There has been a tremendous amount of growth in the pharmaceutical industry in recent years and the outlook continues to be positive for 2020. In fact, the industry is expected to exceed a $1 trillion by the following year. This is partly due to thousands of compounds that are currently in the latter stages of clinical development, coupled with hundreds of new products with approvals anticipated in 2020 and beyond. This happens to be a level of pharmaceutical production that is not customary and has not occurred for about a decade. Let’s take a close look at 10 trends that will transform the pharmaceutical industry in 2020.
Trends In Pharmaceutical Industry Shaping The Industry In 2020
1. Use of Artificial Intelligence
Artificial intelligence (AI) is a term that is becoming increasingly popular across all industries. It’s essentially the use of computer systems to perform tasks that would otherwise require human intelligence. This includes tasks like decision-making, speech recognition and visual perception. It also enables the translation of information between different languages. The use of AI in the pharmaceutical industry has different roles that are expected to expand, such as accelerating the process of drug discovery and development. Some of the areas that will benefit from AI include clinical trials, fraud detection and the overall improvement of medications.
2. Greater Acceptance of Medical Marijuana
Without a doubt, there are some doctors that were not eager to jump on the medical marijuana bandwagon, even after it became more widely accepted. This is starting to change and it’s a trend that will continue in 2020. Simply put, the perception of cannabidiol (CBD) when used as medication is changing. Many of the healthcare professionals that found it difficult to accept in the past cannot deny the benefits that have become evident when using medical marijuana for pain reduction, mood regulation, digestive functions, and vascular health, among other conditions. Subsequently, the pharmaceutical companies recognize the tremendous opportunities that exist.
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