The pharmaceutical sector saw major growth in 2014; since then, it’s been a routine roller coaster ride with no clear indication of what will happen next. Part of what contributes to that is an election year, and 2016 was volatile in both the pharmaceutical and political arenas. However, 2017 is proving to be a year that will smooth out that ride and lead to incredible and fantastic growth in future years.
Our pharmaceutical companies and pharmacies rely on technology more than we have in previous years. It is sort of a given since our society is heavily reliant on tech and the instant gratification it can bring. If pill bottles can track a patient’s compliance and inhalers can monitor each dose taken, how could we possibly not take advantage of this? We will see unlikely partnerships between tech companies and pharmaceutical companies in the future.
Drug prices are also being monitored. Price gouging has been a hot topic for a while now, enough that it became a major part of the political campaigning. Lawmakers are going to continue watching, and tremendous change may be coming. While some drug companies may have sighed with relief at Clinton losing the election, the American public is still making their demands be heard, and at some point, action will be taken.
If you think that prices and pharmaceutical issues are solely a United States issue, think again! Most drug companies are global and face political issues abroad. Take a look at the effects of Brexit. The British pound has weakened and affected their economy in big ways. Pharmaceutical companies are suffering, and there is fear of stagnation rather than progress.
Some subsectors are going to heat up. This is the time for innovators to step in and bring about fundamental change to the pharmaceutical and health care sectors. It’s been suggested that we will see considerable progress in oncology, immunology, and rare diseases. While it doesn’t cover some of the biggest issues we have at hand, those are the likeliest areas for us to see some innovation and change.
Overall, we – especially pharmacists – are in a great position to make substantial changes and utilize the tech that is at hand. We still have some obstacles to overcome but it won’t be any surprise when we do.