How pharmaceuticals put growth in the future healthcare market
Dr. Evangelo Damigos; PhD | Head of Digital Futures Research Desk
- Competitive Differentiation
Publication | Update: Mar 2022
The pharmaceutical industry has experienced significant growth during the past two decades, and pharma revenues worldwide totaled 1.25 trillion U.S. dollars in 2019. While biopharma companies made significant R&D investments to innovate in the last 10 years, the returns declined significantly during that same period—from 10.1% to 1.8%. This represents an average decline of 0.83% per year.
New approaches in how diseases are diagnosed and prevented, personalized medicine, curative therapies, digital therapeutics, and precision intervention could radically alter the current business models.
The main drivers of change can be summarized as follows:
· Early detection and prevention
In the near future, it is highly likely that many cancers, metabolic and chronic disease could be detected even before first symptoms appear. Early detection of different types of cancer can and other chronic and debilitating disease eliminate the need for costly therapies.
· Precision medicine
The success of precision medicines depends a lot on the accuracy of Next Generation Sequencing (NGS) tests that are capable of rapidly identifying or 'sequencing' large sections of a person's genome and are important advances in the clinical applications of precision medicine.
· Neuroprosthetics and bio-interfaces
Neuroprosthetics will be used by people who have lost their limbs and by people who have lost control over their limbs due to nervous system damage. Deep brain stimulation involves implanting electrodes within certain areas of your brain. It is being studied as a potential treatment for addiction, chronic pain, depression, multiple sclerosis and many other diseases.
· Digitalization of healthcare
Digital tools should empower patients and give them a more holistic view of their health through access to data and more control. The use of computers, smartphones and wearables to gather and store huge amounts of health-related data has been rapidly accelerating. This will allow the use of real-world data (RWD) and real-world evidence (RWE) to better design and conduct clinical trials.
· Advances in Genomics
The genetic basis of cancers has been studies for decades. Primary methods for treating cancers were chemotherapy, surgery and radiation. In the near future, it is expected that various cell and gene will be developed and used in treatment of cancer. Adoptive cell transfer (transfer of ceils into a patient) is used in cancer immunotherapy. In CAR-T cell therapy (chimeric antigen receptor) T-cells are extracted from a patient, genetically modified in a lab and then returned into a patient.
· Nanotechnology
Robotic surgery is now the standard of care for many diseases. However, there are still many hard-to-reach places in the body that prevent efficient use of robotics in removing and treating different tumors. It is expected that progress in robotics would enable sophisticated and precise interventions that are not possible today.
Pharmaceutical executives must identify new opportunities and threats to their business models, plan and when necessary, adapt. Companies that are able to adapt their current business practices to a world built around early prevention and detection, extensive use of real-world data and digitalization of healthcare will be able to capitalize on the upcoming opportunities.
Read more: https://www.phortas.com/single-post/future-trends-in-healthcare
Digital Themes: Competitive Differentiation
Industry: Healthcare, Biotechnology and Pharmaceuticals HTML
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