industry pharma segment also generic drugs pharmaceutical
Trends in the Pharmaceutical Industry for 2020Healthcare plays a pivotal role in establishing a healthy survival of humans.This sector has established its name since Stone Age and has tremendouslymodified itself with the evolving population. India is a prominent and rapidlygrowing existence in the pharma sector. It is one of the largest producers ofmedicines in terms of volume and value as well.The pharmacology industry has grown in harmony with the medical field,providing the necessary medication, drugs, and consumables. They are closelyintertwined and play a crucial role in the overall healthcare segment. Thepharma industry has seen its share of trials and tribulations due to thechanging Government regulations, global trade fluctuations, newer and strongerdisease strains, etc. Despite this scenario, the segment has successfullygrown at an almost steady rate.The revenue generated by the pharmaceutical industry is increasing rapidly,and it is expected to reach over $120 billion by the year 2030. The industryis undergoing momentous expansion in the avenues of research, formulation,marketing, sales channels, and consumer support. An extensive segment providesemployment opportunities and livelihood for the masses. Over 2.7 millionpersonnel are currently employed in the pharma industry and their alliedsectors.The industry is an essential part of the trade and wellness ecosystem as itcontributes to the overall revenue of the country and also ensures the healthof the citizens. The trends play a crucial role in the progression of thesector.Here are some pharma industry trends for 2020:Influence of Artificial IntelligenceIt is a strenuous task to sort and analyse the information gathered in thisindustry manually. The data might contain sensitive information about themedicine and its effects on various patient stereotypes. It might also provideessential data regarding the research and development avenue. The ArtificialIntelligence application will aid product development, consumer experience andcustomised patient treatment and tracking possible.Streamlining the supply chain processThe pharma industry has multiple vendors and service providers between themanufacturing unit and the end-user. Every unit plays a crucial role in thesupply chain process. It determines the timely delivery of the product andalso has a direct impact on the cost factors. Companies are identifyingeffective and standardised procedures to streamline the supply chain.Nowadays, technology has a huge role to play in streamlining and organisingit. With increased tech-support, planning inventory and its management hasbecome easier, it has also resulted in cost-savings and reduced manpowerintervention.Trend towards Generic MedicinesWhat are generic medicines? The drugs are developed with the exact formulationof the prescribed medicines but are not associated with any brand. All leadingpharmaceutical companies develop their unique version of the medication andmarket them under their brand name. This system has led to increasedcompetition among companies. This forces the brands to undertake innovativepromotion techniques to capture the attention of the end-user or consumer.This also leads to a steady and gradual increase in the price of the productthat forces the patients to spend more to procure the medicine.This makes drugs unattainable to people from lower economic backgrounds. Thegeneric medication breaks all these stereotypes and focuses on providingmedicines to consumers at affordable prices. The consumers have become awareof these drugs and are choosing them instead of branded versions. This marketis predicted to grow in the coming year, and the importance of genericmedicine is bound to increase.Implementation of Technology in all avenuesIt has become highly improbable to survive without the influence oftechnology. The pharma industry trend of 2020 emphasis the use of technologyin all channels of the segment. Experts are in the process of identifying andtesting the infusion of these advancements in a different division. This wouldminimise the risk of error in the manufacturing and marketing aspects.The term e-commerce has reached every nook and corner of the earth. A studystates that India has over 451 million internet users. The retail pharmacysegment has been relatively late to join the e-commerce wagon. However, theyounger generation has shown support to this channel, and the consumer base ofthe portals is steadily increasing. There were some issues connected with thisavenue owing to Government regulations and privacy concerns. However, thecompanies are taking the necessary steps to resolve these problems with thesupport of the authorities. 2020 is expected to increase the sales ofmedicines through eCommerce portals largely.Stringent government RegulationsThe government and the regulatory authorities have implemented stringentprotocols to bring order in the industry. In the last few years, the pharmaand healthcare regulators have been actively implementing stricter rules andguidelines across the manufacturing, retail, sale, storage of drugs, etc.Development of specialised drugsThe advancement in the health care segment allows physicians to identify theroot cause of diseases with precision. The pharmacology industry is activelydeveloping specialised drugs to combat the problem. This would also lead to alow volume high-quality production system that would reduce the damage to theenvironment and provide effective healthcare solutions.This is a booming market, and newer medications are expected to be launched inthe upcoming years. The stem-cells based medication is also booming and in thefuture will help in recovering earlier and better.Predictive MedicineThe general public is extremely conscious about their health. They are in theprocess of making lifestyle changes to rejuvenate and maintain their wellnessquotient. This segment, known as preventive or predictive medicine, has gainedconsiderable popularity. It focuses on the development of drugs that canprevent illness even before it arises.Digitalisation of the segmentThe pharmaceutical industry is an extensive market that contains multipleinformation about business and consumers. The data is highly sensitive andrequires careful scrutinisation. The digitalisation of the segment wouldensure the safety of the data and also minimise the risk of errors in thesystem. This is an on-going process, and newer technologies are regularlyupgraded.Ensuring high-quality production processThe quality and affordability of the product have been driving forces thatdetermine the success of the company and the industry. The pharma industryrevolves around these aspects. It is gradually migrating to high quality andeconomical production processes.The industry trends define the current condition of the segment and lay thefoundation for the future. This motivates the various stakeholders to strivehard to progress in their chosen field. The pharma industry focusses on thedevelopment of quality and affordable products to the masses.The Indian pharmaceutical segment has partly achieved this goal as they arethe leading producers of generic medicine. In addition to the presence ofprominent multinational companies, the generic market caters to over 50% ofthe global demand for these drugs.This article is written by Arushi Jain, Founder of Stayhappi.