With the passing of days, biotechnology is catapulting into an innovative and fast developing industry. In 2018, it will continue to witness what is deemed as ‘renaissance’ in the sector.
What was science fiction a few years in the past is becoming a reality in the current trends in the biotech sector. To gain success in the current market needs companies to constantly re-evaluate strategic directions as well as anticipate and adopt change, with deliberate speed.
The following are the top trends in the biotech sector in 2018.
Personalization of Medicine
There have been two eras in the biotech industry- one targeting doctors and other targeting insurance companies in form of customers. From 2018, there is a new era- that of consumers. There is growing interest in the drug industry because of the growing focus on individual medicine. For example in current cancer treatment, drugs are being developed for individual patients. So this year, watch out for personalization in the biotech field. Understanding individual genome structure will create more opportunities for developing individual treatments.
Biotech companies are more prone to adopt a highly active role in the area of predictive analytics for identifying important usage patterns and search for treatments targeting specific groups of patients. Companies are becoming aware of this kind of niche market. The strong economic factors will prod them to approach prescriptive and predictive analytics.
Application of Artificial Intelligence
The area of drug discovery will resume testing of advantages of technologies like machine learning, the Internet of Things (IOT) and artificial intelligence. For instance, rewards could be reaped from deploying data analytics and informatics platforms to inform medical teams about trends perceived in trial audit reports and simplify reporting of adverse events.
Modular and Horizontal Structure
Currently, the bio-pharma environment is highly integrated with some parts growing modular. But eventually technological and organizational forces will push towards modular and horizontal structures because of attack of distinct industry segments by niche competitors. One of the most promising trends in the biotech industry is modularization. Huge amounts of data and exponential growth in powers of computation may work favorably for the industry, applicable to new biotechnology companies in United States.
One popular trend in the biotech sector is burgeoning demand for skilled and specialized workforce. Hence there is an anticipated boom in the sector and this trend is set to rise in 2018. A workforce is moving from well-established companies to brighter opportunities that appear promising in new biotech ventures. Thus there is a trend of increased fluidity between big pharma companies and the small companies.
One trend that continues in 2018 is the fact that biotech companies are looking to control early development in order to prevent a proliferation of sub-optimal products in the market. There has been a boom in investment in the area of drug development since last 2 years. This has resulted in flooding of sub-optimal drugs in the market. But this year has seen pharma companies to make efforts to bring only top-level drugs in the market.
These are some of the trends in the biotech or pharma industry which is prevalent in 2018.