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The global pharmaceutical manufacturing market is pegged at $1.25 trillion and is increasing at a fast pace. With such massive investments at stake and technological revolution happening fast, the pharma manufacturing industry is growing by leaps and bounds. According to statistics, the top-performing drug companies are reinvesting 20.8% of revenue into new drug development.
The AI in the healthcare market will reach a whopping $31.3 billion by 2025, growing at a compound annual growth rate (CAGR) of 41.5%. There are more than 230 startups globally that are using the power of AI in drug discovery. With its tremendous speed, numerous applications, and flexibility, AI has a lot to offer in this field.
Companies are using AI to predict the most suitable drugs for specific conditions at low cost and record times. Atomwise, a leading AI drug research company, partnered with the University of Toronto and IBM to develop a treatment for the Ebola virus infection. Thanks to AI’s exceptional power, the analysis that takes many months/years was done within a day.
Medicine manufacturing companies need to keep in mind that today’s patients are well aware of health issues. They are part of countless online communities that update them on health matters and have access to numerous health trackers that provide rich data on vital health parameters from time-to-time. Therefore, if pharma manufacturing companies want to expand at lightning-fast speed, they need to involve patients in advisory boards and their decision-making processes.
Virtual movements display the power people have. The #wearenotwaiting campaign allowed people to vent their anger on pharma manufacturing companies and regulatory bodies for failing to provide innovative products to control diabetes. As a result, the open-source DIY artificial pancreas was born. Later, the growing public support also gave rise to:
a. Discussion platforms like DiabetesMine that provides the latest diabetes news, views, and reviews,
b. Tidepool, a cloud-based solution that helps with diabetes management by providing accessible, actionable, and meaningful insights.
In-silico testing is the new word in the town. It refers to conducting medical tests and clinical trials on virtual patients through computer simulations instead of real bodies. This method saves enormous time and costs and eliminates the side effects on human and animal bodies.
Recently, researchers at the Wyss Institute have developed organs-on-a-chip that helps pharmaceutical manufacturing companies in areas like drug development, disease modeling, and creating personalized medicine for patients. Medicine manufacturing companies should integrate with institutes such as Virtual Physiological Human (VPH) that will enable them to research heart diseases and osteoporosis on digital models.
Logistics plays a significant role in every industry, including pharma manufacturing. Technological disruptions transform the drug supply chain by cutting drug development time, increasing safety, and equipping the workforce, thereby shortening the time it takes for drugs to reach the patients.
Robots are also playing a significant role in revolutionizing the pharmaceutical manufacturing industry. Denso Robotics, a premier pharmaceutical/medical robotics manufacturer, brings automation in the medical manufacturing process. Exoskeletons are augmenting manual laborers’ strength by helping them stand in uncomfortable positions for long hours and allowing them to pick and move heavy objects around. Pharmacies are also using robots such as the PharmASSIST ROBOTx as dispenser aides.
Blockchain is also reshaping the drug supply chain for good. The counterfeit drug trade business takes tens of thousands of lives every year and is, unfortunately, increasing. Blockchain can play a significant role by allowing companies, governments, and international watchdogs to monitor and curb the supply of fake drugs. It has a barcode record system that allows keeping an eye on the movement of drugs from the manufacturer to the patient. This real-time tracking of medicines makes it hard for drug smugglers to continue operating their racket.
Pharma manufacturing companies invest time and money in developing pills that can save human life and reduce/eliminate damage caused by harmful diseases. Pre-exposure Prophylaxis (PrEP) is an HIV prevention method that significantly decreases the chance of contracting HIV and curbs the spreading of the infection to different body parts. Gilead, a leading pharma manufacturing company, has developed Truvada, the only globally accepted pill to prevent HIV.
With the deterioration in peoples’ lifestyles and sudden environmental changes, the number of patients is rising. Pathogens are also becoming resistant to drugs. Keeping these factors in mind, pharma manufacturing companies have a tough road ahead. By investing and developing relevant technologies, they can capture a big market and massively increase their profits.
At this juncture, it is essential to introduce Pharma ERP that can correctly manage all your needs in one place. It handles everything smoothly — from drug discovery and distribution to pharma market analysis and adherence to government regulations.
At Sage Software Solutions (P) Ltd., we are home to world-class ERP software and CRM software that will solidify your business tech support fundamentals and enable you to build a customer-centric organization.
Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.