Entering a new industry or taking the existing business to the next level, or adopting a new technology trend to enhance your business is the major milestone in every businessperson’s life.
In this blog, we are discussing and focusing on pharma industry trends 2020 that are attracting a group of people who want to see their future in the pharma industry in India and worldwide. Also, this blog will benefit the business person who is in the pharma industry and is looking for improvement.
As a pharma software service provider for 26 years, we at SWIL have seen dramatic changes in all aspects — socially, demographically, and economically — in the current scenario of the pharmaceutical industry in India. Many have joined this industry, and many have left, but what has never changed is the constant technology enhancement and adoption to bring accuracy. But still, the pharma industry continues to grow. It is continuously attracting top talent, which is a vital part of the success of any business venture. Thus, the pharma industry adopts the latest technology bases from time to time and holds many possibilities to do business for startups.
Role of a fast-growing economy
A few years ago, when businesses began digitizing their businesses, the only reason behind this was to meet the growing demand and deal with market uncertainty. Now, as per the growth of the pharmaceutical industry in India, it is the world’s third-largest pharmaceutical industry by volume. Now, it is equipped with world-class capabilities and generating annual revenues of 38 billion USD. The industry has played a key role in driving better health outcomes worldwide. Through its high-quality services, it has been successfully reducing the burden of disease in India. Thus, it can attract any new talent/startups, which is a symbol of a growing economy.
An expanding pharmaceutical market: Entry of new technology in the pharmaceutical industry 2020
The world sees the pharma industry from the perspective of long term growth as it is the basic need of everyone. This pharma industry growth becomes more assured with the use of software solutions and current technology trends. It gives businesses the ability to manage employees, run efficient processes from inventory to billing, and bring productivity to the entire industry. In this way, technology plays a significant role in helping pharmaceutical businesses. It streamlined business processes, provide real-time data updates for smoother results. In this way, the pharma market expands, which connects the industry with many future business opportunities. As per the survey during the COVID pandemic and pharma industry trends 2020-
- 83% of technology professionals would consider working in health and pharma, 72% more likely to consider it than six months ago.
- 86% of tech professionals agree: Healthcare and pharma industry’s “digital moments” have arrived
- Now, healthcare and pharma are more than twice as attractive as traditional careers like in financial services, telecommunications, and manufacturing
- The report includes insights from Microsoft and MIT and Benevolent AI on the powerful coupling of science and technology to re-drug.
Initiatives are taken by the Indian government that brings more possibility in the Pharma Sector
- India has planned to set up a fund of around Rs 1 lakh crore to promote companies to make domestic content by 2023.
- Under Budget 2020-21, the Ministry of Health and Family Welfare has been allocated Rs 65,012 crore under which rural and urban people will be benefited.
- Health Insurance Scheme Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (Rs. 6,400 crores has been allocated).
- According to the Economic Survey 2019-20, government expenditure on health increased to 1.6 percent (as a percentage of GDP) in FY15.
- The National Health Protection Scheme is the world’s largest government-funded health program, which is expected to benefit 100 million poor families.
- The Indian government plans to set up an electronic platform to regulate online pharmacies under a new policy to prevent any misuse due to easy availability.
- The Government of India unveiled ‘Pharma Vision 2020’ to make India a global leader in end-to-end drug manufacturing.
Emerging Trends Attracting Startups To Join The Pharmaceutical Industry
In this changing perspective, now the traditional way of doing business and coordinating with customers is changing dramatically. This has only been driven by the incorporation of market demand and technological trends. The pharma industry is adopting technology to set up its business with dynamic market trends. Now, more people are interested in joining this industry. Thus, I am giving some emerging trends that give startups the idea to join the pharma industry.
- In the past, to meet the challenges of the pharma business, pharma business owners were adopting personalized solutions or other expensive solutions. Also, they used to plan attractive financial packages to overcome the upcoming challenges. The entire pharma business benefited from the introduction of more advanced technology solutions. It provides the pharma business with an all-in-one software package and protects the business from any future losses. In this way, it reduces the risk of business and gives new talent a successful solution to enter the pharma business.
- The second trend that attracts new talent in the pharma industry is to reap the benefits of improved levels of productivity. The strategy behind this is to use the latest technology that reflects job satisfaction. New startups know that the industry is equipped with several software solutions that can save their business from any future break. Thus, the pharma industry is attracting new startups to invest and has a major impact on current and pipeline talent.
- Taking interest in the pharma industry by new talent also depends on the increase in the use of the latest technological solutions. The latest technological tools have the potential to streamline employee engagement, streamline processes, and overall efficiency. This feature suggests that startups will get accurate monitoring and also get real-time data of the business. It will make the business aware of any needs to come in the future and to avoid losses. In this way, tech has a large part to help newcomers in providing real-time data for smoother, more streamlined plant processes. Ultimately, this will produce better products.
- Another advantage that a new startup can get with technology usage is that it can easily accelerate its entire business spectrum. The software solution provides key data and analytics and provides the benefit of on-demand access. It reduces the time wasted by searching and accessing data by almost 40%. Also, it reduces the time it takes for previously generated data to become readily available. In this way, technology eases the way things work and gives startups the confidence to run the business smoothly.
Technology facility provided to the pharma industry during the COVID-19 epidemic is also attracting new startups
According to research, the healthcare in India has become a more desired career destination for startups and tech talent during the COVID-19 pandemic. The pharma industry was found to be considerably more attractive than traditional sectors for tech professionals, with only 28% willing to consider the switch to finance and banking or 24% to telecoms. The reasons for switching to the healthcare industry included the opportunity to innovate technology as per demand, improve the quality of care, and make systems more efficient to fight with any future pandemic. Thus, the research is going on in the industry and makes it capable to solve real-world problems. Thus, the industry is highlighted new opportunities for startups and talents who want to work in the industry.
How does SWIL look at the pharma landscape in 2020 and help cope with the current scenario ???
Ever since SWIL started, its core competence has been to stay connected with trends. Thus, its current investment in software development is developing core solutions that enable the pharma business owner to respond to the needs of patients, physicians, and other associates. It facilitates digital platforms that improve operations and create a better customer experience. In this way, it attracts technical talent in the sector and nurtures them by combining the power of data, science, and technology. In this COVID-19 epidemic, we upgrade our services and allow our users to go beyond any platform dependency. We provide B2B and B2C applications for retailers/wholesalers and promote contact-less functionality.
If you’re looking for a solution as per the pharma industry trends 2020, the SWIL team has an all-in-one pharma software solution. You can call us or visit our website for more detailed information.
