By integrating newer technologies, pharma companies can align with emerging trends and acquire a competitive advantage, finds Frost & Sullivan's TechVision team
LONDON, Oct. 27, 2016 /PRNewswire/ -- In healthcare, there is a paradigm shift from a fee-for-service model toward value-based care. It is disrupting the business models and creating opportunities for pharmaceutical sector as well. Pharma companies are looking beyond sales of blockbuster drugs, and measuring success by care outcomes. To facilitate this, they are focusing on innovation through emerging technologies. For instance, digital pharma enabled by XaaS, wearables and artificial intelligence will aid in providing connected health and improving patient compliance. Similarly, precision medicine using cancer screening and smart pills improve patient outcomes and accelerate regulatory approval as well as market entry.
Emerging Technologies Energizing the Future of the Pharmaceutical Sector, the recent analysis from Frost & Sullivan's TechVision (Health & Wellness) subscription, brings out the emerging technology trends in pharma on a global scale. The insight includes a detailed strategic assessment of industry challenges and needs as well as case studies.
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"The slow yet steady growth of technology convergence in pharmaceuticals is a positive shift in the direction of value-based care, personalization, and cost reduction," said TechVision Sr. Research Analyst Debarati Sengupta. "Some of the emerging technologies have unveiled new business models and marketing strategies, helping in the growth of the pharma industry."
"Growth in digital pharma, precision medicine, patient-centric medicine, and biopharmaceuticals will help address the depleting pipeline of innovative drugs, slow drug discovery and clinical trials, cost pressures and stringent regulations," explained Sengupta. "However, integrating new complex technologies into established processes may require a heavy shift in the strategy, structure and culture of pharmaceutical companies."
Some of the technology companies pharma companies must pay attention to:
- In information technology: InSilico Medicine, Stotle, AiCure, Cloud Pharmaceuticals, Cliniops, Medidata, IBM, Qualcomm
- In microelectronics or the wearable/smart pill arena: Gentag, Enable Injections, MC10, Proteus Digital Health, Rani Therapeutics, Chrono Therapeutics, West Pharmaceutical services, Medimetrics
- In cancer screening: Strata Oncology, Illumina, Myriad Genetics
- In smart packaging: Compliance med Technologies, TimerCap, Remind-A-Cap
Top pharma companies are already leading the way, collaborating with cross cluster technology companies in order to address unmet needs, get a disruptive advantage in industry, and gain diverse opportunities in the market.
Frost & Sullivan's global TechVision practice is focused on innovation, disruption and convergence, and provides a variety of technology-based alerts, newsletters and research services as well as growth consulting services. Its premier offering, the TechVision program, identifies and evaluates the most valuable emerging and disruptive technologies enabling products with near-term potential. A unique feature of the TechVision program is an annual selection of 50 technologies that can generate convergence scenarios, possibly disrupt the innovation landscape, and drive transformational growth. View a summary of our TechVision program by clicking on the following link: http://ifrost.frost.com/TechVision_Demo.
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Emerging Technologies Energizing the Future of the Pharmaceutical Sector
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SOURCE Frost & Sullivan