New Opportunities For Pharma Companies Soaring patient numbers are putting a strain on hospital capacity throughout the world, prompting healthcare providers and their partners to think creatively about how to fulfill demand without increasing their resources. Smarter diagnostic technologies and more complex remote- and self-care models will play a growing role, as long as any advancements are demonstrated to offer outstanding results and a better patient experience.
Pharma, which is already expanding its role in supplying hybrid solutions that combine medicines with diagnostic and smart solutions and devices, might play an important role here by providing smart end-to-end solutions and data-related capabilities that go beyond immediate treatment.
Secondary prevention and some chronic illnesses provide a unique chance to contribute benefits outside of the lab. Examples abound in diabetes management, but New Opportunities For Pharma Companies smart monitoring and targeted interventions are also making inroads into the management of autoimmune disorders such as inflammatory bowel disease, cardiovascular health issues, and cancer – both in terms of monitoring the progression of those conditions and predicting and avoiding flare-ups.
Here are 8 New Opportunities For Pharma Companies in Digital Health Apps;
1. Doing more for chronically ill individuals
From diabetes to multiple sclerosis, digital health has altered the treatment of chronic disorders the most, drawing significant investment (MS) is New Opportunities For Pharma Companies.
Targeted digital solutions aid in both the monitoring of patient’s physical symptoms and the maintenance of excellent mental health. Sanofi’s collaboration with mental health app provider Happify Health is an example of the latter, providing patients with assistance to help them manage sadness and anxiety (people with MS can be up to five times more likely to develop severe depression than the general population). The app they are developing employs cognitive behavioral therapy to aid in the improvement of mental health via education and other activities.
Meanwhile, Merck KGaA’s SmartPatient/adveva multi-channel patient support system connects MS patients all over the world with a variety of support services, including round-the-clock access to instructional videos on how to safely handle medication, tips for living with MS, personalized reminders to keep patients on track, and a built-in diary to facilitate treatment discussions on New Opportunities For Pharma Companies.
Tools for keeping a strong relationship with people suffering from wider mental health disorders are increasingly gaining popularity. During the pandemic, Boehringer Ingelheim and Click Therapeutics announced the collaborative development of a prescription-based digital therapeutic tool for use in the treatment of schizophrenia, filling a gap in patient support (while treatment guidelines recommend tailored psychosocial intervention therapies, access to these interventions is not always easy for patients).
2. Identifying and evaluating opportunities in the context of brand strategy
To assess the potential, pharmaceutical firms must examine the present treatment route to identify areas where there may be an untapped chance to make a difference and increase the value for patients, which is related to their own brand strategy and product claims. They may begin to build a solution to meet the identified gap, guided by this critical confluence of interests.
Because the new solution would need a different business model than current goods, requiring collaborations with both the care provider and a digital technology expert, considerations will need to extend beyond the core product’s patent expiration (support cannot be suddenly withdrawn). The scalability of the suggested solution must also be considered: how easily and efficiently it can be duplicated across different hospitals/regions/countries.
Although conventional pharma’s engagement in digital health is still in its early stages, and ideal delivery and collaboration models are still being developed, the dynamic environment is loaded with promise for those that are sufficiently adaptable and receptive to new prospects New Opportunities For Pharma Companies.
3. Significant healthcare efforts by Big Tech
It is not a new phenomenon for Big Tech to seek substantial forays into healthcare in 2022. What distinguishes 2022 in this regard is Big Tech’s stance to ride the trends of healthcare digitalization, remote delivery, and data utilization, which have been initiated or accelerated by the COVID-19 pandemic we will get New Opportunities For Pharma Companies.
Former Johnson&Johnson CEO Alex Gorsky will join Apple’s board in November 2021, bringing the linkages between tech and medicine even closer in 2022. This move indicates a more collaborative approach, which is likely to be more fruitful than previous attempts to “disrupt” healthcare when Big Tech’s lack of domain understanding in healthcare led to certain blunders.
Technologies firms have made significant advances in developing more complex and user-friendly health monitoring gadgets, which are expected to increase with the release of new digital technology in 2022, and the pandemic has surely hastened their use. When this is combined with the expanding structural digitalization of healthcare, Big Tech will play a significant and sustainable role in the future of health or New Opportunities For Pharma Companies.
4. Medicine budget restriction, big structural fund
The IQVIA Institute predicts that the worldwide cumulative cost of COVID-19 vaccinations will be $251 billion by 2026, with spending on COVID-19 therapies, including novel oral medicines and post-viral syndrome treatments, expected to generate considerable additional spending. The decade 2021-2025 was always going to be one of relatively modest loss of exclusivity cost relief, with 18% of pharmaceuticals budgets being contested for years to come, paired with record amounts of COVID-19-related expenditure for New Opportunities For Pharma Companies.
Governments, on the other hand, are allocating structural funds for healthcare system reform that will restructure and digitize health systems. The EU4Health 2021-2027 budget includes €5.3 billion for measures such as strengthening health data and digital transformation throughout the EU.
Such expenditures may seem little in comparison to the vast amounts that will be spent on COVID-19 vaccinations, but they have the potential to greatly accelerate the digital development of European health systems. In the United States, the Biden administration plans significant healthcare budget investments, including the expansion of Medicare and Medicaid, but no clear strategy to control medication prices of New Opportunities For Pharma Companies.
5. RNA Therapeutics takes center stage
Compared to cell and gene therapies, RNA therapeutics generated few headlines, few agreements, and minimal money during the next decade. The launch of mRNA COVID-19 vaccines, on the other hand, altered the fortunes of the whole industry, demonstrating that mRNA therapies were manufacturable, deliverable, and safe on an unprecedented scale.
From 2019 to 2020, dealmaking in RNA Therapeutics increased 13-fold. Top 20 pharmaceutical companies such as Sanofi have made major investments in RNA acquisitions, and RNA vaccine players Moderna and BioNTech now have billions of dollars in funding to finance research initiatives employing their RNA technology outside of COVID-19 vaccines and into non-vaccine domains in New Opportunities For Pharma Companies.
A promising but slow-moving technology is currently being turbo-charged to shake up the vaccination sector, with substantial implications for cancer, uncommon illness, and common primary care problems. Although values will be high, 2022 may see more deal-making. This year will also see the main RNA actors’ long-term strategy take form, as well as the long-term effect of RNA across therapeutic areas.
6. Healthcare systems are being redesigned to be more digital.
The pandemic pushed efforts toward healthcare digitization, from remote treatment to digital monitoring and data collecting. As a result, 2022 will be the year when the true consequences of the acceleration of digitization become obvious in New Opportunities For Pharma Companies.
While the direction is universal, digital maturity differs greatly by nation. A recent IQVIA assessment of the relative digital maturity of several European and Middle Eastern health systems found that, although there was a slight overall trend towards rising maturity with increasing GDP/capita, there were significant outliers above and below the line. Early national-level policy formulation, followed by structural investment and local execution, produces the greatest outcomes when New Opportunities For Pharma Companies.
As the full impact of the pandemic strikes health systems in the form of slashed budgets, patient backlogs, and severe resource shortages, we should anticipate aggressive attempts to achieve a quantum jump in digital maturity. By 2022, digital transformation may be the only option for pressured health systems to transition to a post-pandemic world.
7. The proliferation of wearable medical gadgets
Companies gathering their own health data from medical equipment, particularly wearable technology, is another trend of the digital revolution in healthcare.
Previously, most patients were content with getting a physical once a year and only seeing their physicians when anything went wrong. However, in the digital era, people are focused on prevention and maintenance, and they are expecting more information about their health in New Opportunities For Pharma Companies.
As a consequence, healthcare organizations are taking a proactive approach by investing in wearable technology devices that may enable real-time monitoring of high-risk patients in order to predict the possibility of a severe health crisis. According to a recent estimate, the wearable medical device industry is predicted to exceed $27 million by 2023, representing a dramatic increase from over $8 million in 2017.
8. Predictive healthcare
We previously discussed how big data may give healthcare firms predictive analyses regarding admission rates and assist them in effectively staffing their facilities. Predicting which ailments and diseases will become important concerns in the near future is another aspect driving the digital revolution in healthcare or New Opportunities For Pharma Companies.
Big Data and other marketing sources may assist healthcare organizations to make healthy lifestyle suggestions for their patients.
Hire an analyst, for example, to evaluate keyword activity across social media platforms and major search engines to find the most prevalent searches for medical diseases, illnesses, and general health. The analyst may then create a prediction model that predicts where and when the next major health issue will occur, as well as how your firm should prepare for New Opportunities For Pharma Companies.
However, on a lesser scale, predictive research might assist firms of all kinds in determining when to acquire temporary workers owing to predicted epidemics of colds and flu, which could result in a labor shortage.