In today’s economic and technological environments, the pharmaceutical industry faces rapid challenges in 2021 and beyond. As such, biotech and Pharmaceutical Research companies have to innovate to continually stay ahead of the game.
Kevin Dalby, UT Austin professor, says it’s no longer enough for these companies to focus only on selling medications. Instead, they must embrace technology and current trends to stay ahead of the game. Here are some of the top trends and innovations happening in the Pharmaceutical field.
The Use of Big Data
Every industry is Scrambling to collect, digest, understand, and use big data, and the pharmaceutical industry is no exception. These companies deal with large data volumes consistently as they develop and discover new drugs.
Today, many pharmaceutical companies are trying to work with third parties to help them better manage this data. For 2021 and beyond, pharmaceutical companies will be using advanced techniques to analyze the data in real-time and then for descriptive, predictive, and diagnostic analysis.
Production Becomes More Flexible
Pharmaceutical companies are having to be more nimble to stay ahead. The only way to do that is to explore new approaches to manufacturing. This could include technology for single-use and/or manufacturing in smaller batches.
The focus on smaller batches helps the companies increase productivity as well as reduce their downtime. This increases the focus for biopharmaceuticals as processes of continuous manufacturing and newer systems for bioreactors are used.
Medicine Becomes Personalized
The advancement of technology allows more and more sectors to crank out personalized products and/or services. This is a trend that is likely to emerge more in the pharmaceutical industry soon.
Data analysis can provide insights into how a specific person’s body responds to a drug. Using this information and harnessing systems like additive manufacturing can allow pharmaceutical companies to personalize medicine to each patient.
Blockchain Protects Data
Dr. Kevin Dalby explains that Pharmaceutical Companies are often very secretive about their data, and for a good reason. They’re constantly worried that bad actors could counterfeit their medicines and produce substandard drugs. This could, in turn, harm patients who take these drugs.
With so much data being cranked out by Pharmaceutical Companies today, though, it’s a challenge to protect it all.
Blockchain, a technology that is often incorrectly relegated only to cryptocurrency, could be a solid solution for securing and tracking the ecosystem of transactions for the pharmaceutical industry.
Therapeutics Via Digital Means
Digital therapeutics uses software to help treat, manage or prevent specific mental, behavioral and physical conditions. These solutions are driven by technology and are not pharmacological.
They can be used in conjunction with other therapies, devices or medications, or as stand-alone solutions. By using digital therapeutics, pharmaceutical companies can help individual patients control their overall health and potential outcomes of treatment.
About Dr. Kevin Dalby
Dr. Kevin Dalby is chemical biology and medicinal chemistry professor who is currently working on cancer drug discovery. At the College of Pharmacy at The University of Texas, he examines the mechanisms of nature and cancer to develop new treatments and teach and motivate students to conduct research. Dalby is optimistic about the future of cancer treatments.
