As the COVID-19 pandemic continues, the pharmaceutical industry should be prepared for 2021 to face some significant changes compared with previous years. The pandemic has forced the pharma industry to accelerate digitally in many ways, including producing a vaccine in record-breaking time. At the same time, it has brought unprecedented challenges that pharma companies have had to face with innovative measures that put patients front and center.

Here are four trends to watch for in the pharmaceutical industry in 2021 that will move the industry forward.

Trend 1: More COVID-19 Vaccines Coming on the Market
By the end of 2020, a COVID vaccine developed by Pfizer was already being administered to select groups of people, followed closely by an mRNA vaccine developed by Moderna. Several other vaccines have been approved, primarily in Russia, China, and India.

While the emergence of these vaccines represents an essential first step for protecting the elderly along with healthcare and other essential workers, there will need to be more vaccines available to the general public in order to achieve herd immunity.

In 2021, we should expect to see more COVID-19 vaccines becoming available from companies that have reached the third stage of clinical trial testing. Once the general public is able to receive vaccines, the spread of COVID-19 will dramatically decrease, signaling an end to this deadly pandemic.

Before we get too eager, though, we should expect to see some hiccups from vaccines that were taken to market faster than ever before. There are still many unanswered questions, such as whether one vaccine will be enough to last a person’s lifetime, whether or not those who are vaccinated can still transmit the virus, and what happens in the event of a viral mutation or reinfection.

Then, there is the fact that many anti-vaxxers, skeptics, and COVID deniers are unwilling to get the vaccine. One recent survey found that the number of Americans who wanted to get a vaccine declined from 74 percent to 56 percent. Because a vaccine works best when the majority of the population has received it, a COVID vaccine may not have as dramatic an effect on reducing spread as supporters hope.

Trend 2: Accelerated Digital Transformation for Patients, Doctors, and Pharmaceutical Companies
Telemedicine has been around since long before COVID-19, with some researchers dating it back to the 1950s. Yet, it was not until the pandemic in 2020 that patients and doctors around the world started fully embracing it.

The digital transformation in healthcare that we witnessed in 2020 will continue into 2021. Pharma companies will capitalize on it by augmenting the personal relationships between doctors and patients through real-time data generation and digital tools that facilitate and accelerate communication.

There are many opportunities for pharma to capitalize on here, including building apps or portals designed to enhance patient support and education and make it easier for patients and doctors to exchange data. Pharma companies can also gain valuable insights from patients through digital technologies that can allow them to personalize healthcare for patients.

Additionally, pharmaceutical companies will take steps forward to move their business models from in-person to digital. Clinical trials will continue to operate virtually as patients continue to use digital tools, such as remote-monitoring devices, to report their progress to researchers.

Trend 3: Use of Artificial Intelligence Will Accelerate
Pharmaceutical companies have been using artificial intelligence (AI) since before the pandemic. However, we should expect to see an acceleration in AI’s use to develop new medicines and vaccines and enhance the user experience in marketing and patient portals.

AI can make the pharma industry more efficient. By processing large amounts of data in a short period of time, AI can improve processes and optimize manufacturing. AI can replace humans in certain tasks, eliminating the risk of human error and allowing people to focus on more complex aspects of pharmaceutical development.

Many companies have already eagerly adopted AI as part of their process. Companies like Novartis are using AI in pharmaceutical development to reduce costs and cut down the time it takes to get treatment to patients. In 2021, we’ll continue to see pharma companies adopt AI, leading to more accurate drug trials and a more efficient process for manufacturing drugs.

In 2019, Boston Consulting Group predicted that healthcare would spend $8 billion on AI by 2022. The pandemic may increase this number and speed up the adoption rate in pharma and other healthcare industries.

Trend 4: The Challenge for Market Access Will Intensify
Everything going on in the pharmaceutical industry only matters if pharma companies have market access. Companies need to have a physical presence if they want commercial gains along with improved outcomes for patients and providers.

In 2021, pharma companies should be prepared for new challenges that may stand in their way of market access, including issues with the supply chain, reduced staffing that can interrupt manufacturing and operations, market-to-market discrepancies due to different national approaches to the pandemic, and drug pricing reform as the result of strained healthcare budgets.

Pharma companies should be aware of these potential obstacles so they can launch their products into the market. They will need to be innovative and creative when competing for market access and should stay informed so they can prepare for the challenges ahead.

Takeaway
It is safe to say that the pandemic will play a significant role in shaping the pharmaceutical industry over the next several years. It has affected every aspect of healthcare, including the pharmaceutical industry. In 2021, we should expect the pharmaceutical industry to continue accelerating with changes through digital transformation and artificial intelligence.

The COVID vaccine will continue to be a big player in the pharmaceutical industry as more trials conclude and additional vaccines go on the market. Staying competitive and relevant in the market will be a more significant challenge in 2021 than in previous years due to budget constraints, a more remote workforce, and differing approaches to the pandemic across the globe.

References

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