The pharmaceutical sector is undergoing a major transformation. Powered by industry 4.0 evolution, the pharmaceutical industry, which had been slow to accept technology in the past, is currently undergoing fast change. Top 100 pharmaceutical companies in California are betting big on new-age technologies. More investments, the growth of technological startups, increasing collaborations, and a favorable regulatory environment, are all encouraging pharmaceutical innovation.
Top 10 Pharma Industry Trends
- Blockchain
- Investment in Real-World Data
- Artificial Intelligence
- Flexible Production
- Digital Therapeutics
- Big Data & Analytics
- Additive Manufacturing
- Precision Medicine
- Curative Therapies
- Extended Reality
The COVID-19 epidemic has caused all businesses, especially pharmaceutical corporations, to reassess many elements of their operations, including manufacturing and supply chains. To respond to such large-scale and high-pressure demands, the pandemic underlines the need to improve the speed and precision of developing and mass-producing novel medications, treatment approaches, and vaccinations. In addition, Entrepreneurs and scaleups working at the convergence of life sciences research, biotech, and pharma are uncovering novel features of cells and molecules to provide potentially game-changing solutions to the industry and the general public.
Source :- https://www.kayawell.com/blog/top-pharmaceutical-industry-trends
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Moreover, increasing demand for single-use instruments in disposable applications is anticipated to augment the growth over the projected period.China was the second largest pharmaceutical market in the world, expected to grow USD 173 billion by 2024, growing at a CAGR of 9.1% owing to the requirement of medication & drugs to cure deadly diseases.
Huge investment in biotechnology will primarily drive the growth of the market, as pharma companies deal in innovations for developing medicines and drugs in line with the increasing prevalence of diseases.Browse Details of Report @ https://www.hexaresearch.com/research-report/china-bioprocess-instruments-marketWith the patents of numerous biopharmaceutical products expiring by 2016, the market is anticipated to provide a lucrative opportunity for contract manufacturers operating in the region.
Approval of the trail plan for new drug marketing authorization holder (MAH) in 2016 to produce, conduct clinical trials, and market the products is expected to provide an impetus to the growth of the industry over the next few years.Increasing demand for bioprocess instruments in the pharmaceutical, research & development, industrial and medical laboratories coupled with the increasing number of these facilities is expected to result in the growth of the market.
Change in lifestyle & food consuming habits, and growing levels of air & water pollution have led to increasing occurrence of disease including obesity which has resulted in a rising number of patients diagnosed with cancer, heart disease, diabetes and other chronic conditions.
Thus, the healthcare sector is anticipated to create demand for treatment and laboratory services, which will result in the growth of bioprocess instruments market over the forecast period.Stringent regulatory policies and the high cost of instruments are likely to restrain the bioprocess instruments market in China.
The government has been focusing on reducing the fragmentation in the industry by consolidating manufacturers that lack standards in production with larger companies.
Can Pharmaceutical Engineering provide solutions for the challenges on the horizon?
What are the challenges that we will have to face in the years ahead?
The drug approval procedure also requires a lot of money and time.
Outsourcing helps you produce and commercialize your products without compromising with quality.
Also they help you lower your R budget which can lead to cheaper production.This can result in better product quality and also lower costChallenges on the Distribution: Now-a-days it has become very necessary for us to keep pace with the consumer demand.
Challenges on the Reservation/Installation front: A relatively new phenomenon among the medical world is the reserve of plants and other manufacturing houses to build facilities to manufacture drugs.
With over 97,270 brand launches and exports (led by the US market) the Indian pharmaceutical market has grown to almost double in the last decade.
The most significant contributor to the growth of the industry is the US generics business.
The success of Sun Pharma in the US market is both an inspiration and an indicator of opportunities other Indian companies have here.
