Updated: Aug 1
Top 5 trends for the pharmaceutical industry in 2023
The pharmaceutical industry has seen a great deal of change over the last two years, with the COVID-19 pandemic playing a significant role. This is set to continue its evolution and provide more ways to improve patient outcomes in 2023.
Clinical Services International has a deep understanding of our industry and what lies ahead in 2023 and beyond. Read on to see our top trends in the pharmaceutical industry.
1. Increased use of wearable devices for clinical trials
A major trend for the pharmaceutical industry in 2023 will be the increased use of wearable devices in clinical trials. Wearable devices house biosensors that collect data that medical professionals can use to assess a patient’s responses to a particular treatment or therapy during a clinical trial.
The increased use of wearable devices means collecting clinical trial data can switch to a remote model. As Kevin A. Thomas states, a decentralised model should help encourage more diversity in those participating in clinical trials. As a result, this should lead to improved patient outcomes, retention and recruitment.
One example of this in practice is the digital glucose monitoring study completed by Kaiser Permanente in 2021, where medical professionals used wearable devices to help better manage their patients.
2. Stricter regulation of the pharmaceutical industry
In 2023, stricter regulation of the pharmaceutical industry is likely, and this will lead to a greater emphasis on compliance. This will involve standardised training and certification for sales representatives and medical science liaisons (MSLs).
To meet these regulatory requirements, training is expected to be conducted virtually due to the flexibility and cost-effectiveness it offers over traditional classroom training. Although, virtual training is not a new phenomenon in the industry.
3. The continued rise of specialty pharmacies
The third expected trend in the pharmaceutical industry in 2023 is the rise of specialty pharmacies. Specialty pharmacies are channels set up to deal with and distribute drugs that are complex, expensive, or otherwise ‘special’, such as oncology drugs, a product CSI has successfully delivered all over the world. It is these pharmacies that will continue to drive the market as their growth continues well into 2023.
4. AI will fuel new products and processes
This year, AI is expected to play an increasingly vital role in the pharmaceutical industry by fueling the development of new products and processes.
It is already showing an impact on drug discovery and development. This is because AI-based tools - like machine learning algorithms and computer virtualisations - can help researchers identify new drug candidates more quickly and efficiently than traditional methods. For example, in 2020, an AI-powered drug discovery platform called Atomwise announced that its system had been used to identify new candidates for COVID-19 treatment.
Additionally, AI can be used to analyse large amounts of study data, supplying researchers with new insights that they might not have been able to uncover otherwise. An example of this in practice is the 2020 partnership between AstraZeneca and BenevolentAI, where AI was used to identify new indications for existing drugs.
5. Genetic and genomic testing will become more widespread
In 2023, the pharmaceutical industry is poised to see increased genetic and genomic testing across the board. This will enable a deeper understanding of the genetic causes of disease, leading to the discovery of new drug targets and the creation of more personalised therapies.
Precision medicine is one area where the use of genetic and genomic testing is already proving to be valuable. By analysing an individual's genetic makeup, medical professionals can better understand how a patient's genes may affect their response to treatment. For example, Myriad Genetics' genetic test launched in 2020 helped predict the likelihood of a woman responding to certain breast cancer treatments.
2023 looks set to be an exciting year for clinical trials, and CSI can ensure that your studies are part of this by delivering supplies to your studies within budget and within the agreed timeframe.
Contact us today to see how we can supply your clinical trial.