The advent of the latest technologies is transforming the pharmaceutical sector. In the last couple of years, the world has witnessed the advent of additive manufacturing or 3D printing in the industry, aimed at shortening the gap between demand and supply. Besides this, several other technological innovations are underway encouraging leading pharmaceutical companies to collaborate with tech giants.
Very recently Google has announced partnership with Sanofi to develop a novel healthcare innovation lab. This is indicative of the future of pharmaceutical sector. An increasing number of tech companies, starting from Google and Amazon to Microsoft and Apple have been vocal about their plans of expanding footprint in the healthcare market.
The fascination is clear, the worldwide pharmaceutical market will surpass $1.5 trillion by 2023, developing at a 3%−6% compound yearly development rate throughout the following five years. The expressed points of these joint efforts: to give individuals more command over their wellbeing, quicken the disclosure of new medications, lessen social insurance costs and grow progressively customized ways to deal with treatment will handle all the significant difficulties of human services – and a portion of these aspirations are as of now being figured it out.
Be that as it may, for the numerous advantages these organizations guarantee to convey, the industry must not rush into the development, instead it should remain conscientious. The accelerated pace of innovation implies that guideline and checking can battle to keep pace – taking a chance with patients’ information, hereditary protection and even the soundness of patients themselves.
Collaboration between pharmaceutical companies and big techs are on a rise because both are looking for novel avenues for growth. However, neither of the industries is fully qualified to compete in the market alone. Therefore, they are not only recognizing but acknowledging opportunities which lie in combining knowledge and strength.
20+ years of diverse and extensive experience in higher education including teaching, research, and university and community service in overseas universities and colleges.
Associate Editor, and publications in international refereed journals and presented most of them in international conferences in the fields of Applied Multivariate Statistics, Mortality, Social Science, Economics.