December has always been a time for reflection and anticipation for what’s to come the following year. Considering that 2020 marks the beginning of a brand new decade, there’s extra excitement for what the year will bring and what tone it will set for the entire decade. It seems that every year is an exciting year for the pharma industry and 2020 stays on course. Pharma professionals have many exciting trends to monitor for the year ahead.
The trends everyone will be talking about
Perhaps the most noteworthy trend of them all is the prevalence of China on the pharma market in the first place. For decades, China has not been a major player – certainly no source for meaningful innovation or trendsetting power. This, however, has changed dramatically in the last decade as the government heavily invested in the biopharma industry, which has seen the Chinese market grow by an estimate 25% annually over the course of five years between 2012 and 2016. Current estimations place the value of the market to hit USD $48.8 billion by 2021.
These numbers alone should alert the international community at large to pay attention, especially when it seems that China’s main priority is the developments in bio-processing with the export of biologics identified as a chief objective.
Preventive healthcare and personalized medicine are also picking up steam. Not every disease can be cured, which is where pharmaceutical innovations strive to prevent its contraction. Perhaps the most significant success that preventive medicine has observes is with HIV. Products like Truvada have made all the difference in slowing down the spread of the virus. This approach is only going to come to the forefront in coming years. In the same breath, the pharmaceutical industry has set its sights on improving health care through personalized medicine, which breaks away from the average and investigates deeper the unique biodome of the patient. The technology relied on full patient data and customized medicines to create a custom-tailored treatment.
We’re not in the 21st century, if we don’t speak about AI and digitalisation as part of Industry 4.0 in relation to pharmaceuticals. Artificial Intelligence is already poised to become the tool that will win margins and improve budget spending. It’s no secret that the pharmaceutical industry is in dire need of improving efficiency in order to reduce its wastefulness and AI is being developed to then handle these processes.
Digital solutions are set to help with breakthroughs in the Value Added Medicines (VAM) sector through an improvement in patient reports. Given the rise of medical wearable technology, it will be easier to collect real patient usage metrics to support VAM players in the long run.
The trade shows that consistently remain at the forefront of innovation
The safest way to gain a deep insight into pharma trends is to attend the trade shows known for a higher commitment to informing its audience about how their professional landscape is changing.
Perhaps the first event anyone involved in pharmaceuticals thinks about. The unique feature here is the distinct separation of CPhI Worldwide into six areas that in turn embody each of the pharmaceutical supply chain stages. This allows for more in-depth digging and research into highly specialized trends.
Expopharm: As a leading meeting point for the actors on the global pharmaceutical market, Expopharm presents a full picture of the dynamic market trends and is also a platform for exhibitors to make announcements regarding their personal technological innovations.
MEDICA: Held alongside COMPAMED, MEDICA is the umbrella trade show where the whole of medicine is represented and in that sense you’ll experience pharmaceutical news and trends in relation to the broader medical and technological fields.
IDS: IDS enjoys a reputation of the most important dentistry trade show in the world, so if you’re specialized in dentistry pharmaceuticals IDS is where you need to come to receive highly targeted news, product launches and announcements.
Arab Health: The MENA region has been known for its high-paced rates of innovation and Arab Health is an entry point into a highly competitive market that has its own, entirely different feel. Some trends and innovations are first talked about during this show.
But what about vitamins and supplements?
Adjacent to pharmaceuticals, but not as heavily regulated are the markets for essential supplements and vitamins, which are also in the great throes of transformation for the upcoming year. We’re in for the year of watermelon seeds, which have emerged as the surprise ‘super’ food recently, and a fervent love of all things moringa. The markets that are shaping up to be big earners are the sleep supplements and pet supplements. Whatever you decide to put into your body should be the very best and in that sense it’s good to have a list of supplement brands that have been recognized for their high quality.