Historically, the pharmaceutical industry has been slightly hesitant to embrace new technology, but recent trends show signs of a paradigm shift. A plethora of new tech is beginning to shape the industry, impacting drug manufacturing companies and consumers. Pharmaceutical businesses are beginning to use various tech solutions to improve medical research, conduct innovative testing, and create personalized products that address unique consumer needs in the industry. Ultimately, new tech trends are helping make healthcare delivery more efficient and effective. Listed here are five trends that are set to advance further in 2023.
While artificial intelligence (AI) is no longer new, it’s yet to take the pharmaceutical industry by storm. But recent trends show that that’s about to change. AI is beginning to improve the medical and drug development industry with its data analytic capabilities. Healthcare professionals can analyze data patterns when creating or applying new drugs and medications. AI makes it easier to understand new drugs’ benefits, success rates, implications and side effects before releasing them into the market.
Telepharmacy and internet pharmacy
Telepharmacy is a way of delivering pharmaceutical care to patients via telecommunications. It’s particularly beneficial to patients in locations without direct contact with pharmacists. While telepharmacy is nothing new, it’s become a popular way of delivering pharmaceutical products. Internet pharmacy, as the name suggests, operates over the internet. It allows customers to order various pharmaceutical products without visiting a pharmacy. For example, if you need a wound-healing drug like BPC-157, it’s easy to make an order online without visiting a pharmacy.
Precision medicine technology
Precision medicine is paving the way for health experts to diagnose diseases and offer treatment with greater precision, reducing the error margin. The technology allows for more effective diagnosis, treatment, and prevention, utilizing patient genetics and lifestyle. It makes it easier for doctors to make accurate medical decisions backed by data. While precision medicine is still developing, when implemented correctly, patients can receive personalized treatment and triple their recovery rate and healing process. Experts predict that precision medicine will exceed $96 billion by 2024.
Wearable tech integration
Wearable tech takes a lot of the load off the healthcare provider and hands power over to the patient. Essentially, it enables patients to make critical self-care decisions and manage their health conditions without their healthcare providers. That aside, wearable technology gives pharmaceutical companies enough time to research and manufacture new drugs and medications. One good example of a wearable tech integration solution is the glucose meter – a device that enables a diabetic patient to track glucose levels.
Data management and analytics
One of the biggest impediments when launching new drugs has to do with research and development. That creates a massive stumbling block in creating and dispatching effective medication. The main problem with research and development is the cost involved and how time-consuming the research process is. But thanks to data management and analytics, drug development companies and pharmacies can now leverage big data already available. It will take significantly less time, effort, and resources to discover and distribute new drugs.
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