Pharmaceutical industry is a fast growing sector which keeps bringing new challenges to pharmaceutical companies and machinery manufacturers. European and American markets belong to the most advanced in pharmaceutical sector providing innovation and stimulating growth of the whole industry. Pharmaceutical machine manufacturers are trying to keep up with the current trends investing more funds into knowledge and development of the machines. Pharmaceutical industry overview will help us to understand the present situation and follow some of the latest trends in pharma.
Pharmaceutical Industry Overview
Pharmaceutical industry is an inseparable part of healthcare sector dealing with development, production and marketing of medications. Pharma industry directly affects health of the world population, which is why it is regulated by a number of international bodies monitoring drug quality, efficiency, pricing. Organizations like World Health Organization (WHO) or Medicines and Healthcare Products Regulatory Agency (MHRA) take care of the regulations. Over the last decade, the approach in pharmaceutical industry has shifted towards a research-based method allowing to improve existing technologies, develop infrastructures, and focus on research in the field of bioscience.
Main Challenges in Pharma Industry
Analyzing the current state of pharmaceutical industry overview, we should take into consideration the main challenges the industry has to face. All the latest trends are actually just a reaction to those challenges, which are also the main driving force in pharmaceutical sector. Over the past years, we follow the trend of the increasing need for pharmaceuticals and medications becoming more and more complex. Let’s have a look at the main driving forces in pharma:
- Aging population. The average human life span has substantially increased. It is a global trend which requires certain adaptability from pharmaceutical sector. Due to longevity growth, more diseases and infections have been registered. Aging population responds to medications in a different way, this age group also demands a different approach. This challenge has led to an increased research on aging population following the goal to prevent infections and diseases and allow them to enjoy longer and better life.
- Rise in chronic diseases. Number of chronically ill patients have risen dramatically. It leads to an increased number of people depending on medications and other health supplements on a daily basis.
- Hectic lifestyles. Modern lifestyles are hectic and stressful. Lack of exercise, sleep disorders, unhealthy eating habits result in digestion problems, anxiety, depression, obesity and other physical problems. Pharmaceutical industry responds with introduction of health supplements and immune system boosters to reduce the chance of getting sick, and meet daily nutritional needs through vitamins and minerals.
Pharmaceutical Industry Trends
Healthcare and technology sectors converging. Digital innovations have entered the pharmaceutical world. We’re experiencing a boom in healthcare mobile apps and other technological gems to help our better orientation in the world of medications. Besides, technology giants like Apple and Google tend to invest more into healthcare system development.
Drug prices remain the priority. It has been a major trend in 2016 which followed us into 2017. Political entities are grouping against medications price increase and the society is happy to support the initiative.
Immuno-oncology field on the rise. According to pharma industry experts, for the most profit investors should be looking at oncology or immunology fields of the pharmaceutical sector. Development of cures for rare diseases has also been on the rice and is considered an area with a high return potential.
Latest Trends – Biopharmaceuticals
Biopharma is a current trend which deserves our special attention. Biopharmaceuticals belong to the most sophisticated and elegant achievements of modern science. The efficiency of biopharmaceuticals is remarkable, they also cause less side effects. Biopharmaceutical medications are extracted from biological sources (like cells, blood) and are used to treat chronic diseases as well as fight cancer.
Nowadays, biopharmaceuticals represent almost 20% of the pharma market generating global revenues of $163 billion. By far, it is the fastest growing sector in pharmaceutical industry with stable annual growth of 8%. Many large pharmaceutical players are changing their focus to biopharma.