Now, through real-world evidence, health systems and health plans may know even more about how well drugs work in patients than pharma companies do. According to WHO, the population aged over 60, will expand by 10% between 2015 and 2025. The words “China” and “rare” shrunk from their relatively prominent position in Q4 2019. But despite having so much capital at stake, pharmaceutical companies have introduced innovation to manufacturing, supply chain, and the retail of pharmaceuticals with caution. That means. Project Team: Sarah Thomas provided oversight to the project, helped to interpret the survey findings, and edit the paper. Patient experience will be the main focus while manufacturing pharmaceuticals, and they will have increased participation in the process. The program is looking fantastic. This followed a trend of continual increase in warning letters, with 102 issued in FY2016 and 42 issued in FY2015. Over 233 treatments are currently under consideration, and 161 vaccines are in development as of June 2020.2 While the pandemic has created opportunities for the biopharma industry to demonstrate the industry’s value, it also has led to potential short- and long-term challenges.3. From an operational perspective, one of the trends that will grow in 2021 is the use … Though the concept of good manufacturing practises (GMP) was implemented for chemical production in the early 1990s, the rules and regulations for our industry are in constant evolution. After which they get supplied to customers. Pharma industry is no exception. Companies are using AI to identify suitable drugs for medical conditions while cutting down costs and time. As we wrote in an article on patient-centricity earlier this year, “companies should not only embrace [a patient-centric] approach, but prepare to participate in an emerging ecosystem where philanthropies dedicated to particular diseases, patient advocacy groups, health plans, health systems and physicians, regulators, competitors, and technology and wellness companies are all better connected so that the patient is at the center.”6, —EVP/VP business/corporate development, biopharma company, Cyber and advances in technology: The next most common issues cited were cybersecurity threats (70%) and advances in technology (68%). Devices, apps, and other services have the potential to engage consumers and support them in becoming more active in owning their own health care information and be a part of their care plan. People began to focus more on their immunity, and dietary requirements as concerns over contracting disease and viruses began to turn into panic. Medical data is going digital with the help of AI. But for the pharmaceutical industry, 2020 has been something of a defining moment. Tops Health Info is the Blog about Health & Fitness Related Topics. Amid unprecedented uncertainty and change across the industry, stakeholders are looking for new ways to transform the journey of care. The key is to build an organization that can thrive in today’s market, while being ever ready for the next market turn. Artificial intelligence. In response to this, some national pharmaceutical regulatory bodies have made product serialization a requirement. Digital Training. Survey respondents included individuals in the following roles: chief executive officer (CEO), chief operating officer (COO), chief commercial officer (CCO), and EVPs/VPs business/corporate development of 60 biopharma companies (~60% companies with revenue more than US$1 billion and less than US$5 billion). Both over the counter medicines and multivitamins have long been popular amongst consumers. He works with corporate leadership to identify market opportunities, build sustainable capabilities, and transform business and organizational models for growth. This represents an average decline of 0.83% per year. Pharma leaders are particularly attuned to managing risks, sometimes at the expense of innovating the model to address market evolution. Merck cyberattack’s $1.3 billion question: Was it an act of war? Reprints. 2020 will also see big data and AI technology continue to take center stage in the pharmaceutical industry. Go straight to smart. View in article, Deloitte, “Opportunities in China’s pharmaceutical market,” 2011. Atomwise used AI  technology to develop a treatment for Ebola and with excellent results. Tracking serialization will show the drug’s current and past locations, and tracing ill show who came into contact with it. Both of these solutions require long-term planning and technology updates. Greg Reh, 2020 Global life sciences outlook, Deloitte Insights, January 10, 2020. Nine next generation biotherapeutics (NGB) have been launched already. She is based out of the Rosslyn office in Arlington, VA. Jeff Ford, principal, Deloitte Consulting, has led numerous engagements with life sciences clients to overcome challenges related to growth and innovation. To drive growth, pharmaceutical industry will require a comprehensive shift in its business model and operations that can help in providing a better experience to customers, improving Increased investment in and deployment of home-based health technologies are creating new opportunities for biopharma companies to create value. It will make patient care more efficient. Rather than focusing on geography, shifting the mission of these individuals to disrupt the status quo from within can be a strong recruitment driver. These regulatory requirements will force pharmaceuticals to consider the introduction of big data into their central management systems. Discover Deloitte and learn more about our people and culture. Required fields are marked *, When it comes to swimming, the guidelines are the same as elsewhere: All swimmers must follow proper hygiene. Things might be different this year, though. Being deliberate about the intent of these hubs can support a more progressive culture that empowers those willing to march on to the next frontier. Both the survey and the second round of investor statements were sourced during March and April 2020, at the peak of the COVID-19 pandemic. While these challenges continue to disrupt the industry, the pandemic has also propelled multiple partnerships to develop a COVID-19 vaccine. The direct effects of the pandemic include suspended trials for drugs other than those for COVID-19, delayed product launches, inability of the sales force to carry out in-person visits, supply chain disruption, and overall delays in drug commercialization. Consumers will continue to shift their spending to personalized mobile apps in the future. We asked respondents to consider five areas that align with our future of health perspective for biopharma companies, with a focus on R&D, since that is one of their long-term strategic priorities (see sidebar, “The five areas”). Hot Topics & Trends in Pharma Quality Systems & Regulatory Efforts. Email a customized link that shows your highlighted text. Business/Regulatory Trends for the Pharma/Biopharma Industry 1 ... 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