Pharmaceutical Sector New Technologies to Revolutionise Pharmaceuticals Industry
From IT to microelectronics via cancer screening and Smart Packaging: By integrating newer technologies, pharma companies can align with emerging trends and acquire a competitive advantage, recent studies indicate.
London/United Kingdom – In healthcare, there is a paradigm shift from a fee-for-service model toward value-based care. It is disrupting the business models and creating opportunities for pharmaceutical sector as well. Pharma companies are looking beyond sales of blockbuster drugs, and measuring success by care outcomes. To facilitate this, they are focusing on innovation through emerging technologies. For instance, digital pharma enabled by the concept of XaaS (Everything as a Service), wearables and artificial intelligence will aid in providing connected health and improving patient compliance. Similarly, precision medicine using cancer screening and smart pills improve patient outcomes and accelerate regulatory approval as well as market entry.
“The slow yet steady growth of technology convergence in pharmaceuticals is a positive shift in the direction of value-based care, personalization, and cost reduction,” said Tech Vision (a division of Frost & Sullivan) Sr. Research Analyst Debarati Sengupta. “Some of the emerging technologies have unveiled new business models and marketing strategies, helping in the growth of the pharma industry.”
“Growth in digital pharma, precision medicine, patient-centric medicine, and biopharmaceuticals will help address the depleting pipeline of innovative drugs, slow drug discovery and clinical trials, cost pressures and stringent regulations,” explained Sengupta. “However, integrating new complex technologies into established processes may require a heavy shift in the strategy, structure and culture of pharmaceutical companies.”
Some of the technology companies pharma companies must pay attention to:
- In information technology: InSilico Medicine, Stotle, AiCure, Cloud Pharmaceuticals, Cliniops, Medidata, IBM, Qualcomm
- In microelectronics or the wearable/smart pill arena: Gentag, Enable Injections, MC10, Proteus Digital Health, Rani Therapeutics, Chrono Therapeutics, West Pharmaceutical services, Medimetrics
- In cancer screening: Strata Oncology, Illumina, Myriad Genetics
- In smart packaging: Compliance med Technologies, TimerCap, Remind-A-Cap
Top pharma companies are already leading the way, collaborating with cross cluster technology companies in order to address unmet needs, get a disruptive advantage in industry, and gain diverse opportunities in the market.