Pharmaceutical Industry Analysis

With the global population and average lifespan increasing year on year it isn’t surprising to see that the pharmaceutical industry has been experiencing significant growth. Emerging technologies and greater global access to prescriptive medication are creating a transformative opportunity for the life sciences sector with expenses for drugs forecasted to amount to $1.5 trillion dollars in 2021. Many of these groundbreaking drugs are being developed in the area of biological agents for use in the treatment of cancer, autoimmune diseases as well as rare diseases. The orphan drug market specifically is expected to experience significant growth in the next five years, almost doubling its current market to $209 billion dollars in 2022.  Overall, 2017 was a busy year for scientific achievements as drug approvals were at a 21-year high and this trend is forecast to continue with the most significant contributions coming from smaller niche companies focusing on discovering new drugs.

In order for the pharmaceutical industry to keep up with this pace of activity organisations will need to adopt new technology which will allow for automation, digitisation and AI. Adapting to the workplace of the future is the biggest task pharmaceutical companies face in today’s landscape with the pharmaceutical industry being one of the slowest to adopt new processes due to a highly regulated landscape.