Top 5 Trends Shaping the Pharmaceutical and Life Sciences Industry in 2022

One cannot disagree or neglect that digitization and technological innovation are the backbone of a growing economy, which applies to the pharmaceutical solutions business also. A recent report on the pharma industry states that the pharmaceutical industry is expected to grow to $ 1.5 trillion by 2023.

Advanced research in the field has opened gates for newer avenues of treatment for humanity. On the one hand, there are new regulatory challenges with biosimilars, automation, and AI-powered medical diagnoses. On the other hand, there is ever-increasing consumer demand for better, personalized healthcare.

How is the pharmaceutical solutions industry meeting these challenges and taking advantage of the opportunities?

Below is a closer look at the top 5 trends shaping the pharmaceutical and life sciences industry in 2022.

  1. Increasing numbers of e-pharmacies

People buy medicine online during the pandemic due to fear of contracting the covid-19 virus. Consumers no longer want to go shopping and would rather receive goods at their doorstep, making door-to-door service vital. E-pharmacies come in here. They make life easier by providing users with medications and information about their uses right at the touch of a screen.

This change in consumer behaviour will strongly impact the world of online pharmacy by 2022, with a steady fall in traditional brick-and-mortar stores. There is a rift between the offline and online pharmacies, but like other sectors, there will be an ever-growing sync between the offline pharmacies opening an online market for themselves.

3. Digitization leading to digital records

One of the major pain points the heavily regulated pharmaceutical and life sciences industry faces is the heavy regulatory burden, which is often dealt with by paper records. However, in recent years, the industry has seen the rise of technology that aims to capture data in a digital format, which would help the industry overcome the challenges faced.

Originally paper-based processes are rapidly being converted to digital to make operations more efficient. Digital processes are especially helpful in promoting transparency and regulatory compliance because they allow pharmaceutical companies to track data closely and maintain it.

4. Cloud Computing helps with data analytics and security

Cloud computing is the holy grail of technology in the life sciences and pharmaceutical industries. It offers many benefits, including reduced costs and increased efficiency.

First, it allows businesses to work more effectively with their other stakeholders. It has also become a cheap way for pharma companies to use analytics. Pharmaceutical companies rely specifically on cloud security and central access to analyze complex data in clinical research. Cloud scalability keeps records of thousands of remotely monitored patients, and the cloud environment maintains the confidentiality records.

5. Digital training and pharmaceutical CRM transformation

Online training courses for new technologies in the pharmaceutical sector will be expanded further in 2022 to improve operations and compliance. Digital signatures, patient planning portals, and electronic document software are just a few tools in the tool kit of any pharma organization, but they require training so that each member is sure to know exactly how and when they should be used.

Ensuring that teams have a solid understanding of technologies will help reduce errors and help pharma companies meet regulatory requirements. Other than digital training, there is a rise in CRM usage in the pharmaceutical industry. Other than becoming more customer-centric, there are multiple benefits of incorporating CRM in the marketing strategy for pharma companies –

  • Documentation management
  • Market alignment and realignment
  • Effective communication
  • Customer segregation and segmentation
  • Going mobile
  • Nurture marketing
  • Social marketing

Recently, Wipro integrated an Oracle CRM on-demand application for a London-based pharma multinational, resulting in over £60 million savings. This impact was due to small wins such as consistency and accuracy in sales reporting and enhanced performance and measurement. Besides the trends mentioned above, blockchain technology and big data will further revolutionize the pharmaceutical industry in 2022 by helping them secure data and increase visibility, compliance, improved traceability of drugs, and simplified transactions. The upcoming pharmaceutical trends will add an ever-evolving space for transformation in the pharmaceutical industry.