The biopharma industry is rapidly evolving and advancing in 2023. According to the Pharmaceutical Manufacturing Market Size report, its overall growth will continue at a rate of 11.34% from 2021 to 2028. However, while the industry has long been labeled as recession-proof, organizations must stay ahead of emerging trends such as gene editing, digital health, and patient empowerment to remain successful.
This article will present the top seven biopharma industry trends to help companies leverage the latest developments in this sector.
Gene Editing
Gene editing is a fast-growing field in biotech and biopharma, enabling organizations to modify an organism’s genetic material. Fortunately, due to the FDA’s first approval of therapy in 2021, this technology is expected to become a critical tool in the treatment of numerous diseases—including:
- Heart disease
- Hemophilia
- Diabetes
- Cancer
- AIDS
The FDA’s approval created the foundation for new opportunities that biopharma companies can unlock by investing in gene therapies. And organizations are rapidly leveraging these solutions, with at least five therapies for rare diseases taking the spotlight this year for potential treatments targeting problems such as Duchenne muscular dystrophy, hemophilia A, and sickle cell disease.
Moreover, according to the Alliance of Regenerative Medicine (ARM) 2023 industry briefing on the state of gene & cell therapies, this sector will continue to experience growth despite ongoing market contractions.
Personalized Medicine
The American Journal of Managed Care (AJMC) research indicates that delivering personalized care can help reduce healthcare costs, strengthen patient-provider relationships, and provide opportunities for effective disease prevention solutions.
The healthcare industry is gaining a better understanding of the human genome and variations in disease susceptibility. In fact, a significant number of genomic tests are becoming available to the public, including tumor genome analysis for targeted treatment, non-invasive prenatal screenings, and genomic tests for rare disorders.
Consequently, to boost patient outcomes, an increasing number of companies are focusing on developing targeted therapies—solutions that would be tailored to the specific genetic makeup of individuals.
Artificial Intelligence
The use of artificial intelligence (AI) in drug discovery and development is already well-known for bringing significant innovations to the healthcare industry. It is no surprise that as technology progresses, AI will become increasingly integrated in the healthcare system, enabling organizations to address growing staffing shortages and revenue challenges.
Experts predict that the usage of AI in the following years will upgrade and accelerate applications such as:
- Natural Language Processing (NLP) and Conversational AI
- Bioinformatic target discovery
- Predictive cell behavior
- Clinical trial design optimization
- Prediction of drug efficacy
- Target diagnostics
Digital Health
The COVID-19 pandemic has accelerated the adoption of digital health technologies, and this trend is likely to rapidly grow in the following years.
As the result, healthcare organizations, regardless of their size, must stay ahead of industry trends and develop new digital transformation strategies. Fortunately, there are numerous opportunities to achieve this. By implementing remote patient monitoring and virtual clinical trials, businesses can make healthcare more accessible, convenient, and cost-effective. Thus, healthcare organizations can now completely revolutionize how medical staff operates and interacts with patients.
Sustainability
According to the World Health Organization (WHO), climate change is expected to cause approximately 250,000 deaths per year between 2030 and 2050. To face this concern—and meet mounting pressures for companies to become more sustainable—the biopharma industry is seeking to boost its environmental awareness.
To achieve this, biopharmaceutical companies are now investing in:
- Renewable energy for transportation—using electric sources whenever possible.
- Providing equitable access to healthcare products and services.
- The reduction of greenhouse gas emissions from facilities.
Due to the demand for environmental solutions in the biopharma industry, organizations will focus on reducing their carbon footprint, minimizing waste, and adopting circular economy models. For instance, companies such as Pfizer, GSK, and Sanofi are already transitioning to a business model that provides higher sustainability levels.
Obesity Weight Loss Drugs
The European Association for the Study of Obesity (EASO) states that at least 2.8 million adults die each year as a result of being overweight or obese. To respond to these high obesity rates and tackle growing health concerns, numerous biopharma organizations are investing in the development of weight loss drugs. Two examples of obesity treatments approaching their final stages are Eli Lilly’s and Amgen’s, which are expected to launch their clinical trials in 2023.
Furthermore, according to an estimate from the Bank of America’s Analyst, Geoff Meacham, annual sales of these weight loss drugs could reach a record of $48 billion, surpassing AbbVie’s rheumatoid arthritis drug Humira.
Patient Empowerment and Centricity
Patient empowerment and centricity have become pivotal practices in the healthcare sector. These approaches can be defined as putting the patient first in an open and sustained engagement to achieve the best outcome for that person and their family.
Based on research by WHO, patient empowerment can lead to improvement in healthcare quality and enable improved social care strategies. In fact, an increasing number of healthcare organizations are planning to develop eHealth tools to further support patient empowerment and centricity, and deliver improved quality health care.
These concepts have gained significant traction in the past years, becoming a top strategy for healthcare organizations seeking to alleviate the impact of morbidity on older people’s lives. And with various patient empowerment network programs emerging, biopharma companies must understand the value of this investment and what it might bring to their organizations.
Conclusion
The biopharma industry is rapidly evolving, with promising growth for the future. As such, key breakthroughs driving the development of this sector include gene editing, personalized medication, AI, digital health tools, sustainability, obesity weight loss drugs and patient empowerment and centricity. These discoveries will help organizations make strategic investments to optimize health care and wellness among US citizens.
