What does 2024 hold for the pharmaceutical industry, and what do we have to look out for?
The pharmaceutical industry is constantly evolving, and that evolution is primarily fueled by the constant demand to meet people’s ever-changing needs. In 2022, the pharmaceutical industry as a whole spent over $244 billion on research and development, with that number expected to tip over $250 billion in 2023.
What does 2024 hold for the pharmaceutical industry? Let’s check out some of the trends fueling this growth in innovation.
1. Personalized Therapies and Precision Medicine
Personalized therapy and precision medicine mark a new shift in focus for the healthcare industry as a whole. Rather than a uniform ‘One size fits all’ approach to healthcare solutions, healthcare professionals are looking at the patient’s medical history, genetics, and lifestyle to create personalized healthcare solutions.
By utilizing precision medicine and personalized therapies, healthcare professionals will be able to create treatment plans that not only more effectively treat or manage the condition but also minimize side effects.
2. Green Initiatives and Sustainability
Along with many other large industries, the pharmaceutical industry is embracing sustainability and eco-friendly initiatives in order to go green and reduce their impact on the environment. This includes adopting more energy-efficient manufacturing processes and relying on more renewable energy sources to cut carbon emissions.
Brand image and growing public awareness, along with regulatory compliance, are fueling this trend toward a greener pharmaceutical industry with the goal of positioning the global pharmaceutical industry as eco-conscious.
3. Advancements in 3D Printing Technology
Companies such as Laxxon Medical continue to push the boundaries of 3D printing technology thanks to their SPID®-Technology (Screen Printing Innovational Drug Technology), which is a cutting-edge patented 3D screen printing technology that facilitates different pharmaceutical forms of application such as oral, transdermal, and implantable dosage forms through geometric shaping and heterogeneous distribution of active ingredients.
Laxxon is committed to transforming the pharmaceutical industry by providing improved, faster, and more cost-effective solutions that benefit not only the pharmaceutical industry but also the global community.
Laxxon’s (SPID® Technology) allows for the heterogeneous distribution of API in any given tablet or dosage form.
“Heterogeneous distribution means that within our tablets, we are able to control not only the amount and type of API or substance which is released but also the time at which this substance is distributed in the body. One particularly interesting element of heterogeneous distribution is the sequential release of actives. For example, if a tablet contains more than one API, we can control different release times per API based on the highly complex printed structures of our tablets. This is only possible through 3D screen printing.” - Klaus Kühne, Laxxon Medical COO.
To learn more, read this article on Revolutionizing Pharma: How 3D Printing and Smart Technologies are Shaping the Future of Medicine!
4. Continuous Manufacturing
Continuous manufacturing revolutionizes the way in which medicine is produced, making it a much faster and smoother process, streamlining the process from start to finish. Typically, most medicines and drugs are made in a step-by-step process. Not only is it slow, but one misstep in the process can result in the entire batch being wasted.
With continuous manufacturing, the drugs are produced in one continuous process, which not only speeds up the process and makes it more efficient but also ensures medications are precisely the same every time.
5. Regulatory Evolution
If the recent global pandemic taught us anything, it was that the approval process and pathway for drugs and vaccines to enter the market was expensive, complicated, time-consuming, and slow. The existing approval pathway works for traditionally defined drug molecules but doesn’t always work for new therapeutics such as gene therapies, customized medications, and biopharmaceuticals.
As we move forward, global regulatory agencies must adapt to changing needs and offer expediated review processes for breakthrough medical treatments that would meet currently unmet medical needs. It’s essential that as the pharmaceutical industry evolves, the regulatory bodies governing it evolve along with it.
Embracing Change
Along with many other industries, the global pharmaceutical industry is embracing change and investing heavily in exciting innovations that will redefine the core foundations of the healthcare industry.
The world is changing, and new technology and innovations in the pharmaceutical industry are making access to medicine, treatments, and healthcare faster, more accessible, and more affordable than ever before.
Laxxon Medical is dedicated to engineering patented 3D pharmaceutical solutions that optimize products and benefit patients. Our goal is to establish SPID®-Technology as a manufacturing process with the individual and the pharmaceutical partner in mind.
To keep up to date with SPID®-Technology and Laxxon Medical news and announcements, follow us on LinkedIn.