The healthcare industry is constantly evolving, and the pharma industry faces new and unique challenges each year. This makes it essential that businesses in this sector remain informed of current trends if they hope to successfully navigate the future. Over the next few years, many changes are likely to occur in the pharma industry as digital transformations take hold, and customer needs continue to change. In this blog post, David Skriloff takes a look at what some of those developments may be between now and 2023 so that you can prepare your organization for continued success.
David Skriloff Lists The Trends In The Pharma Industry In 2023
1. Rise of Generics: By 2023, generic drugs are expected to be a major game-changer in the pharmaceutical industry. According to David Skriloff, the cost of generics is much lower than that of branded drugs, and they account for almost 90% of all prescriptions worldwide. Not only will this help bring down overall healthcare costs, but it may also lead to increased access to medicines for those who cannot afford them. Additionally, as patents for certain medicines expire, more generic versions will become available, which could further drive down prices and increase availability.
2. Increase in Digitalization: Digital technology has already had an incredibly disruptive effect on the pharma industry by providing better data collection methods, improved patient engagement and satisfaction levels, and even predictive analytics capabilities. By 2023, digital technologies will be even more deeply embedded in operational infrastructure and provide greater insights into the customer experience. This could mean a massive shift towards digital healthcare services as well as greater efficiency and cost-effectiveness across the industry.
3. Expansion of Biopharmaceuticals: Biopharmaceuticals are drugs derived from living organisms such as bacteria, plants, or animals. Over the last decade, these have become increasingly important for treating complex diseases like cancer, diabetes, and HIV/AIDS. By 2023 biopharmaceuticals will continue to rise in popularity due to improved efficacy, fewer side effects, and fewer manufacturing costs when compared with traditional synthetic drugs.
4. Increase in Personalized Medicine: Personalized medicine uses genetic information to create personalized treatments for each individual patient. By 2023, this type of medicine is expected to become much more prevalent due to improved technology and data collection methods. This could lead to better outcomes for patients as well as heightened efficiency and cost-effectiveness in the industry.
5. Growth of 3D Printing: 3D printing has revolutionized manufacturing processes across many industries, says David Skriloff, including the pharmaceutical industry. By 2023, it will be used extensively in drug production, from raw materials sourcing to product delivery. 3D printing can provide near-instantaneous customization of medicines and greatly reduce costs associated with drug synthesis and development. Additionally, as 3D printers become more widely available, they are also likely to drive down prices even further by giving customers access to their personalized prescriptions at a fraction of the cost.
David Skriloff’s Concluding Thoughts
Overall, by 2023 many changes can be expected within the pharmaceutical industry – from increased availability of generic drugs and biopharmaceuticals to greater digitalization and personalization of treatments. Additionally, 3D printing will continue to revolutionize drug production processes. According to David Skriloff, all these trends point towards improved efficacy and cost-effectiveness within the sector as well as better care for patients around the world.