Introduction
So, what are the factors that drive growth in the global pharmaceutical market?
The importance of pharmacovigilance is self-evident during pandemic times. There are many activities before the actual roll-out of a medicine or vaccine. The journey includes efficiency tests, side effect detection and prevention methods, risk assessment through various clinical trials to name a few. It involves sharing this data with the patients and healthcare professionals, with a midway balance of the tested healthcare products pros and cons. Pharmacovigilance enables the usage of data mining for high-risk decision-making.
Do you know?
Global Pharmacovigilance Market is estimated to reach USD 13.8 Billion by 2027, with the leading region being North America. Source
A booming field of artificial intelligence, Natural Language Processing is a great asset for pharmaceutical organizations worldwide. It is a highly sought-after help to drive insights from unstructured medical data. Artificial Intelligence is witnessing a year-on-year growth of 100% with worldwide revenue figures. Undoubtedly, it is expected to reach almost USD 125 billion in 2025. Analyzing the applications of artificial intelligence, NLP still holds a major stake in it, a figure amounting to USD 4.3 Billion in 2026 approximately.
One of the crucial elements in developing and testing any medicine/vaccine/service is the research and development behind it. A most interesting trend of 2022 is the ongoing digital transformation efforts which aim at multiple benefits. It is constantly trying to reduce the cost of research and development, elevating the efficiency ratio. Pharma companies are coming up with high-end technologies that will further enhance and expedite the process of drug development and run cost-effective clinical trials.
Sometimes, it may happen that a particular drug discovery is not going as per the plan in action. In such cases, the R&D team needs to change the course of action and proceed toward the more yielding path with a revised and improved algorithm. The organizations associated with life-science innovations like microbiology and biotechnology are considering artificial intelligence, cloud computing, machine learning, and other such advanced contemporary technology for the betterment of the end result.
Predictive medicine has become the need of the hour given the lifestyle of a majority of people in 2022. It acts as a savior by predicting a health issue before the disease takes serpentine measures. A proactive approach saves highly on health conditions, time, money, efforts, and resources and spares the patient and his/her family from the hassles of prolonged and costly treatments without much scope left in hand. Machine Learning when combined with data analysis can work wonders to track the effectiveness of different therapies on patients. With the increasing awareness of genetics and associated diseases, the application of big-data analytics is rapidly booming. Following the analytical patterns of big data is helpful in understanding patient responses towards the medication.
The market size for business intelligence and analytics software applications is forecast to increase worldwide over the next few years from 15.2 billion U.S. dollars in 2020 to more than 18 billion in 2025. Source
5. Cybersecurity
Ever since the outbreak of the Covid-19 pandemic, the Healthcare industry became the favorite industry for all. It is a gold mine of sensitive information which encompasses financial, social, and many other confidential aspects of a patient which they might not like to be disclosed. The chances of such incidences increase especially when high-profile patients like celebrities, politicians, sports personalities, etc. are concerned.
Cybersecurity is no longer just regulatory compliance to be maintained in theory. In its improved versions, it’s a highly sought-after practical aspect for the good health of sensitive data and information. International Cybersecurity compliance like ISO27001, SOC 2, and GDPR are gaining more importance in establishing a trustworthy rapport. Organizations around the world have to slowly and steadily transform their working styles, technical systems and educate their employees on the growing importance of cybersecurity and the repercussions on the breach of the same.
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Conclusion
Hearsay spread rapidly with the Covid-19 pandemic’s outbreak reshaping the entire healthcare industry and pharmaceutical footprint. It has only ignited the dormant trends that were previously existing. The fields at the forefront are steady Digital transformation and patient engagement, partly remote and physical. Telemedicine and remote patient monitoring will change the face of patient interaction. Today, patient convenience-convenience in the form of easy access from the comfort of homes/offices/personal space, etc., enables healthcare professionals like physicians, nurses to record and analyze various data for a better course of treatment.
