By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Health Works CollectiveHealth Works CollectiveHealth Works Collective
  • Health
    • Mental Health
    Health
    Healthcare organizations are operating on slimmer profit margins than ever. One report in August showed that they are even lower than the beginning of the…
    Show More
    Top News
    HIPPA compliance
    How Medical Office Staff Can Make Your Practice HIPAA Compliant
    October 29, 2021
    Everything you need to know about hyaluronic acid treatment
    Everything you need to know about hyaluronic acid treatment
    February 10, 2022
    Which Mushroom Capsules Are Good for Your Health?
    May 5, 2022
    Latest News
    Why Custom Telemedicine Apps Outperform Off‑the‑Shelf Solutions
    July 20, 2025
    How Probate Planning Shapes the Future of Your Estate and Family Care
    July 17, 2025
    Beyond Nutrition: Everyday Foods That Support Whole-Body Health
    June 15, 2025
    The Wide-Ranging Benefits of Magnesium Supplements
    June 11, 2025
  • Policy and Law
    • Global Healthcare
    • Medical Ethics
    Policy and Law
    Get the latest updates about Insurance policies and Laws in the Healthcare industry for different geographical locations.
    Show More
    Top News
    Image
    Healthcare Pricing Transparency Gains Momentum
    June 24, 2013
    non-clinical care factors in health outcomes
    Addressing Non-Clinical Care Factors in Health Outcomes
    November 15, 2013
    e interventions
    Healthcare Progress Depends On “E Interventions”
    July 10, 2014
    Latest News
    How IT and Marketing Teams Can Collaborate to Protect Patient Trust
    July 17, 2025
    How Health Choices and Legal Actions Intersect After an Injury
    July 17, 2025
    How communities and healthcare providers can address slip and fall injuries with legal awareness
    July 17, 2025
    Let Your Lawyer Handle the Work Before You Pay Medical Costs
    July 6, 2025
  • Medical Innovations
  • News
  • Wellness
  • Tech
Search
© 2023 HealthWorks Collective. All Rights Reserved.
Reading: The Trends In The Pharmaceutical Industry That Matter Most
Share
Notification Show More
Font ResizerAa
Health Works CollectiveHealth Works Collective
Font ResizerAa
Search
Follow US
  • About
  • Contact
  • Privacy
© 2023 HealthWorks Collective. All Rights Reserved.
Health Works Collective > Policy & Law > Health care > The Trends In The Pharmaceutical Industry That Matter Most
Health carePublic Health

The Trends In The Pharmaceutical Industry That Matter Most

Sean Mallon
Sean Mallon
Share
6 Min Read
SHARE

  The global pharmaceutical industry is expected to hit a total market value of $1.1 trillion by 2021, according to data from The Business Research Company. This comes as new technology and methodologies are being implemented in providing consumers quality products at an affordable cost. Its growth also indicates an easing up on taxes and other regulations on drugs, leading to an increase in spending for research and development initiatives. Innovation is the name of the game, and for major players in the pharmaceutical industry, this means being able to keep up with the changing technological landscape to improve the bottom line and provide the healthcare market with a steady supply of affordable products. Companies such as Pfizer and Sanofi account for a considerable share of the global market and are looking to develop better antivirals and anti-diabetics. To do so, they will have to adopt new technologies and refocus their strategies when it comes to manufacturing safe products for the market. For sure, key developments will change how these players perform in the years ahead as the industry continues to expand. Let’s look at the developments that matter at the moment: 1. Focus on restructuring In a bid to keep up with changing global demands, pharmaceutical companies will have to consider either overhauling their entire processes or changing certain components of their operations. At any rate, the need for restructuring comes as new sectors are introduced. This strategy allows companies to determine solutions for increasing efficiencies through the reduction or elimination of bottlenecks to the workload. For instance, redundant processes such as packaging are outsourced as companies seek to reduce or get rid of low priority costs. 2. New methods in analytical testing Testing is one such area that companies in the pharmaceutical sector will have to spend much of their budgets on. With concerns over the risks related to experimental drugs that have yet to undergo rigorous testing, key players need to implement more efficient ways for ensuring that their products are safe for consumers. Several innovations have been introduced along the lines of drug research and manufacturing. ScanRDI, for instance, proves to be a highly effective method for examining drugs and detecting traces of contaminants. With this method, microbiologists are able to assess if certain drug products are free from pathogens. For sure, this will also pave the way towards more spending on testing tools that help with compliance to industry standards. 3. The rise of Chinese markets As the industry continues to grow on account of incessant investments, new markets are beginning to open up, not only in the developing world but in powerhouse economies as well. China will definitely be a place for global market activity. As sales of biopharma products grow, all eyes are focusing on this relative newcomer to that specific niche. But we’re not only seeing massive consumption from this global manufacturing leader. Biopharma production will definitely become a key driver of the country’s economy, considering how it is able to develop technologies that allow it to enhance the local industry’s competitiveness. Without a doubt, this will prompt companies in the West to step up. 4. The growing relevance of big data and smart devices Digital transformation will definitely affect key players in the pharmaceutical markets. This comes as new technology such as cloud computing and massive data centers will transform how companies manage all operational aspects, from R&D to distribution. On the consumer side, the prevalence of mobile and wearable devices will have a considerable impact on healthcare in general. Clearly, tech trends are an important consideration for growth. And with consumer electronics becoming even more accessible every year, pharmaceutical companies will have to align their products with the increasing need to improve the delivery of healthcare services through devices people use every day. 5. A shift to value-based relations with patients The pharmaceutical industry will need to bridge gaps and eliminate barriers that separate them from their markets. Going beyond the statistics, companies will have to focus more on gaining trust and ensuring that patients are provided with products for the best value. It’s for these reasons that companies need to invest in personalization. For this, they will have to adopt the right technology that allows them to reach out to the right audiences. Conclusion Communication is vital to understanding market behaviors that are valuable in terms of developing new products and marketing them based on perceived need. With getting the right message across, pharmaceutical companies can distribute new healthcare solutions to consumers. Taking into account perceived expectations from the market itself, manufacturers will be fully capable of reaching out to the people in need of their products. At the end of the day, investments will define how pharmaceutical companies sustain themselves as the market undergoes incessant growth. They just need to embrace risk and enter unfamiliar territory.

TAGGED:pharmaceutical industrypharmaceutical trendspharmaceuticals
Share This Article
Facebook Copy Link Print
Share

Stay Connected

1.5kFollowersLike
4.5kFollowersFollow
2.8kFollowersPin
136kSubscribersSubscribe

Latest News

botox certification
Help Improve People’s Skin Health Via Botox Certification
Skin Specialties
July 22, 2025
Telemedicine Apps
Why Custom Telemedicine Apps Outperform Off‑the‑Shelf Solutions
Health
July 20, 2025
Grounded Healing: A Natural Ally for Sustainable Healthcare Systems
How IT and Marketing Teams Can Collaborate to Protect Patient Trust
Global Healthcare Policy & Law
July 17, 2025
paramedics in surgical gloves and masks
How Health Choices and Legal Actions Intersect After an Injury
Health care
July 16, 2025

You Might also Like

leader
eHealthPolicy & LawPublic Health

From Patient Partner to Patient Leader

March 20, 2014

Mobile Technology and the New Era for Medical Marketing

February 8, 2014
Artificial IntelligenceHealth careMedical Innovations

Benefits Of The Internet Of Things For Hospitals And Healthcare

April 24, 2019

Employers Get Tough

March 15, 2012
Subscribe
Subscribe to our newsletter to get our newest articles instantly!
Follow US
© 2008-2025 HealthWorks Collective. All Rights Reserved.
  • About
  • Contact
  • Privacy
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?