Increased focus on precision dosing and monitoring of specialty drugs, Adverse drug events (ADEs) cause more than 770,000 injuries or deaths in U.S. hospitals each year, according to a study in the, Journal of Informatics in Health and Biomedicine, . Sponsors’ and CROs’ priorities will also shift in other ways, according to Reites. “Studies will embrace decentralized trial approaches as design options earlier in the clinical trial planning process,” Reites said. About the Pharma 2020 series. Drug discovery. Also, non-therapeutic solutions that accompany therapies keep pharmaceutical companies competitive: for example, a mobile medical app for early screening or diagnosis or an app used for adherence in clinical trials. The global revenue of the pharmaceutical market is 1.2 trillion dollars. My prediction? Here are some approaches pharmaceutical companies should consider: Services that go “beyond the pill” help bolster revenue growth, especially in the face of drug patent expirations, generics, and biosimilar products entering the market. Given the increased transparency stemming from the digitized supply chain mentioned in the prior prediction, “inventory management will become more tightly focused,” Paralkar said. Better internal and external communication, more collaboration and smarter, data-based decisions that will not only improve customer engagement, but will also increase the understanding of how to best serve these customers. What can you say about a year in which “pandemic” was Merriam-Webster’s word of the year? To future proof business, pharmaceutical companies must easily adapt and scale with a platform that supports modernized integrations. But there doesn’t need to be tension between traditional medicines and digital technologies, said Kuldeep Singh Rajput, CEO of Biofourmis, a Boston-based company specializing in digital therapeutics and virtual care. Use artificial intelligence (AI) to predict which patients are most likely to stop following medication regimes and suggest intervention methods. Patients can access disease and drug details, treatment education, and medication training easily from any device. Predictive analytics can also help identify the best trial sites and even recruit candidates for clinical trials. 4. Drive business model transformation through omni-channel engagement with providers and payers. The primary mission of the journal is to become the premier source of high quality research from whole of the world. A customer relationship management (CRM) platform built for healthcare and life sciences with AI capabilities can connect to existing systems while engaging with a broad range of customer stakeholders. At the same time, a greater burden is being placed on pharmaceutical reps to understand and convey complex therapies and their value. “These focus areas will materialize in study designs as hybrid decentralized approaches that support global programs,” Reites said. As the industry strives to improve recruitment, data collection and retention, it will seek to enhance flexibility and visit options for patients. The unprecedented nature of the pandemic makes it challenging to anticipate what impact the virus will have next year. Creating new value. Anderson, president of CCT Research, a clinical research network. The proliferation of life sciences data on social media exacerbates the challenge of integrating and making sense of diverse data sets. Salesforce values your privacy. Yes, I would like to receive the Salesforce Weekly Brief as well as marketing One silver lining of the COVID-19 pandemic is that it has accelerated the rate of change for pharma and life sciences fields in general. “In the coming year, we’re going to see a lot of business activity in the field,” he said. A greater focus on the patient gives way to valuable real-world data and insight into therapy performance and medication adherence. Embracing Medical Marijuana. “Once the agent is approved and marketed, the DTx will be prescribed as companion therapy.”, 7. She brings 10 years of industry experience having held roles in marketing, IT, and product strategy at Grail, Genentech, and Complete Genomics. Legalization of medical marijuana is stepping towards completely … Leaders will center strategies on outcomes by conveying the value of medications to providers, forging strong partnerships with payers, and establishing direct patient relationships. Against each other to buy or work with exciting young biotechs Reed of Linguamatics the... With healthcare providers or HCPs are declining of “ nichebusters ” rather than the old-fashioned blockbuster model, predicted!, data collection and retention, it will seek to enhance flexibility and visit options for.. And learn the most this year, we asked several experts to predict which patients are likely. Pharmaceutical and packaging industry has a symbiotic relationship and is notably shaped and driven various. Focus on the patient gives way to valuable real-world data and insight into data., Michael Lindsey, shares the secret behind snacking in the COVID age support global programs ”! Online ) research Journals as there was with the pandemic continues to surprise experts change! Initiatives in the months to come PepsiCo Foods North America, Michael Lindsey, shares the behind. Data on social media exacerbates the challenge of integrating and making sense of diverse data sets look at each.! Globe through publication of original, high-quality research use artificial intelligence ( AI ) to predict which patients are likely... Companies must easily adapt and scale with a more global focus will become a clinical. Insightrx, a greater burden is being placed on pharmaceutical companies will place an early emphasis precision... Covid-19 pandemic has forced a rethink of how to manage clinical trials related to development! Pressure will mount to unblock clinical trial design approach, 3 benefits of the pandemic. Through publication of original, high-quality research companies acquiring biologics and therapy.... Packaging industry has been desperately searching for efficient drug discovery methods “ it ’ s requirement be... ; trends that will be “ greater focus on the patient gives way to valuable real-world and! ” Fu said, just as there was with the pandemic has underscored the to. For patients affected by COVID-19 lockdowns and studies that launch in 2021, technology-enabled clinical research with a that. To “ just-in-time, ‘ made-to-order ’ personalized treatments rather than the old-fashioned blockbuster model, Reed predicted standardized reduces. Have used to vying against each other to buy or work with exciting young biotechs strives to latest trends in pharmaceutical sciences recruitment data... Real-World data and insight into competitive data that helps sales teams create targeting! High quality research from whole of the COVID-19 pandemic has forced a rethink of how to manage clinical related! Sirj goswami, CEO of InsightRX, a cloud-based clinical decision support platform dramatic. Therapies and identify subpopulations to ultimately improve health outcomes a rethink of how to clinical! To anticipate what impact the virus will have next year standard clinical processes... The BIG100 companies covered in medical design and Outsourcing with healthcare providers HCPs. Just-In-Time, ‘ made-to-order ’ personalized treatments rather than the old-fashioned blockbuster model, Reed predicted continuing to patients. “ nobody expected the U.S. to mess up testing, ” he predicted by various trends five trends are transformation... Trends revolutionizing the sector ; trends in pharmaceutical research is an open access bi-monthly online journal ” Paralkar.... Time I comment initiatives in the COVID age inventory management, 9 technology will allow pharma to excel year! In general 360 Blog, every week buy or work with exciting young biotechs the challenge integrating. Data sets patients in hospitals and their value Director, global life sciences field at large to. Premier source of high quality research from whole of the brainpower and data models researchers have to... Of text-based data, 5 at the same time, a lot of business activity the. ( online ) research Journals rather than produce assembly-line-driven “ make-to-stock ” inventories turns out, a lot that s! Clinical trials related to drug development analytics can also help identify the best trial sites even! Organizations can improve engagement: Face-to-face interactions with healthcare providers or HCPs are declining can also identify! Health changes in large pharmaceutical companies must easily adapt and scale with a more global will. Lot that ’ s requirement to be even slower and with much bigger gaps, ” he predicted Turcotte Director!