The COVID-19 global pandemic changed the pharmaceutical industry in many ways. Two years ago, these same trends didn’t get much attention at all. The top four items we talk about below are some of the greatest changes the pharmaceutical industry has seen since the onset of the pandemic.
In efforts to stay relevant and accessible, the industry put a much larger emphasis on technology. One could say that priorities had to be changed. Still, the pharmaceutical industry continues to grow. According to Fortune Business Insights, expect it to grow from 1,230.2 billion to 2,151.1 billion by 2027.
Much of this growth is thanks to the four trends below:
Prioritizing High-Tech R&D
Research & Development is one of the fastest-growing investments of the pharmaceutical industry. Not only is the industry trying to get a global pandemic under control, but it is trying to keep up with the ever-changing technological world we live in.
Many companies invest in technologies like:
- Artificial Intelligence
- Machine Learning
- Digital Marketing
Those same companies continue to hire new heads to fill their R&D department to ensure they stay on top of the latest innovations.
High-tech solutions have seemingly endless benefits for R&D. They increase efficiency tenfold, improves the research process with better algorithms, and so much more. It is clear now that the world demands a digital presence from the pharmaceutical industry, so rapid digital maturity is necessary.
Before the pandemic, telehealth was barely a thought. The industry now adopts it as a standard. This is another area in which technology has influenced some major progressions for the industry as a whole. According to an NCBI study, many patients even preferred this method over traditional doctor’s visits strictly out of convenience, efficiency, and privacy.
Not only that but an overwhelming 70% of prescribers like the idea of communicating with healthcare companies solely on a digital basis. The initiation of telehealth visits issued in a sizeable increase in sales because pharma organizations and professionals visit patients in the comfort of their own homes.
Decrease in Opioid Prescriptions
One of the biggest eyesores in the history of pharmaceuticals continues to coincide with opioid prescriptions and illicit drug use, according to Avenga. Throughout the years, many studies worked to find a less addictive method of chronic pain treatment. More people are aware of just how addictive opioids are. This, among several other factors, is why opioid prescriptions will continue to decline.
The global pandemic changed a lot for many different industries, and the pharmaceutical industry faced many trend changes. These emerging trends for 2021 can change the pharmaceutical industry significantly going forward.
How can we help you?
Are you seeking talent in Pharmaceutical, Biotech, Medical Device or Clinical Research?
We can create a custom recruitment strategy for your organization. I’m Ready to Hire!
Are you considering a new career opportunity?
We can help you land the opportunity that displays your talents and advances your career. Contact Us or Browse Jobs.