“The global revenue of the pharmaceutical market is around 1.2 trillion dollars” says the MedicalFuturist in his recent blog post. This is why they need to embrace and invest in new technologies, in order to focus on sickness prevention and transform the medicine industry.
What are the technological changes that need to be made?
In his recent video, he explores five areas where technology can help transform the pharmaceutical industry’s effectiveness and reach.These involve:
- AI for drug research and development.
- Analysis that needs months or even years can now be done in days.
- Cost-efficient development of treatments.
- Patient design.
- If companies want to stay ahead, they will have to involve patients in decision-making processes.
- Patients are more empowered than ever to make their demands heard.
- Rise in Do It Yourself (DIY) medical movement: there is a strong public desire to be involved and find affordable solutions.
- In Silico Trials.
- Experiments will soon be conducted by computer simulations.
- We are close to simulating organs and testing the effects of different drugs and treatments on them.
- This will make the process of drug development much safer and faster.
- New technology in the supply chain.
- Further shortening the drug development cycle will require the incorporation of robotics. Robotics can assist in long hours and heavy loads.
- Block-chain technologies originating from the financial industry will make drug distribution safer. Patients will be able to track their drug from the manufacturer to their home.
- New drug strategies.
- This involves developing a drug and attaching a digital health technology to it instead.
- Soon, we will be able to 3D-print our treatments at home.
Want to learn more? Click below.