Innovation, digitization will drive the sector
The pharmaceutical sector has evolved rapidly during the COVID-19 pandemic and become more agile and responsive to the new market realities and demands of healthcare across the globe. As digitization transformed the whole healthcare sector across the globe, technology disruption in pharma also contributed to new developments in this space. The sector is now increasingly looking at new strategies and approaches to enhance the process and product efficiency.
Top trends in pharma marketing in 2022, like patient-centricity, personalization in healthcare solutions, and changing relationships between healthcare providers and patients will continue to dominate the sector in 2023 as well. The pharma sector is an evolving space with a focus on improving the expertise of human resources, leveraging technology to optimize both cost and quality of outcomes, as well as encourage scientific innovation.
As we step into 2023, let us explore trends that will take center stage in India’s pharma setup and the new market realities for the sector in the upcoming year.
With the pandemic having a ripple effect, the digital transformation of the pharma sector will take a center stage in 2023 as one of the trends. There is no doubt that the latest technologies such as Artificial Intelligence (AI), AR/VR, Machine Learning (ML), and additive manufacturing are helping pharma companies. This includes conducting trials in less time, improving the R&D process, and adding innovation to the products as well as improving compliance and efficiencies in manufacturing.
To move up the value chain, the pharma industry needs to focus on innovation. The sector needs new product launches and a strong innovation pipeline every year along with more R&D for emerging diseases or infections. The idea should be to have a core focus on patient needs while enhancing pharma’s significance in new drug development, biologics, and innovation. Pharma companies are also expected to put more focus on the usage of technology, biological sciences, and cell, and gene therapy, as part of the trend.
When medication is produced based on a specific patient diagnosis, it refers to personalized medicine. The purpose is to ensure the drug is tailored for optimal effectiveness and patient outcomes. According to reports, the use of precision medication has demonstrated a higher level of effectiveness than other options. However, the problem that manufacturers are facing is that a smaller quantity of medication is produced, which means there is more than one treatment variation.
Pertinent to mention here that the production of precision medicine requires facilities that are specialized and smaller than most factories. The year 2023 is expected to give space to this trend as the methods used to produce precision medicine are refined, though it has posed problems for manufacturers.
To take on the new challenges and grab opportunities in 2023, regulators and industry stakeholders can align with each other, to chart an impressive growth trajectory. The pharmaceutical industry in India is the third largest by volume across the world and the fourteenth largest in terms of value. As per the Economic Survey of 2021-2022, the Indian pharmaceutical industry is expected to reach $65 billion by 2024. Keeping this in mind, a close-knit association between regulators and industry leaders or stakeholders is imperative, but at the same time, no compromise on quality should be made for the sake of competition.
(The author is CEO, Entod Pharmaceuticals)
