Rejith P R, Correspondent, India Pharma Outlook Team | Thursday, 14 December 2023
The Indian pharmaceutical market size was valued at USD 48.4 Billion in 2022. When we look ahead, the market is in the growth trajectory phase as it anticipates reaching USD 102.7 Billion by 2028, showcasing a growth rate of 13.01% during 2023-2028. As we enter 2024, the pharmaceutical sector is rapidly evolving with the advancements in science, technology, and healthcare practices. It will also experience significant changes in the upcoming year, with multiple key trends shaping its landscape. For Instance, Johnson & Johnson has been investing in digital health technologies to improve healthcare quality and ensure better patient outcomes.
Udaya Kumar Nayak, Head & GM – Formulation & Development, Marksans Pharma, said, "The pharma industry has witnessed significant advancements in R&D activities, and the major trend is the increasing focus on personalized medicine and targeted therapies."
The coming year will exhibit a noticeable trend towards personalized medicine. Pharmaceutical industries can offer tailored treatment to patients using biomarker identification, genomics and data analytics. As they have a personalized approach, it is anticipated to enhance treatment effectiveness while lowering side effects. To make it more effective, the companies are making massive investments in research and development to determine evident genetic and molecular characteristics that impact drug responses, opening the way for a new era of precision medicine.
Roche is a renowned company in the field of oncology that specializes in personalized medicine. They have significantly contributed to developing targeted therapies and diagnostics that help identify specific biomarkers and genetic mutations associated with different types of cancers. Most interestingly, they have accomplished the formation of Herceptin, which is a drug in practice to treat breast cancer with HER2-positive tumors.
Digital therapeutics are expected to become increasingly popular due to their enormous potential to reduce diseases by improving clinical outcomes and helping make informed patient treatment decisions. As technology continues transforming the healthcare sector, pharmaceutical companies are paying closer attention to developing digital therapeutics to complement traditional drug treatments. Most importantly, the interventions carry through the application, which is crucial in handling chronic conditions, improving patient commitment and delivering real-time observation of health metrics.
Novartis is a Swiss-based pharmaceutical corporation engaged in the formation and implementation of digital therapeutics. They have partnered with various technology and digital health firms to integrate digital solutions into their healthcare services and showcased interest in leveraging digital therapeutics to complement their traditional pharmaceuticals.
The arrival of the pandemic and the demand for vaccines have led to development and distribution of several other vaccines in the market. Undoubtedly, the creation of new vaccines will showcase a significant trend in the healthcare landscape, contributing to the betterment of mankind. Since the need for vaccines is abundant, the industry might witness massive development and distribution.
During COVID-19, Pfizer, the well-known biopharmaceutical company, was involved in manufacturing a vaccine and discovered Comirnaty (BNT162b2), which had been utilized well to reduce the virus to an extent.
Health concerns are rising, and healthcare leverages telehealth integration and remote patient monitoring to address patients' challenges. Now, pharma firms acknowledge the significance of online health solutions to comprehend patients' needs beyond prescription. It is much needed to incorporate the latest telehealth platforms and remote monitoring devices so that companies can focus on delivering better patient engagement and treatment. These health technologies will poise a trend in line with the broader movement towards healthcare that prioritizes value and puts patients at the center of their care.
AstraZeneca, the research-based Biopharma firm, has been exploring online health solutions to complement its pharma services. It has shown interest in using telehealth platforms and remote patient monitoring technologies to provide high-quality patient care and enhance treatment outcomes.
In this modern era, sustainable practices have been prioritized, and the pharma sector is gaining momentum toward environmentally responsible drug manufacturing. There will be an enhanced focus on lowering the environmental consequences of the manufacturing processes in 2024. The firms have invested in green technologies, embracing a circular economy and using energy-efficient manufacturing practices. Moreover, the firm's attentiveness to sustainable goals aligns with broader societal expectations and positions, and it is responsible for public health and the environment.
GlaxoSmithKline is focused on environmental sustainability and has designed objectives to reduce carbon emissions and water usage. They have also dealt with Funding renewable resources and improving energy efficiency in manufacturing and the supply chain to lower environmental effects.
The pharmaceutical landscape will witness dynamic trends in the coming year that show the industry's dedication to innovation, patient-centric approach and sustainability. From integrating digital therapeutics to leveraging AI and Personalized medicine, the sector looks forward to transformative changes. When companies drive through these trends, they are not only considering present medical challenges but also forming a future in which treatments are more worthwhile, accessible, and environmentally friendly. Embracing these trends will lead to advancing technology and prioritizing patient needs and the planet.
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