Pharma Technology trends to watch for in 2022
With the current pace of development, we’re seeing a shift in technology trends throughout the pharmaceutical industry. While these changes are often in sync with the emergence of new opportunities, it’s also creating a lot of uncertainty, questions, and growing pains that every company needs to be able to successfully navigate in order to remain competitive. Below we discuss some of the Pharma-tech trends you should be on the lookout for in 2022. Having a clear understanding of upcoming changes gives you a better chance to make any adjustments before you fall behind.
Ongoing Changes
Taking advantage of rapidly changing technology is quickly becoming the “next big thing”; as newer technology continues to prove itself as the best means for innovation in the growing Pharmaceutical Industry. Throughout the past years, there has been huge growth within the Pharma industry that will continue into 2022. In fact, the global pharmaceutical technology market is expected to reach USD 167.7 billion by 2022 from USD 88.3 billion in 2016, at a CAGR of 12.8% between 2016 and 2022.
By 2023, we could see those numbers jump to as much as $1.5 trillion dollars.
9 Tech trends to look for in the new year
1. Increased use of AI and ML.
Modern advances in artificial intelligence and machine learning look like the next big thing for businesses in the Pharma industry. IBM for instance has been working on Watson for Drug Discovery—an ambitious project that uses data collected from molecular and biological sources.
2. Process Digitalization
The adoption of digital processes throughout all stages of drug development and manufacturing is likely to help companies achieve regulatory compliance. This process is quick and consistent, leading to significantly reduced time-to-market for new products. This trend will also support more efficient collaboration with external service providers, allowing companies to streamline their supply chains.
3. Increased Use of Cloud Technology
New cloud-based technologies are set to provide significant benefits for Pharma companies. AI and ML, for example, can now be quickly deployed on cloud platforms, making it easier for companies to access advanced technology that has previously been too expensive. Cloud platforms are also likely to help Pharma companies maximize their use of data throughout R&D and manufacturing processes.
4. Internet of Things (IoT) Growth
Developments within IoT will make big improvements to every stage of a pharmaceutical product’s lifecycle—from production and R&D to packaging and shipping.
5. Increased Focus on Research and Development
Pharmaceutical companies are expected to make some rather large investments in R&D over the next five years. In fact, new research suggests that Big Pharma companies could invest more than $100 billion into R&D throughout 2022.
6. Adoption of Blockchain Technology
New innovations in blockchain technology will likely play a key role in future Pharma R&D processes. As an example, more organizations are exploring how blockchain technology can be used to manage and share complex data sets that are generated during drug development.
7. Regulatory Oversight
One pharmaceutical company, Proteus Digital Health, has developed a digital capsule that’s able to communicate information about a person’s ingestion to doctors and caregivers through an app on a smartphone.
8. Big data
Big data has been generating buzz within Pharma for years, but only recently has it started to show signs of becoming a reality. Over time, big data is guaranteed to play an important role in drug development and manufacturing—from R&D, through clinical trials and approval processes.
9. CIO’s Leading Digital Transformation
The world of healthcare is changing rapidly; healthcare providers and consumers alike are adopting digital technologies at a rapid pace and more CIOs are leading the way when it comes to modernizing operations.
Key Takeaways
Daily advancements in technology are changing the way businesses operate in every sector, and the pharmaceutical industry is no different. While stringent standards and large-scale needs of the pharmaceutical sector make it critical for organizations to put sufficient time and effort into maintaining up-to-date systems.
