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The Pharmaceutical Industry has been showing a significant amount of growth from the last two decades. From Roche to Pfizer, market valuation of such companies are crossing billions of day to day operations after the COVID-19. The industry is expected to cross 1.57 Trillion US dollars by 2023 as per a report from GlobalData. As people are becoming more health conscious, the expenditure on healthcare is pushing the industry to another level. The growth is also fueled by the rising and ageing population. Some other market drivers are rising spending power, access to quality health etc. are pushing the pharma industry to a new height. Whereas the government authority in the key markets are coming up with stricter laws and regulations which is forcing firms to spend less on R&D. The major part of the revenue of these companies are coming from the exclusivity of drugs which is impacting the global forum of pharmaceutical industry.
The COVID-19 pandemic has already changed the face of everything the way it used to be. The pharmaceutical industry is showing positive growth in the share market and innovations to fight against the COVID-19. All the companies are in competition for application of technology for a better R&D and to launch a drug to show their own compassion. With the advancements in technology, businesses are opting for automation to reduce error and to save cost.
The Pharmaceutical industry is growing towards efficiency modification from the last few decades and concentrating more on automation and data collection. Most of these developments have either happened in the core business module or packaging. Whereas, some firms are still adopting technology without disturbing the core business and increasing the efficiency which doesn’t require changing the complete module which is better than waiting and watching the market to evolve. Some of the innovations that are making pharma “smart” are:
Asian Paints faced a similar problem when training the workforce was a big thought due to the unavailability of particular damage on the property that can not be shown on a regular basis. [x]cube LABS came up with a solution using virtual reality that provided experiential learning for the employees where they can walk around a building.
WIth the rise in the spread of COVID-19, the reputation of pharmaceutical firms are on line which needs more innovation and effective methods to satisfy the future needs of the people. Expectations are not easy to fulfil but with a customer centric approach, the industry can address it effectively. The impact they leave now in times of global fear will be the deciding factor for future growth of this industry. Real time technology which will monitor the data and action time on the data will be the differentiating factor for the future to come.