Did you know that more than one-third of all Americans take prescription medications? Statistics like these highlight the value and importance of the pharmaceutical industry.
Many people couldn’t survive without their medications. By understanding some important statistics and trends in the medical industry, we can improve the industry and our society as a whole.
So if you’d like to learn more, then keep on reading and we’ll take you through everything that you’ll want to know!
Artificial Intelligence
Artificial intelligence (AI) once seemed to one be something that only existed in science fiction books. However, it’s now becoming more of a reality.
In fact, the global AI market is expected to be worth more than $30 billion in the next few years.
Currently, AI is already making the pharmaceutical industry better. It helps by using data analytics and predictive formulas.
Using AI in this way allows healthcare companies to measure patterns in sets of data. Now, they can learn more about different processes and medications.
Some companies are using AI along with Machine Learning (ML). They use this for real-world evidence (RWE) clinical trials and surveys. Using software powered by machine learning, healthcare companies can scan doctors’ notes and electronic health records to help patients.
Experts are also making libraries of AI models for different disease areas.
Other companies are using unique machine learning strategies, such as few-shot learning and representation to test new medications. These processes allow them to pick the best possible options for the situation.
Scientists can now get rid of big sets of data and speed up the drug development and discovery process.
Integration of Wearable Technology
By integrating wearable technology, companies that work within the pharmaceutical industry can do a lot more. They won’t just be trying to sell, advertise, and make medications.
This new technology allows patients to have more control over their health and conditions. It helps them make critical decisions.
There are already a wide variety of remote patient monitoring tools out there. They make it easy for doctors to track blood pressure and glucose metrics.
They can also now keep a close eye on chronic conditions like diabetes, asthma, and sleep apnea.
Some pharmaceutical companies are now making mobile wrap-around. These are devices that monitor patients who have been diagnosed with atrial fibrillation. The collected data is immediately sent to the patient’s doctor.
Other companies are helping diabetics track their glucose levels in real time.
Data Analytics and Management
Launching a new drug isn’t easy. It takes a lot of time and money to accomplish. These costs are some of the biggest obstacles to pharmaceutical companies and drug innovators.
For example, did you know that it now costs more than $2 billion on average to develop a new biological medicine or molecular compound?
These high costs can have serious downstream effects. When companies are reluctant to invest in new drugs, then there won’t be adequate dispatching and development of effective treatments.
By utilizing big data, pharmaceutical scientists can speed up these discovery processes. This leads to a much faster process of designing and selling new medications.
Companies can also use big data to help them figure out what a drug’s side effects will be early on. This will reduce the amount of time that’s needed for a clinical trial.
The cost of pharmaceuticals is inflated by the costs of development and research. By shortening these stages, we can lower the costs of drugs for consumers.
Precision Medicine
The development and implementation of precision medicine are a big deal. They allow us to have new ways to treat and diagnose diseases.
These advancements utilize the patient’s lifestyle and genes to help doctors make accurate conclusions backed by data.
Over the next few years, the precision medicine global market value is expected to be more than $90 million.
This growth is thanks to the big successes of recently targeted treatments.
When precision medicine is implemented at its fullest potential, it will completely change the way we approach oncology. it will make it possible for customized treatment for each patient.
Currently, precision medicine is only at its beginning stages and has a long way to go. But it has the potential to provide totally customized treatments for patients.
Real-World Data
Real-world data is fairly new to the pharmaceutical industry but has already been used to great effect. For example, we saw this used by Kenneth Chien Moderna founder, and others during the coronavirus pandemic.
Healthcare companies all over the world used real-world data to make vaccines.
It’s used to decide how safe a product is and figure out what the side effects are before a regulatory decision is made.
Wearable devices, biosensors, computers, and mobile devices all track and store valuable data. This data can be used by doctors and other healthcare professionals to come up with new clinical trials and solve various problems.
Understanding Pharmaceutical Industry Statistics
Hopefully, you now understand just how varied and important the pharmaceutical industry is. As we can see, this industry is extremely valuable and is constantly innovating and coming up with unique solutions.
This knowledge can help us better understand how the industry works and where it’s heading. Treatments will continue to get more sophisticated. Soon, patients will be treated in new and personalized ways never before attempted.
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