According to a survey by GlobalData, Artificial Intelligence (AI) and Big Data will be the two most impactful technologies for the pharmaceutical industry for the fourth year in a row in 2023,
AI and Big Data were trending as the two most disruptive emerging technologies since 2020, with a significant margin from the third choice in all four years.
The survey points out almost 40% of experts from the healthcare sector considered Artificial Intelligence (AI) to be the most influential emerging technology for the pharmaceutical industry in 2023, with Big Data coming in second at 27%.
Elton Kwok, Market Research Manager in Pharma at GlobalData says drug-developing and other processes are complex and highly structured in the pharmaceutical industry.
“The processes generate a vast amount of data, especially in the current digital age; however, this data can be useless or meaningless if it is not properly analysed.” says Kwok
“AI not only can help process the data more efficiently, saving time and labour cost; it can also produce analysis more accurately since it feeds on high-quality data, which comes from the proprietary datasets,” he said
For quite some time, the pharmaceutical industry has been considered to be unaffected by economic downturns since medications are goods that cannot be fully substituted.
Nevertheless, the possible global economic recession will almost certainly have an effect on healthcare funds, prompting governments and regulators to implement stricter regulations concerning drug pricing and availability.
Also, the pharmaceutical industry will have to confront higher development costs of drugs that could affect their profit margins.
The state of the biopharmaceutical industry research report examines the business circumstances and trends that will shape the biopharmaceutical industry in the year 2023.
The report puts a spotlight on the most consequential upcoming technologies, industry, regulatory, and microeconomic elements that are predicted to affect and hold sway over the industry during 2023.
Emerging Tech in the Biopharmaceutical Industry
Technological advancements that are playing a crucial role in the biopharmaceutical sector are:
- AI (Artificial Intelligence)
- Big data
- Cybersecurity,
- Digital media
- Social media,
- Virtual/augmented reality
- IoT, robotics
- Application programming interfaces
- Cloud computing
- 3-D printing
- Blockchain
Predictions suggest that AI and big data are going to be the most influential technologies in the pharma industry by 2023, throughout the world.
