How Will the Pharmacy Industry Look in the Following Years?
The international pharmaceutical market is worth more than $1.2 billion. Yet, this industry is far from perfect, and without competitive viability, it’ll collapse. Should this happen, advances in medical science will dwindle with it.
We should keep in mind that it’s these achievements that have made modern medication possible. Even though today’s medicine is borderline miraculous, there’s always room for improvement. People don’t realize that the Pharmacy industry plays a vital role in this progress and our everyday lives.
Fortunately, the Pharmacy industry keeps up with technological disruption, quickly adapting to the ever-changing times. Realizing the need for new drug development, leading pharmaceutical companies re-invest more than 20% of their annual income into research.
With patient empowerment, quality products from American BioTech Supply, 3D printed medicines, and leaps in AI, we’re bound to see some tremendous changes over the next decade. Here are some of the trends that the Pharmacy industry will be focusing on in the coming years.
Patient Involvement in Drug Design and Advisory Boards
Due to modern tech, we live in an always-connected world in which people are more than ever empowered to make their demands heard. Therefore, involving patients in decision-making processes is crucial to any drug company wanting to retain its competitive edge.
Creating online platforms like Antidote ( which seeks out and matches patients to appropriate clinical trials) enables pharma companies to minimize costs related to delays in finding the right participants and speeds up the clinical trial process.
The time has come for pharmaceutical companies to realize that their drugs are destined for use by the end consumer. Both parties will benefit from having medications better designed for patients, maximizing convenience in a more controlled manner.
In Silico Trials: No Humans or Animals Will be Harmed
In silico experiments are conducted using computer-simulated organs, making it possible to circumvent In Vivo clinical testing completely. Apart from being both cost and time-efficient, it also eliminates the need for animal testing and bypasses the side effects in animal and human participants.
Unfortunately, 100% clinical trial simulation isn’t yet possible due to a lack of biological understanding and technology. However, there’s been considerable progress in this field, particularly in the form of organs-on-a-chip.
Even though the industry is far from the so-called human-on-a-chip, major pharmaceutical companies envision a future where this advancement is possible.
Time and Cost Efficiency With AI Tech for Research and Development (R&D)
It’s estimated that globally, AI in the healthcare market will exceed $31 billion by 2025, growing at a phenomenal 41.5% CAGR (compound annual growth rate) over the forecast period.
Drug companies aren’t left out of this equation, contributing a considerable percentage to this growth. This proportion is attributed to the time, and cost efficiency brought about in this sector by AI’s broad range of applications.
Various companies are using AI to identify the most appropriate drugs for specific conditions. What usually would take months or even years to complete can now be done in a matter of days, severely cutting down on overall costs.
To Wrap Up
No one can predict the future. The best we can do is analyze the market situation and make educated predictions about where we’re heading. Yet, drug companies can no longer afford not to listen to consumers, making patient involvement in drug design and decision a dire necessity.
Furthermore, time and cost efficiency is vital to the future of medical technology, making it impossible to ignore AI advancement.