We have pulled together the biggest market trends throughout the Pharmaceutical industry moving forward into 2021.
Natural language processing (NLP) for patient enrolment
Despite NLP not working well enough in the past, in the last 3 years this technology has undergone an extreme makeover. It has made more progress than any other subfield of artificial intelligence. NLP is everywhere: in word and sentence predictions in your email, in smart assistants, in tailored search results, and in accurate online translations.
Pharmaceutical organizations all over the world have started to harness the power of NLP to leverage insights from unstructured medical data. In clinical trials, the analysis of a dataset with the assistance of NLP helps to identify doctors-influencers within a specific dataset(s) and to tackle the overarching problem of timely patient recruitment.
With the help of NLP, new doctors that haven’t yet participated in a clinical study, can be identified and invited to join in. These are potential candidates for principal investigators that can source considerable numbers of eligible patients that fit a clinical trial’s inclusion criteria.
The information obtained from NLP and social graphs helps contract research organizations (CROs) to increase the international and domestic market penetration and save costs spent on marketing by allocating their resources more efficiently.
The popularization of beyond-the-pill
According to Shiden Sedgh Bina (a 2016 PharmaVOICE 100 honoree), pharma companies have more resources and tools to solve health problems than ever before. Observing how attractive high-tech is for both customers and investors, companies will inevitably rely on the latest innovations in pharmaceuticals to create new digitally-driven medical solutions.
Experts call these products beyond-the-pill services. They come in the form of digital pills, wearable trackers, sensors, and apps designed to provide real-time information and gamify treatment.
Beyond-the-pill services are not new to the pharmaceutical industry (as illustrated by MySugr‘s success). Nonetheless, there’s a big opportunity for beyond-the-pill solutions to gain even more traction in 2021. That is, if pharmaceutical companies are willing to invest in trial design and patient engagement.
Importance of patient engagement
Beyond-the-pill solutions require a clear understanding of the customer’s needs. Stakeholders must generate value for the patients if they want to find a market. And how do you maximize patient engagement?
Life science organizations should involve end-consumers in trials, drug designs, and decision-making processes. This includes having C-level specialists focused on patient advocacy.
Many big pharmaceutical companies have already created positions such as the Chief Patient Officer and Chief Digital Officer to improve patient engagement. It’s not too late to follow this trend if you want to reach more patient populations and expand your business “beyond” the pill.
The biopharma revolution will take hold
“The development of COVID-19 vaccines is just the most compelling example of the potential of what MGI calls the ‘Bio Revolution’ — biomolecules, biosystems, biomachines, and biocomputing. In a report published in May 2020, MGI estimated that ‘45 percent of the global disease burden could be addressed with capabilities that are scientifically conceivable today.’ For example, gene-editing technologies could curb malaria, which kills more than 250,000 people a year. Cellular therapies could repair or even replace damaged cells and tissues. New kinds of vaccines could be applied to noncommunicable diseases, including cancer and heart disease.
The potential of the Bio Revolution goes well beyond health; as much as 60 percent of the physical inputs to the global economy, according to MGI, could theoretically be produced biologically. Examples include agriculture (genetic modification to create heat- or drought-resistant crops or to address conditions such as vitamin-A deficiency), energy (genetically engineered microbes to create biofuels), and materials (artificial spider silk and self-repairing fabrics). Those and other applications feasible through current technology could create trillions of dollars in economic impact over the next decade.”
~Kevin Sneader, global managing partner; Shubham Singhal, healthcare global leader, senior partner, McKinsey & Company
So, How is Talking Medicines pro-actively covering all the trends Discussed throughout this blog?
Visit https://www.PatientMetRx.com to see what our new Product PatientMetRx can do to keep your company ahead of the trends throughout the rest of 2021.