According to the IQVIA’s 2019 Global Use of Medicine 2019 report, the amount of money spent on buying medicines across the world will exceed $1.4 trillion by the end of 2021.
By Arushi Jain,
The Covid disruption has handicapped the global market extensively resulting to numerous challenges in supply chain of lot of essentials, but an upsurge in the healthcare sector significantly to the Pharma Industry. According to the IQVIA’s 2019 Global Use of Medicine 2019 report, the amount of money spent on buying medicines across the world will exceed $1.4 trillion by the end of 2021.
Challenges also give birth to opportunities and it is rightly applied to the Pharma industry which is now living through the impact of the COVID-19 pandemic and evolving under changing circumstances. High-Tech implementations & investments in Research & Development in many companies have started to improve their team’s efficiency. Life science companies worldwide aim to refine the production cycle with Artificial intelligence, Machine Learning, cloud technology, and other digital investments. Resulting to benefits like help identify appropriate drugs for specific conditions, run budget-friendly trials for drug design, identify right times to start and change medical treatments, gather health data more efficiently, and many more advantages.
In 2019, patients globally received an estimated 1.8 trillion days of therapy; an average of 234 per person. Global medicine spending is projected to increase at 2–5% annually and exceed $1.1 trillion in 2024. Also, we have an educated population of patients become health conscious because of the pandemic and has evolved in this crisis period.
Lets us see the future of the Pharma industry while looking at current implications consolidating our thoughts and prioritize them to provide a direction for betterment.
Taking a rebirth
The pandemic has brought about a revolutionary changing experience to the healthcare industry, right from the population freaking on health & wellness related understandings, Life science organizations involving end-consumers in trials & drug designs, companies inevitably relying on the latest innovations in pharmaceuticals to create new digitally-driven medical solutions world, building rehabilitation centers & yoga as a matter of fact. The new developments are embracing personalized focus in healthcare while reforming and reshaping the industry to a new beginning altogether.
Sailing through tough days
The crisis hit all equally but not all could sustain the effect in the same manner. The Pharma Industry although wounded, managed the crisis astoundingly well with great crisis responses. Digital Marketing was a weak spot for the Pharma fraternity, but with the robust online presence in these crucial times, partnering with the right providers helped the crisis management processes run smoother dealing with rapidly evolving practices. Companies around the world are suffering from event cancellations preventing pharma companies to introduce new products and services. Digitalization in the Pharma world incorporated learning into future crisis plans and processes.
With increasing number of lifestyle diseases and patient’s inclination towards curative nutrition & prescribed vitamin and mineral supplements, there’s a substantial growth noticed in this particular area where the Indian primary research of Interlink mentors that 63 % of nutraceuticals products are catered through pharmacists based on generated prescriptions.
The nutritional supplements are at rise in order to compensate with an individual’s hectic lifestyle, rising awareness among people, focusing on preventive healthcare, and the outflow of internet penetration. By 2022, the nutraceutical market in India will be worth $8.5 billion and accounting for 3% of the global market share fuelling it to be a lucrative market to tap in now and in future.
E-commerce is a blooming industry and it’s footprints in the Pharma world is creating an attractive revenue stream since sometime. E-pharmacy received a great motivation in this current pandemic while ensuring patients received their medication despite lockdown. The rapid internet penetration creating awareness about health programs and services, online registration process covering functional areas like patient care, lab services, work based documentation & information exchange, medical records, online registrations and appointments, payments, diagnostic reports viewing online, online blood availability, tracking, approval processing for drugs, clinical trials, medical devices, vaccines, etc. is constantly growing leaving the E-commerce sector at unrest.
Providing brand health & quality medical facilities
Despite additional workload and things to monitor during pandemic, patient still depend on quality services, stressing highly on organization and its objectives. Mediocre is considered bad when it is in regard to healthcare and its conveniences. Healthcare has got to do a lot with our surroundings, which also definitely triggers our mental health. Healthcare management is accountable for a patients overall recovery & if brand health measurement is aligned with company objectives, it can help with course correction even when things go wrong.
(The author is Executive Director, Stayhappi. Views expressed are personal and do not reflect the official position or policy of the Financial Express Online.)