State of the Biopharmaceutical Industry to Witness Emergence of Key Players including AstraZeneca, Novartis, and Johnson & Johnson (J&J) – GlobalData Plc
The state of the biopharmaceutical industry research report examines the business environment and trends that are going to shape the biopharmaceutical industry in 2023. The report highlights the most impactful emerging technologies, industry, regulatory, and microeconomic factors that are going to impact and dominate the industry throughout 2023.
The pharmaceutical industry has long been labelled as a recession-proof, as medicines are essential products that cannot be completely replaced. However, the looming global recession is likely to have implications on healthcare budgets, forcing governments and regulators to enforce stringent laws in place around drug pricing and market access. At the same time, the pharmaceutical industry will have to deal with increased drug development costs that will affect their margins.
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State of the Biopharmaceutical Industry Highlights
- The key emerging industry trends in the biopharmaceutical industry are genomics, immuno-oncology drug development, personalized/precision medicine, real-world evidence, remote patient monitoring, electronic health records, biosimilar uptake, decentralized/virtual clinical trials, digital therapeutics, and patient empowerment among others. Genomics is identified as the top emerging pharmaceutical industry trend for 2023.
- The key emerging technologies impacting the biopharmaceutical industry are AI, big data, cybersecurity, digital media, social media, virtual and augmented reality, IoT, robotics, application programming interfaces, cloud computing, 3-D printing, and blockchain among others. Across all geographies, AI, followed by big data are expected to have the biggest impact on the pharmaceutical industry in 2023.
- The value chain of the biopharmaceutical industry includes supply chain, drug development, end-user experience, physician-targeted sales and marketing, drug discovery, manufacturing, and patient-targeted sales and marketing. Supply chain and manufacturing will be impacted the most by inflation in 2023.
- The top therapy areas for planned clinical trials to be initiated in 2023 in the biopharmaceutical industry are oncology, central nervous system, infectious disease, cardiovascular, gastrointestinal, metabolic disorders, respiratory, immunology, musculoskeletal disorders, and dermatology. Oncology trials will outnumber CNS and infectious disease trials.
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Biopharmaceutical Industry – Competitive Landscape
Top industry sponsors for trials projected to be completed in 2023 are AstraZeneca, Novartis, Johnson & Johnson (J&J), F Hoffman La Roche, Pfizer, Eli Lily, Merck, Abbvie, and GSK among others. AstraZeneca, Novartis, and Johnson & Johnson (J&J) will likely complete the most industry trials in 2023.
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