The pharma sector has always invested a major chunk of its revenue into the research of new drugs. The industry majors have ventured into comprehending the sophisticated nature of the human body with the integration of technology and complex chemistry into their research and development activities. When such is the push within the sector towards new stuff, it is stuck in the past when it comes to manufacturing.
The industry has always complained of inefficient and in many cases archaic methods in medicine processing and manufacturing. Another complaint is that the sector has become labor-intensive, especially in development. Additionally, traditional manufacturing processes and techniques make pharma drugs prone to contamination. But is the innovation happening in this regard? Definitely yes, but how many are adopting those innovations? The adoption of contemporary techniques has become the key to success for pharma companies.
In 2020 and beyond, the changes are expected to happen. The new manufacturing process called Continuous manufacturing on the verge of transforming the pharmaceutical value chain for good. It is excepted to positively affect every company in this industry, from major multinationals to third-party pharma manufacturers that small startups hire to make their products.
This shift in manufacturing capability will increasingly become “table stakes” for some of the leading pharmaceutical companies. It has the potential to make drug manufacturing less expensive, efficient, less expensive, and more environmentally easy too.
It doesn’t stop here, other transformative changes are going to take over the space. Innovations such as Digital Fabrication, 3D drug printing too is also gaining traction as a suitable technology for manufacturing small batches of medicines at profitable and practical costs.
Embracing such innovations are going to be important for the industry to overcome the pressures it faces today. The healthcare industry is rapidly moving ahead with innovations. With more and more spending happening globally on healthcare and with several countries introducing initiatives intended to bring costs under control the future looks bright for the sector. Around the world, reforms have opened up numerous transformative innovations, and growth in emerging markets is creating a large volume of consumers.
One of the major proponents for innovation in the pharma sector is the push for the reduction in costs. Making the way for such innovations, especially in drug production is a clear win-win for both companies and consumers.