The pharma industry is growing rapidly with its innovation and experiencing higher growth than what it was expected previously. With sales of $1 trillion, the pharma industry has developed reliance globally on evidence in assessing medical treatment. This business has been spread globally with the availability of the modern drugs in the most nations of the world.
The major factors that will play an important role in making the pharma industry rule in the
upcoming years are listed below:
● Rare disease drugs and Biologics –
This is a significant growth driver in the pharma industry in short term with the selection of biologics for controlling diabetes, cancer, and inflammation.
● Nucleic Acids and Implantables –
Several approaches with the inclusion of microRNA, direct mRNA, RNAi, gene editing and gene therapy is expected to bring substantial growth in nucleic acid drugs. Gene transcription and correct genetic mutations with therapeutic constructs has extreme positive effects on human health which can ultimately
reduce the people’s dependency on chronic therapies.
● Cost Controls Amidst Rapid Industry Growth –
This may seem contrasting that we are
expecting the growth of the pharma industry at the same time with controlled costs. But
the pharmaceutical cost controls have always led to the expansion of the pharma industry
since decades. Cost control policies are anticipated to continue and enhance this industry in the near future.
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Summing Up
The pharma industry has its bright future in the upcoming years. With new innovations in the medical field along with economic growth, the industry will reach its new heights. Implementation of cost-containment strategies will help in improving access to these drugs to
most of the global population that are unable to afford them today. The future pharma sector in
2020 will be unlike from the present market condition with the existence of newly applied
techniques and innovations in the medical science with advanced biologics, chemical drugs, cell therapies, nucleic acid therapeutics, and implantables.
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References:
1. https://www.torreya.com/publications/torreya_global_pharma_industry_summary_octobe
r2017.pdf
2. https://www.slideshare.net/timopler/future-of-the-global-pharmaceutical-industry
