Given the evolving on-ground situation and newer variant-led infections, the pandemic is far from over. In such a scenario, for businesses to stay relevant, we will need to be flexible and more adaptable to the changes that need to be embraced to keep core business growth drivers resilient. In 2022, the pharma industry will continue to reimagine itself while driving growth and boosting value through:
Purposeful collaborations to provide access
The pandemic has been a great example of large-scale collaborations. We have not only seen industries collaborating to provide better access to treatments, but the power of one has been observed across sectors, government, public and private institutions. The industry came together in solidarity to ensure patients had access to essential drugs round-the-clock, and we did so by forging global partnerships, lending innovations and also sharing manufacturing sites and distribution networks. In 2022, a greater force of meaningful and purposeful partnerships can be foreseen where companies will come together to provide access to treatments and technologies.
Accelerated digital transformation to drive value
With the help of digital and its further advancements in pharma and healthcare, the future will continue to be driven by artificial intelligence (AI) and machine learning (ML).
Right from the identification of the disease, personalised forms of treatment, drug discovery and manufacturing to using data effectively for clinical trials and forecasting, AI and ML are going to continue to drive the future of pharma.
Enabling a mindset shift from illness to wellness
During the pandemic situation, health has taken center stage and the disruption that is continued to be seen is the behavioral shift – how individuals take ownership of their well-being; thus leading to a conscious shift from ‘illness to wellness’ wherein patients are more aware and empowered about their health needs. The opportunity here is for pharma companies to continue to reimagine their roles in the lives of patients and play a larger part going beyond just being a medicine maker.
The pharma industry has been a driving force to ensure the availability of treatments and critical drugs – during Covid-19 and beyond. The swift recalibration amidst challenging times has showcased that the industry has unlimited potential.
In the second half of 2022, China unveiled the details of its data export regulations, providing further explanations to its existing laws and regulations on data.
The current energy crisis has reached an unsustainable level for the European chemical industry. For the first time ever, the EU imports more chemicals than it exports, both in volume and value, resulting in a trade deficit of € 5.6 bn for the first half of 2022.
Endocrine Disrupting Chemicals (also referred to as hormone disruptors or EDCs) are synthetic chemicals that are not produced by the human body and that disrupt the normal functioning of humans and animals.
The shipping industry is now returning to normality and is in a downward spiral. The cost of shipping goods from China has slumped to the lowest level in more than two years as the world economy stumbles, dimming prospects for container carriers that turned in record profits during the pandemic.
No precipitous plunge in container shipping rates, just ‘orderly’ decline.
The global food and beverage market size is expected to grow from $5.8 trillion in 2021 to $6.4 trillion in 2022 at a growth rate of 9.7%. The food and beverage market size is expected to grow to $8.9 trillion in 2026 at a compound annual growth rate of 8.7%.
The amendment makes QR codes mandatory on every active pharmaceutical ingredient. The Amendment Rules will come into force from January 01, 2023.
On June 22, 2022, the Commission adopted pioneering proposals to restore damaged ecosystems and bring nature back across Europe, from agricultural land and seas, to forests and urban environments. The Commission also proposes to reduce the use and risk of chemical pesticides by 50% by 2030.
According to New York Times, in a small clinical trial, 18 patients took a drug called Dostarlimab for around six months, and in the end, every one of them saw their tumours disappear.