In this blog post, we’ll take a look at the top trends that will impact the Pharma industry in 2023. This is our sixth update of our Pharma Trends to Track in the 2023 list. As with our previous lists, we’re not making any predictions here–only keeping track of some of the key trends we see shaping up around us. Let’s get started!
Here is the list of the top 7 pharma trends to track in 2023.
1. Big Pharma To Shun Artificial Intelligence
Artificial intelligence has been a hot topic in the pharma trends for the past few years. There are many reasons for this: It helps in drug discovery, improves clinical decision-making, and can help with regulatory administration. It can even be used in decision-making related to marketing and brand representation.
However, AI has a lot of potentials to be used for malicious purposes, so big pharma is stepping back from the hype and focusing on safer AI. In this year’s survey, we asked the top 10 pharma executives which technologies they would like to see no more in 2023. Artificial intelligence topped the list, followed by machine learning, IoT, and virtual reality. Big pharma leaders and executives also mentioned that they would like to see safer cancer therapies, regenerative treatments, and better patient experience.
2. Advances In Blockchain
Blockchain, which is at the heart of cryptocurrencies like Bitcoin, has been making inroads into the financial sector. It has also received wide notice in the pharma trends as a tool for improving transparency and assurance in the supply chain. Blockchain was the top choice, followed by IoT, machine learning, AI, and virtual reality. Big pharma leaders also mentioned removing doctors’ Pharmacies’ barriers and making it easier for patients to find the right doctor for their condition. They also want to see better patient outcomes and a reduction in medication errors.
3. Automation to Boost Staffing
Robotics and automation have become increasingly more common in the manufacturing sector, and pharma is no exception. More than 60 percent of pharma jobs are expected to become automated in the next decade. Given the importance of human skills in the drug manufacturing process, it’s no surprise that big pharma trends are exploring ways to offload tasks to automation.
Robotics and automation were again the top choices, followed by AI, computer vision, and virtual reality. Big pharma leaders also mentioned that they want to see better pay and working conditions for their employees. They also want to see more investment in training and developing staff for various roles within the company.
4. Cloud Computing to Boost Infrastructure
Cloud computing is increasingly being utilized by big businesses, and pharma is no exception. More than 60 percent of pharma executives expect cloud computing to be used at least occasionally in their organization in 2023. They also expect an increase in the number of cloud businesses and a corresponding increase in the number of cloud computing environments.
Cloud computing was once again the top choice, followed by AI, virtual reality, and robotics. Big pharma leaders also mentioned that they want to see better patient outcomes, a reduction in medication errors, and easier access to medications for patients. They also want to see more investment in training and development for various roles within the company.
5. Data-Based Diagnostics to Advance Patient Care
The pharma trends toward data-driven decision-making have been evident for many years. These included moreGenomics, more digital Health, more cloud, and more robotic.
Big pharma leaders also mentioned that they want to see patients receive better outcomes and reduced medication errors. They also want to see better pay and working conditions for employees. In this year’s survey, we also asked the top 10 pharma executives which technologies they would like to see no more in 2023
6. Key Trends to Track in the Food, Personal Care, and Tobacco Industries
There are a number of trends we can specifically mention within the food, personal care, and tobacco industries that we believe will help shape the future of pharma. First, let’s discuss trends we can specifically see in the food industry. Recognizing the growing demand for premium-quality, organic foods, a number of large-scale organic food production and supply companies have been entering the pharma business over the last few years.
The companies behind some of the largest organic brands in the world include Nourish, Sustain, and 100% Natural. Furthermore, the organic food market is estimated to increase by a compound annual growth rate of more than 20 percent between 2017 and 2023, making organic one of the most lucrative growth sectors in the pharma trends. Now that we’ve addressed the food-related trends we expect to see in 2023, let’s shift our attention to the personal care industry.
Established in 1915, Proctor & Gamble is still a household name in consumer products. And even though we have come a long way since the company’s beginnings, some of the products that made us famous–such as Tide, Colgate, and Crest– are now considered outdated. Finally, let’s examine the tobacco industry. Although tobacco use is declining among individuals of all ages, it still remains a major source of preventable cancer and heart disease. The tobacco industry is expected to remain a major player in the pharma trends business for many years to come. Big pharma leaders also mentioned that they want to see patients receive better outcomes and reduced medication errors.
7. Specialty Chemicals and Bio-Based Products To Take Off
The specialty chemicals and bio-based products market is expected to experience strong growth in the next five years, according to a survey conducted by Grand View Research. The market is expected to grow at a compound annual rate of 20.8% between 2017 and 2023, based on PHS data. The market is driven by the growing demand for chemicals used in the production of sustainable and renewable energy, chemicals used in the manufacturing of synthetic materials, and chemicals used in the production of food and pharmaceuticals.
The market for specialty chemicals will grow strongly in the coming years as a result of the increase in demand for energy-efficient and renewable chemicals. The market for medical devices will also grow significantly, as will the market for industrial chemicals.
In 2023, big pharma will begin to shun artificial intelligence by replacing it with safer AI. They will also focus more on the demands of patients and improve the patient experience. The food, personal care, and tobacco industries will also see strong growth in that year. Finally, the pharma industry will emerge with various changes as a result of the changes in consumer preferences and the growing threat of bioterrorism.
For more information on Pharma Trends to Track in 2023, check out our report. And if you’re interested in analyzing the trends that shaped the report, we have data analysis tools and visualizations you can use for free. A big thank you to everyone who contributed to this year’s survey. It was an incredibly insightful and productive experience.