Thursday, July 18, 2024

Emerging Trends in the Healthcare Industry — Insights From One of Industry’s Top Consultants

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New Delhi (India), June 13: The healthcare industry has seen a challenging past couple of years. The entire industry along with its stakeholders have been made to evolve under high pressure due to the obvious circumstances. Covid-19 has brought an irreversible change in the industry which is further being expanded by the biotech and pharmaceutical firms with the help of technological and experiential advancements.

Manan Shah is currently a consultant with the Covid-19 vaccine pioneer biotech company, Pfizer and holds extensive experience of working with global health authorities and institutions in regulating the medicine market. He helps us throw light on the internal and external trends that are catching wind in the industry.

“As a consultant to some of the world’s largest biotech and pharmaceutical companies, I’ve witnessed the emerging trends that are shaping the industry. These changes are transforming the healthcare landscape and shaping the future of the industry”, said Shah.

The evolution that is currently taking place derives itself from multiple needs of the industry. Covid-19 brought the advent of significant change as it accelerated innovation, particularly in technology adoption and communication. 

Among the various developments that have been taking place in the industry, the emergency use authorization of mRNA vaccines personifies a new and promising area of vaccine research and development. Shah notes — “The mRNA vaccines use messenger RNA technology that instruct the cells to produce a protein that triggers an immune response, leading to protection against the virus. The speed with which these vaccines were developed and the promising results they have shown represent a significant advancement for the field that was unseen until now”. 

He also focused on the importance of emerging collaborative approaches amongst health authorities, biopharmaceutical companies and other stakeholders. “Communication channels have opened up, allowing for instant dissemination of information and regulatory updates, facilitating faster clinical trials, emergency use authorizations, and ultimately, the development and distribution of vaccines and therapies to combat several issues”, he stated.

There are other technological advancements taking place in the industry, assisting the workforce further enhancing its potential. These advancements range from services to research to the adaptation of AI in the medical field. Advances in genomics and data analysis enable healthcare providers to diagnose and treat diseases more accurately, tailoring treatments to individual patient needs. Furthermore, Gene and cell therapies represent another exciting area of research, offering the possibility of treating once-incurable diseases. More gene and cell therapies are expected to hit the market in the coming years, leading to a paradigm shift towards precision medicine, as per the expert.

Shah also emphasized the inclusion of Artificial intelligence (AI) and machine learning (ML) in the industry, saying — “AI and ML are also being used to improve diagnosis, treatment, and patient outcomes. These applications in healthcare range from drug discovery to medical imaging analysis, helping healthcare providers make better decisions and improving medical outcomes for patients.”

While emerging trends in the healthcare industry aren’t restricted to the aforementioned aspects, they represent some of the most significant changes that the industry is witnessing. As such, biotech, pharmaceutical, and medical device companies are feeling the need to invest in research and development to stay at the forefront of healthcare innovation while catering to the ever-evolving horizon.

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