:
Another trend is the rise of online pharmacies. Due to social distance measures, fewer people are going to pharmacies. So people will continue to buy their medications from online pharmacies. Many new online pharmacy services have entered the industry.
Amazon’s new online pharmacy company Amazon Pharmacy is fully operational and set to dominate the market. Other new services introduced this year include GoApotik, which has partnered with an eCommerce retailer for distribution.
In the United Kingdom, click and collect options are becoming more popular. UK-based pharmaceutical giant Boots has also begun online ordering and drug pick up services. Introduced a click and order model, which is ex. Some countries have started a ‘continuity of care along with borders’ initiative. Filing prescriptions will be more straightforward because those issued in one country can get filed in another state.
Online pharmacies will only become more popular as consumers start to value ease of access to medicines. Most pharmaceutical companies will focus on online medicine distribution services for this year.
- MOBILE APPLICATIONS
People used more and more mobile applications to order medicines according to diseases. Some pharmaceutical companies introduced apps to remind users to refill their medications. Applications also get used for same-day deliveries of drugs and other essential supplies. Capsul reported a rapid expansion in customers by using this measure. Consumers will continue to shift their spending to personalized mobile apps in the future.
Patients will also interact more with pharmaceutical companies to focus on selling ‘experiences’ rather than products. Roche has been a shining example of this member. Their interactive mySugrApp engages patients with interactive dialog and modern engagement
- SERIALISATION
A lot of falsified medicines have begun to enter the market. In response to this, some national pharmaceutical regulatory bodies have made product serialization a requirement.
The FDA has introduced Track and Trace serialization procedure. Tracking serialization will show the drug’s current and past locations, and tracing ill show who came into contact with it. The European Union has followed a different approach to the issue. They require pharmaceuticals to connect their database to a central verification hub. Both of these solutions require long-term planning and technology updates.
These regulatory requirements will force pharmaceuticals to consider the introduction of big data into their central management systems. Companies are required to collect, store, and transfer data between different supply chain partners.
- EXPANDING OPERATIONS
A lot of pharmacies are also looking to expand their services. Customers are getting more interested in beauty and wellness products, while some pharmacies are trying to bridge the gap between nutrition and medicine. They have done this by connecting dieticians with pharmacies.
It has made it easier for patients with dietary illnesses to get proper nutrition. Other pharmacies are becoming one-stop shops for their customers. Kroger is now offering patient vaccinations and screening at their pharmacies. At the same time, trends of Pharmaceutical will continue to emphasize patient care.
Companies are also taking a broadminded approach to health. Patients will be intimately involved in making critical decisions about the sale, distribution, and production of drugs. There is also going to be a focus on a closer relationship with patients beyond decision making.
- TECHNOLOGY AND DATA IN PHARMACEUTICALS
Pharmaceutical companies are now using Artificial Intelligence (AI) has for drug development. Medical data is going digital with the help of AI. It will make patient care more efficient. AI analytics will also optimize how different healthcare professionals share medical information.
Companies are using AI to identify suitable drugs for medical conditions while cutting down costs and time. Atomwise used AI technology to develop a treatment for Ebola and with excellent results. The algorithm was able to suggest two drugs to reduce the Ebola activity within a day.
Some companies are beginning to use AI technology to automate workflow and production. Super pharm calls this AI order fulfillment in four steps. First, a robot picks up requested items from shelves. Then it delivers them to a worker for packaging. Then it takes them to the final labeling center. After which they get supplied to customers. We will only see more use of AI in the pharmaceutical industry in the future.
CONCLUSION
Emerging Trends in the pharmaceutical industry are not new. Both over the counter medicines and multivitamins have long been popular amongst consumers. The introduction of technology and AI also began in 2019.
Some trends are due to the COVID-19 pandemic. The switch to online operations is a direct result of social distancing measures. There will be a focus on making the drug manufacturing and distributing procedures efficient by integrating technology. Patient experience will be the main focus while manufacturing pharmaceuticals, and they will have increased participation in the process.