There has been a tremendous amount of growth in the pharmaceutical industry in recent years, and the outlook continues to be positive for 2021. In fact, the industry is expected to exceed $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 2021 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 2021.

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 expected to expand, such as accelerating 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. Integration of Blockchain Technology

As the use of blockchain technology has expanded in the financial arena, others have started to identify ways to use this innovation, including companies in the pharmaceutical industry. The primary purpose of blockchain technology is to simplify the way transactions occur while also optimizing security and transparency without requiring a third party. When used by pharmaceutical companies, blockchain technology can help with boosting efficiency by streamlining processes. This applies to transactions that involve healthcare clinics, hospitals, regulators, and other stakeholders. It can also maximize the outcomes of research and development.

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