Outlook For The Pharmaceutical Industry For 2024

The pharmaceutical industry in 2023 has been marked by significant advancements in medical research, coupled with ongoing challenges revolving around affordability, access, and sophisticated regulations. In 2024, the industry will face unique challenges and exciting opportunities. What are the pharma industry trends for 2024?
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01 Elimination of Mistakes by Digital Technologies

The pharmaceutical companies plan to continue embracing new technologies and distance themselves from manual workflows that might risk clerical errors and the integrity of their research. Digital workflows are an important trend in the pharmaceutical industry that manufacturers of medical products have to implement. The manufacturers have to be aware of the different labelling and packaging procedures and foresee how digital workflows such as factory dashboards can help automate these processes. Furthermore, technologies in the pharmaceutical industry include digital batch execution management, electronic lab notebooks, and factory dashboards that are set to alleviate any potential mistakes within the process of drug discovery.

 

02 Use of Artificial Intelligence

Generative AI has become particularly useful within the drug discovery process as it enables researchers to design new molecules, predict their properties, and optimise drug candidates faster and more efficiently than traditional methods. Generative AI models also have the potential to enhance manufacturing by examining and monitoring extensive datasets to oversee and enhance production procedures to increase efficiency, minimise waste, and uphold rigorous quality control benchmarks.

 

03 Manufacturing for Personalised Medicine

Advances in genomics and biomarker identification have allowed the development of drugs tailored to individual patients, which are particularly powerful in treating cancer and rare diseases. Advanced Therapy Medicinal Products (ATMPs) represent a groundbreaking class of therapies with immense promise for patients and the pharmaceutical industry. These medicinal products encompass three main categories: gene therapy, cell therapy, and tissue-engineered products. Pharmaceutical manufacturers are investing in technologies that enable the production of small batches of personalised drugs, which requires flexible manufacturing facilities capable of rapid adaptation to changing formulations.

 

04 Integration of Real-World Data and Raw Data

Pharmaceutical manufacturing has traditionally relied on clinical trials and controlled studies for drug development. However, real-world data is becoming an integral part of the drug development process. It includes information from electronic health records, insurance claims, patient registries, and other sources that provide insights into how drugs perform in real-world clinical settings.

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In July 2022, EMA launched a pilot project on the analysis of raw data from clinical trials. This is composed of individual patient data from clinical studies in electronically structured formats that are directly accessible for analysis and visualization. This development is expected to improve the effectiveness and reliability of drug discovery.

 

05 Health Equity and Accessibility

Pharmaceutical companies are actively working towards reducing the cost of production and improving the affordability of medicines. Health equity has emerged as a pivotal trend in the pharmaceutical manufacturing industry. In 2024, the emphasis will be on developing drugs that are not only effective but also accessible to a broader population. One significant driver of this trend is the growing awareness of health disparities and the need to address them. The companies are investing in research and development to create drugs that are more effective for a wider range of patients.

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