There's no denying that the right pharma industry is a constantly changing, fluid environment and it's often difficult to find your rightful place within the industry.
It may not be surprising to many when a trendy technology buzzword goes practically viral. This is what happened with artificial intelligence (AI).
It started in the late nineteen-nineties and took a spin in the twenty-first century. The gaining momentum and the ever-growing advancement in artificial intelligence left every company, marketing sector, and financial firms spell-bounded.
New trends of AI are on the rise. Research from Gartner showed that by 2020, 85% of the customer interactions are going to be managed without human interference.
Whether you’re knowledgeable on Clinical Trials and the process that goes into it or not, it's correctly assumed that the work is far from light. There are four phases for each study conducted that tells the plot of the story, but doesn’t dive into the supporting elements within.
Artificial Intelligence (AI) sounds very technical and scientific, futuristic even to the ears of ordinary people. We see this thing mostly in sci-fi movies and sometimes in the news where intelligent robots are being featured.
These scientific developments on AI often make one ask where and how these things can be useful. Or if Artificial Intelligence is solely about making smarter robots.
Every industry is changing at a more rapid pace. Products and services are becoming increasingly commercialized. Technology is playing a progressively bigger role in research and development, marketing and advertising, and sales and distribution.
The pharmaceutical sector is one that has felt this transformation in research and development over the past few years and will start to feel it in the other divisions over the next decade.
Here are just a few of the pharma industry trends that will shape the future of pharma industry over the next ten years:
With the advancement of technology and socio-economic changes in the last decade, the pharma sector has seen a dramatic change in the availability of health care and quality of care for the patients. A recent report by PwC shows that by 2020 the global pharmaceutical market will be about $1.6 trillion – the US leads all the countries at $339 billion currently and is expected to be a $425 billion market.
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