Trends in Pharmaceutical Industry 2024 - 2025

In recent years, the pharmaceutical industry has undergone a significant transformation, greatly accelerated by the COVID-19 pandemic. This health crisis has driven a structural shift in the sector, resulting in a hybrid model that blends traditional in-person practices with innovative digital strategies.

This new hybrid model has driven digitalization and technological adoption within the pharmaceutical sector, promoting the implementation of new methodologies and ways of operating. The pandemic has acted as a catalyst for pharmaceutical companies to integrate advanced technologies and optimize their processes, enhancing efficiency and effectiveness in research, development, and product distribution.

The adoption of digital tools and online platforms has enabled pharmaceutical companies to continue their operations despite physical restrictions. Additionally, telemedicine and virtual consultations have become common practices, expanding access to healthcare and improving communication between patients and healthcare professionals.

Technological advancements in the pharmaceutical sector promise to continue evolving, driving trends that will define the future of the industry.

"According to statistics, pharmaceutical companies that do not have a comprehensive data and analytics strategy are already at a competitive disadvantage."

Recent research indicates that in less than two years, 85% of pharmaceutical companies will be data-driven. This means they will utilize data analytics to optimize their strategies, operations, and decision-making processes. This outlook not only promises a bright future but also underscores the critical importance of having an integrated data and analytics strategy. Companies that fail to adopt these technologies will indeed be at a disadvantage.

Below, we explore some of the most prominent trends expected in the coming years.

Report: Trends in Pharmaceutical Industry 2024 - 2025 

Pharma Trends pdf

Bismart has conducted a comprehensive analysis of the most relevant trends in the pharmaceutical industry for the years 2024-2025, considering the needs and new demands of our clients, as well as sector studies such as ‘Key Pharma Tech Trends to 2024: Big Data and Analytics.'

The results of the pharmaceutical sector analysis have been compiled into an e-book that you can download below. This resource offers a detailed analysis of the trends that will dominate the sector in 2024-2025, along with practical recommendations and success stories that demonstrate how to effectively implement these strategies.

Trends in the Pharmaceutical Industry 2024

1. Data-Driven Transformation

 The pharmaceutical industry is evolving towards data-centric management. This data-driven approach is essential for reducing costs and improving health outcomes.

Companies are adopting advanced technologies to optimize their research and development processes. Integrating data from multiple sources is crucial for turning information into strategic value, enhancing productivity and competitiveness.

To implement this transformation, it is vital to have centralized systems that consolidate data from various sources, ensuring accuracy and accessibility.

2. Text Analytics (NLP) for Unstructured Data

Processing unstructured data, such as research texts and clinical notes, is a challenge in the pharmaceutical industry. Text analytics and Natural Language Processing (NLP) technologies are gaining traction, allowing the extraction of valuable information from large volumes of unstructured data. This facilitates the development of new products and market strategies.

Bismart has collaborated with multiple pharmaceutical companies to implement Folksonomy Text Analytics, a tool that uses artificial intelligence and advanced language models to analyze unstructured data, improving accuracy and uncovering critical information for research and medical practice.

3. Real-Time Analytics

Real-time analytics allow pharmaceutical companies to monitor and analyze data as it is generated, enhancing decision-making and responsiveness to market changes. Technologies like IoT and machine learning power these analytics, making companies more agile and patient-centered.

Implementing dashboards and business intelligence tools based on real-time analytics can provide a comprehensive view of operations, facilitating informed and timely decisions.

4. Real-World Evidence (RWE)

Real-world evidence (RWE) is an approach based on the use of clinical data obtained outside of traditional controlled trials. These data come from patient records, surveys, and health devices, enabling a more accurate assessment of the effectiveness and safety of treatments in real situations.

This trend is fundamental for improving decision-making in the pharmaceutical field and ensuring compliance with international regulations. By analyzing information obtained in real-world settings, a more comprehensive and realistic perspective of how treatments work in clinical practice can be obtained, contributing to more effective and personalized healthcare for patients.

5. Comprehensive Management of Medical Devices

The integration and management of medical devices are essential to ensure their performance, proper use, and regulatory compliance. Emerging technologies such as AI and wearable devices are transforming the industry, enabling non-invasive diagnostics and personalized treatments.

Bismart has worked with an international pharmaceutical company to develop 360º Medical Devices, a solution that offers a holistic view of the performance and compliance of medical devices, from manufacturing to end use, improving diagnostics and profitability.

Discover the success story in the e-book: "Pharmaceutical Industry Trends 2024-2025".

6. Customer 360º

Understanding customer needs and behaviors is crucial for success in the pharmaceutical industry. In an increasingly competitive market, personalization and customer-centric care have become key pillars for differentiation and customer loyalty.

The demand for services tailored to individual patient needs drives companies to innovate and offer solutions that truly meet their requirements. For instance, tools for collecting and analyzing customer data, such as the Customer Data Platform (CDP), are becoming increasingly popular.

Customer-centric care is not limited to product sales but encompasses the entire patient experience, from medical consultation to treatment follow-up, thus creating a long-term relationship based on trust and satisfaction.

7. Price Optimization

Setting the most effective prices is a crucial factor for ensuring profitability and competitiveness in the pharmaceutical sector. Price optimization tools based on artificial intelligence and machine learning are fundamental in this process, as they meticulously analyze market data, competition, and customer preferences to propose optimal and effective pricing strategies.

The implementation of these advanced technologies allows pharmaceutical companies to quickly adapt to market changes, identify growth opportunities, and improve the profitability of their products.

By considering variables such as market demand, competition, and consumer preferences, AI and machine learning-based price optimization tools offer precise and up-to-date recommendations to maximize the financial performance of companies in the pharmaceutical sector.

8. Self-Service BI

Self-service BI models are revolutionizing how professionals in the pharmaceutical industry access and analyze data autonomously, without relying on the IT department. This autonomy provides users with the ability to generate customized reports and visualizations quickly and efficiently, thereby speeding up decision-making and improving the effectiveness of information management.

However, it is essential to implement robust data security and data governance policies to ensure the protection of sensitive information handled in the pharmaceutical sector. Confidentiality, integrity, and availability of data are critical aspects that must be carefully managed to maintain privacy and comply with established health regulations.

The combination of the freedom and flexibility offered by self-service BI models with a rigorous focus on data security and governance ensures that pharmaceutical companies can fully leverage the potential of their data without compromising the confidentiality or integrity of the information. This establishes a balance between user autonomy and the protection of digital assets, promoting efficiency and transparency in decision-making within the pharmaceutical industry.

Digital Transformation in Pharma

Digital transformation is driving a revolution in the pharmaceutical industry, introducing profound changes in the way drugs are discovered, developed, manufactured, and marketed. This technological advancement has enabled pharmaceutical companies to improve the efficiency, accuracy, and speed of their processes, from research and development (R&D) to patient care.

Main Areas of Impact

Acceleration of the R&D Process: The integration of artificial intelligence (AI), big data, and robotics has significantly accelerated the development of new drugs. These technologies allow for the analysis of large volumes of data with greater precision and speed, identifying candidate molecules and optimizing clinical trials, which significantly reduces time to market.

Smart Manufacturing: The digitization of manufacturing plants has improved efficiency, traceability, and quality control. Technologies such as advanced automation and robotics ensure more consistent and high-quality production, minimizing human errors and ensuring regulatory compliance.

Personalized Medicine: Digitization allows for personalized treatments based on each patient's genomic profile and health data. This improves treatment effectiveness, reduces side effects, and optimizes clinical outcomes.

Improvement in Patient Care: Digital platforms and telemedicine have transformed patient care, facilitating access to information and enabling virtual consultations. This has expanded the reach of medical services, improving communication between patients and healthcare professionals and allowing for closer monitoring of treatments.

Supply Chain Optimization: Digitization has optimized supply chain management through the use of big data and blockchain. These technologies enable real-time tracking of medications, ensuring their authenticity and safety from manufacturing to patient delivery. The automation of logistical processes also helps prevent counterfeiting and ensures efficient distribution.

Challenges and Opportunities

Despite numerous benefits, digital transformation presents significant challenges, such as the need to ensure cybersecurity, protect data privacy, and provide adequate training to healthcare professionals to effectively use these new technologies. Companies must develop robust strategies and a clear roadmap to implement these technologies, maximizing their positive impact and ensuring that the opportunities they offer are fully leveraged.

AI in Pharma

How is AI used in Pharma?

Artificial intelligence is, without a doubt, the technology that is having the greatest impact on the healthcare and pharmaceutical industry, with significant growth potential in the coming years. Beyond the evident impact of COVID-19, the adoption of artificial intelligence in the pharmaceutical industry is rapidly increasing due to the need to reduce costs and time in the discovery and development of new drugs.

Market Growth of AI in the Pharmaceutical Industry: The AI market in the pharmaceutical industry grows at around 30% each year:

• According to a recent study by Precedence Research, the global AI market size in the pharmaceutical industry was valued at $908 million in 2022 and is projected to exceed $11,813 million by 2032, with a compound annual growth rate (CAGR) of 29.30% from 2023 to 2032. This growth is driven by significant investments in AI technologies to enhance drug research and development (R&D), as well as production and clinical trials​ (Precedence Research, 2023)​.

Artificial Intelligence Before and After Covid-19:

• The COVID-19 pandemic significantly accelerated the adoption of AI in the pharmaceutical industry. Companies like GSK partnered with Vir Biotechnology to use AI in the discovery of antiviral drugs, including treatments for COVID-19. ​(SAP News Center, 2023)​.

The Impact of AI Post-COVID-19

• Following the COVID-19 pandemic, the adoption of artificial intelligence (AI) in the pharmaceutical industry has continued to improve. According to a recent study by McKinsey & Company, advanced AI tools are optimizing the design of large and small molecules, the selection of indications for asset strategies, and the conduct of more efficient clinical trials.
• Additionally, these technologies are reducing development times and improving accuracy in identifying chemical compounds and biomarkers.
• AI has increased the speed of drug discovery processes by four times.
• The duration of clinical trials has been reduced by 50%, and their success rate has improved by 10%.
• Quality control processes have improved by 65% thanks to the implementation of AI.
• AI has enhanced the performance of chemical compound activity models by up to 2.5 times and has accelerated large molecule design by over three times.
  •  Data from McKinsey & Company, 2023

New AI projects:

• In recent years, new artificial intelligence centers have been established, and multiple inter-industry collaborations have formed to promote the use of AI in the pharmaceutical industry. For example, Sanofi inaugurated an AI Center of Excellence in Toronto in 2022, focused on developing world-class data and AI products to accelerate R&D and improve access to life-saving medicines​ (Mordor Intelligence, 2023)​.

Artificial intelligence and Drug Development

Artificial intelligence has brought about a significant revolution in the development of new drugs, optimizing the process, particularly in these two areas:

• Quality Control During Manufacturing: AI, through cameras and cognitive algorithms based on Deep Learning, detects and eliminates defects in real-time, ensuring compliance with standards and reducing costs.
• Workplace Safety: AI with computer vision detects safety risks for workers, such as the proper use of personal protective equipment, access control to restricted areas, and the prevention of health hazards.

Conclusion

The pharmaceutical industry is constantly evolving, driven by the adoption of advanced technologies and a data-centric approach.

The trends for 2024 highlight the importance of data integration, real-time analytics, real-world evidence, medical device management, customer understanding, price optimization, and self-service BI.

The integration of these advanced technologies not only enables pharmaceutical companies to adapt effectively to the ever-evolving industry landscape but also provides them with the opportunity to lead the way in innovation. From data-driven decision-making to the implementation of new AI solutions, leveraging technology presents a significant opportunity for companies in an industry moving rapidly towards the development of data-driven cultures.