Article written by Rosie Jennings Exclusively for Coachingandlife.
The pharma industry
The pharmaceutical industry is an ever-growing field. It constantly seeks to improve itself since it’s responsible for developing and distributing drugs.
As a result, the pharmaceutical market size is predicted to reach $2,067.36 million by 2028 because of this. Other factors influencing this growth are emerging chronic diseases, the increasing geriatric population, and competition among pharma companies.
As such, the pharma industry is making several internal changes to keep up.
Here are just a few of the resulting trends that pharma companies and professionals can expect in 2023:
The use of artificial intelligence
Using AI saves time, allowing workers to focus on responsibilities that need human supervision, such as conducting clinical trials and talking to clients.
There are many possible applications of AI in the industry, such as drug development and prescribing medicine. It can help analyze drug effectiveness by identifying patient response markers.
Additionally, it can determine the correct dosage for patients to ensure their safety in using a given drug. In the following year, you can count on AI to assist professionals and streamline their workloads for a more efficient pharma industry.
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An increase in digital training
Aside from AI, the pharma industry will utilize other digital processes next year. Among these are data collection, home testing procedures, and customer experience optimization.
Thus, pharma professionals must know how to use specific equipment and execute these digital processes.
This is why upskilling in terms of digital training is needed to keep up with the talent demand in the industry. In fact, 88% of clinicians worldwide agreed that being technologically literate is a vital part of their daily role.
Pharma professionals should look forward to gaining new digital skills in the coming year to keep up with the industry’s digital process applications.
Some learning areas they may encounter are real-time drug monitoring processes, document digitization, and predicting diseases.
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More focus on precision medicine
This contrasts the one-size-fits-all method that limits itself to treating the average person.
While this isn’t new, the pharma industry will pay more attention to precision medicine in 2023 to increase positive patient outcomes.
One application of this is in treating and preventing heart disease. Patients reporting chest pains often undergo routine tests, which exclude their genes and lifestyles. This sometimes results in misdiagnoses since chest pain manifests differently per person. Precision medicine considers patient specifics like their lifestyle, helping doctors make more accurate diagnoses and effective treatments.
Overall, precision medicine is improving healthcare experiences.
Expansion of research and development
All of these rapid developments aim to provide better healthcare and prevent the spread of emerging diseases that may escalate into pandemics. With these efforts, pharma professionals and citizens can bank on a safer world.
Discounts and lower medicine prices
Healthcare is an expensive necessity.
In 2020, healthcare spending grew by 9.7%, or the equivalent of $12,530 per person, for a whopping total of $4.1 trillion.
This is unaffordable for many, but one initiative fortunately lowers drug costs.
The passage of the Inflation Reduction Act permits government health programs like Medicare to negotiate drug prices and punish pharma companies that don’t comply with drug-pricing rules.
This way, people can rest assured they’re not overpaying for medicine. It’s a huge step in making drugs more accessible, so expect lower medicine prices in 2023 and beyond.
As the pharma industry grows, so will its practices.
Anticipate more digital training efforts, an emphasis on precision medically, and AI in drug development next year for better health experiences.
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