Today, to succeed in the pharmaceutical industry, keeping a check and reassessing strategies is of high importance to pharma companies. This will help pharmaceutical companies to understand and identify the new pharmaceutical industry trends and stay a step ahead of their competitors. Leaders in this industry should retrospect and ask questions on their strategies to grab the best opportunities, mitigate challenges, and fulfill the demands created by the dynamic pharmaceutical industry trends.
At SpendEdge, we continuously analyze the latest market trends and developments to help companies devise effective strategies to reduce spend and boost profits.
Pharmaceutical Industry Trends
Entry of tech giants in the pharmaceutical industry
The pharmaceutical industry is going to be a hunting ground for tech giants like Google and Amazon this year. This is one of the emerging pharmaceutical industry trends that will create a huge opportunity for growth and investments in the industry. These giants are expected to make extensive investments in pharma and biotech initiatives, which is good news for the pharmaceutical companies.
Quality checks and safeguards
Manufacturing products that are of suboptimal quality are going to be a big “NO” for pharma companies in 2018. This is one of those pharmaceutical industry trends that will ensure that only high-quality drugs enter the market. Huge investments in this industry over the past few years have filled the required pipeline of drugs.
Advent of GDPR
EU’s General Data Protection Regulation (GDPR) marks the introduction of a new set of regulations that are related to assembly and collection, storage, and processing of personal data of the customers. With the advent of this new set of rules for the protection of personal data, breach of data and information may lead to greater financial and legal complications for companies in the pharmaceutical industry. This is one of the evolving pharmaceutical industry trends that will compel companies to safeguard the privacy of personal data of the patients and customers.
Arrival of artificial intelligence
The benefits of using advanced technologies are going to contribute towards the growth of the pharmaceutical industry, even more in 2018 through artificial intelligence, machine learning, and the Internet of Things (IoT). Through such technologies, benefits like information deployment and analysis of data to keep clinical operations updated of upcoming pharmaceutical industry trends can be achieved. Also, this will help in auditing reports and simplifying unexpected events for the practitioners of pharmacovigilance. According to many market analysts, decisions made by AI and humans will be compared a lot, in the days to come. But a thing that is obvious is that standardization of data will be required to finally make this trend a success.
2018 is going to witness the ruling out of traditional push marketing and it will be replaced with pull marketing, which basically means that the pharma companies will target its consumers through high-quality content, prime and valuable services, and will be more focused on building a long-term relationship through various groups that engage customers. Digital health and enhanced user experience are going to be the two prime concerns of companies in this business. This is one of the critical pharmaceutical industry trends that will define the patient-centric approach of the industry in the days to come.