The pharmaceutical industry is always changing and adapting as new technology in pharmacy moves forward. Let’s look at some of the major trends currently affecting the pharma industry.

One significant trend is the increased use of artificial intelligence (AI) and machine learning. Life science has been adopting AI for the last few years and this has been increasing due to the COVID-19 pandemic. AI speeds up the drug discovery and development processes. 

This is useful to start-up businesses that are exploring the use of this technology for their own benefit. It’s effective in automating and optimizing the manufacturing process. It also optimizes patient identification which is vital as part of the drug discovery and development process. 

Big Data & Analytics

Big data and analytics are becoming more important than ever. Dealing with the ever-larger volumes of data available is quite a challenge. Data management is a critical area of focus as pharma companies need to open up sensitive data to third parties. 

A simultaneous advancement in analytic techniques combines historical and current data. This turns them into valuable assets for predictive, prescriptive, diagnostic and descriptive analytics. 

These techniques are now used on nearly every type of medical data there is. This includes patient records, hospital data and medical imaging. Leveraging the latest technology will be a key difference between businesses that survive and those that thrive.

Identifying ideal funding solutions from experienced partners such as GRENKE for medical equipment leasing will be equally key to growth. With hospitals needing to adapt we at GRENKE can find solutions to hospital financing and medical practice financing. 

Another area being explored by the pharma industry is new ways of manufacturing and flexible production. This flexibility can be achieved by technology leasing and object financing. This is a response to the changing market dynamics demands such as small batches for precision medicine. Single-use technology and continuous manufacturing come under this heading too. 

New Technology in Pharmacy & Medicine 
The idea of precision medicine is treating each patient as a unique individual. Data analysis advances and omics research provide new insights into how the body responds to drugs. Combining this knowledge with cutting-edge manufacturing methods like additive manufacturing results in personalized medicine becoming a reality. At GRENKE we have helped companies achieve these advancements with software leasing that allows for more flexible company financing. 

Blockchain technology and extended reality (XR) are expected to be increasingly important. There is more availability of real-world data enabled by the internet of things (IoT). This is having a significant impact on how the industry is functioning. Finally, digital therapeutics and curative therapies are changing how health is approached.

In summary, the line between pharma and tech is becoming increasingly blurred as innovation continues. Exciting and new additions to how we manage and protect health are already impacting the life sciences sector. This is encouraged by one impact of COVID-19 - a newfound public trust in big pharma. 

Controlled change management, precise quality and compliance processes are all new trends in the pharma industry. The careful leveraging of new technology are key trends and indeed hurdles for the industry to negotiate.

If you are leveraging technology to thrive in your business and technology and equipment leasing can help you do that then the team at Grenke are here to support and guide you through that process. 

Talk to GRENKE today!

As one of the leading financial service providers in the Irish market, GRENKE’s slogan is ‘Fast, Forward, Finance’. GRENKE offers entrepreneurs fast and flexible financial solutions through a range of services including leasing and invoice finance. We match the perfect financial solution to your unique business needs, from small businesses to large enterprises.

Over the last 40 years, GRENKE has provided leasing to numerous styles of businesses and organisations; sole traders, partnerships, public and private limited companies, associations and organisations, medical, health, and educational providers, public hospitals, semi-state institutions, Government bodies and so much more. 

Our expertise and strong market position are no coincidence. If you are a business owner looking for financial solutions in Ireland or advice on fast and flexible financing, talk to a GRENKE Account Manager today.