5 Trends that can Change the Global Pharmaceutical Industry in 2015

The New Year is already into its second month. It is around this time that many companies around the globe turn their attention to the various trends that are currently taking place in different industries. They also create reports and provide suggestions on what could be seen in the near future.

These reports are important as they provide extensive research and important facts, which can be used by organizations around the world to improve their business strategies, product innovations, service offerings, and sales and marketing strategies.

Keeping this in mind, I decided to look at some of the trends that are taking place in healthcare and pharmaceutical industries in 2015.

Global Trends that Can Impact the Pharmaceutical Industry in 2015
Here are some of the important trends that are taking place in North America, Europe, and developing countries:

• Emerging Markets for More Pharma Sales: Emerging markets like Russia, China, and India, are important factors to consider in 2015. There are two primary reasons for the same. These countries are looking for pharmaceutical products to address specific medical needs. Also, most new markets have an increased amount of spending power.
  
  What This Means for Healthcare and Pharmaceuticals: Emerging markets present a great opportunity to provide new pharma products to customers across the globe. Also, pharmaceutical companies can attempt to create a stronger global footing in terms of product sales. New markets will also encourage companies to increase R&D on healthcare products, which can treat specific diseases in various countries.



• Healthcare on your Smartphone: With the release of Apple’s Health app in the summer of 2014, the healthcare industry is seeing a revolutionary change. Earlier, medical apps were only used by physicians. Now, patients will be in a position to use apps like Apple’s to determine a diagnosis, and speak to their physicians for advice on treatment.
  
  What This Means for Healthcare and Pharmaceuticals: On one hand, medical apps can help smoothen out the diagnoses and treatment processes. Physicians can use them to access databases and prescribe the ideal medicines. It can also help a physician to collect data when a patient will go to visit him. On the other hand, the healthcare pharmaceutical industries will have to be prepared to provide more transparent health systems to the public.



• High Medical Costs will lead to Innovative Solutions: According to a health study performed by analytics company IMS Health, the global expenditure for healthcare in 2014 had risen $26 billion in 2012 to $70 billion in 2014. With continually rising medical costs, the public will have to look at more affordable solutions. Like the health apps, other medical devices and innovative solutions are being created by healthcare technology organizations to bring down medical costs. A few examples of these are:
  
  
  • Home chemotherapy
  
  
  • Wireless checking of pacemakers
  
  
  • Conducting ECGs with medical apps on your phone
  
  
  • Sending digital photos of physical ailments to physicians for consultations
  
  
  What This Means for Healthcare and Pharmaceuticals: Innovative solutions like the ones mentioned above can lead to doctors and companies providing better solutions in terms of companion devices for diagnosing diseases, improved suggestions for pharma medicines, self-monitoring of diseases by patients, and personalized medical care.



• Rise in Medical Costs will Require Evidence: Pharmaceutical companies as well as healthcare establishments will have to provide data to substantiate the prices of medicines as well as procedures.
  
  What This Means for Healthcare and Pharmaceuticals: These organizations will need to be in a position to customize the information for specific groups such as patients and stakeholders.



• Innovation will be Driven by Transparency of Information: Following the signing of the AllTrials Petition in North America to publish all findings of clinical trials, the European Medical Association is following suit. This year, the association will be publishing all clinical trial data, which supports the authorization of new drugs in Europe.
  
  What This Means for Healthcare and Pharmaceuticals: This will ensure that there are no trial duplications. It can also encourage pharmaceutical companies to come up with more innovative solutions and medications. It can also lead to collaborations between pharma and medical device manufacturing organizations.

These are just some of the trends that are being predicted by experts for the rest of the year. Looking at the findings, there is no doubt that there will be tremendous change taking place in the healthcare and pharmaceutical industries in the near future.