Advances in technology are expected to play an expanding role in the pharmaceutical industry and pharmacy profession. Here are a few of the trends expected to dominate the industry in 2022.
7 Trends to Keep and Eye On in The Pharmaceutical Industry
1. Artificial Intelligence
Researchers are making big gains in this area. Artificial intelligence (AI) is finding its way into all areas of the economy, including healthcare. AI gives a computer the capability of performing tasks that usually require human intelligence and judgment.
Some of these tasks include things like making decisions and speech recognition. In the pharmaceutical industry, AI will take on an ever growing role in areas such as discovering and developing new drugs, doing clinical trials, detecting fraud, and improving the dispensing of medications.
2. Precision Medicine
This is the process of tailoring medication to a particular patient and their specific condition. By precisely conforming a medication to the needs of a particular patient, pharmacists can improve the drug’s effectiveness and the outcome for the patient.
3. Blockchain Technology
This technology is now primarily used in finance, but it will be expanding to other areas. Blockchain enables people to simplify their digital transactions, making the transactions more secure and transparent, and also eliminates the need for a third party to mediate the communication.
In pharmacy, blockchain may be able to help streamline and improve the efficiency of many processes that take place in healthcare clinics, hospitals, and other medical facilities.
4. Going Digital
While many healthcare processes and procedures have already gone digital, this trend is expected to accelerate in the future in the pharmaceutical industry.
5. Targeted Production
To manufacture precision medicine, pharmaceutical companies will need to downsize, using smaller facilities. These precision medicine plants will manufacture smaller amounts but higher quality medications.
6. Cloud Technology
Many people are familiar with this kind of technology these days because so many industries are using it. The pharmaceutical industry is also using it to a greater extent than in the past. Cloud technology enables pharmaceutical companies to work with many different partners more effectively. This technology gives the industry a stronger infrastructure to improve the integrity of data and enable better compliance with quality guidelines and regulations.
7. Discounts and Rebates
In an effort to reduce the cost of medications, government agencies are expected to offer more discounts and rebates for drugs. The price of drugs will continue to be examined closely to look for ways of managing costs.
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