How To Disrupt the Pharmaceutical Industry
There are several large-scale trends in medicine and healthcare technology that are changing the healthcare landscape, with the potential to significantly disrupt the pharmaceutical industry in the coming years, according to a survey by the Deloitte Center for Health Solutions.
These changes are expected to continue over the next 20 years and reshape the pharmaceutical market. Here is a brief summary of these movements.
Prevention
Vaccines and other advances in preventive medicine will help prevent disease, and treatments for these diseases will no longer be needed. Progress in early detection methods will enable healthcare providers to stop the progress of certain diseases in their early stages, precluding them from becoming more serious illnesses.
Tailored treatments
Advances in data collection and interpretation will enable healthcare providers to give patients drugs that are tailored to fit their particular conditions. The advances in technology will also enable providers to design treatments targeted at just a few individuals.
Cures
Advances will also enable researchers to develop cures for different illnesses. When these cures are discovered, it will eliminate the need for the drugs used to treat the underlying conditions. Developing these cures, marketing them and pricing their use will raise many new challenges for the pharmaceutical industry.
Digitization
Digital therapy is the use of evidence-based software tested through clinical use to treat, manage, and prevent a wide array of diseases and disorders. These therapies, including those involving behavior modification, are rapidly becoming more effective and workable on larger scales, also possibly reducing or eliminating the need for medication.
Precision medicine
Medical technology is constantly becoming more sophisticated, enabling healthcare providers to administer treatments that are precisely targeted to a particular condition. These kinds of treatments are usually enabled by robotics, nanotechnology, or tissue engineering. They too could eliminate the need for medications.
These trends are expected to reconfigure the entire market for pharmaceutical products. And pharmaceutical companies need to take into account and plan for the disruption caused by these trends. The changes will redefine the types of products and solutions offered by the companies. They need to develop strategies to handle the challenges posed by these disruptions and take advantage of the opportunities they present.
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