The pharmacy industry trends are reshaping the way we think about healthcare. Gone are the days of simply dispensing pills; today's pharmacists are at the forefront of innovation, driving significant changes in patient care.
From the rise of telepharmacy to the integration of artificial intelligence into pharmacogenomics and personalized medicine, the pharmacy industry is undergoing a digital transformation that promises to revolutionize healthcare delivery. The future of pharmacy practice is brimming with exciting possibilities.
As technology continues to reshape the industry, pharmacists are leveraging digital tools to improve efficiency, enhance patient communication, and provide personalized care.
This blog post explores recent and relevant pharmacy industry trends that are rocking the industry and revolutionizing the healthcare system.
A Walk Down Memory Lane
The pharmaceutical industry, as we know it today, has its roots in ancient civilizations where plants and minerals were used for medicinal purposes. However, the modern era of the pharmaceutical industry began in the 19th century with the isolation and purification of active compounds from natural sources, leading to more potent and standardized medicines.
For example, in the early 19th century, Friedrich Sertürner isolated morphine from opium, marking a significant milestone in the development of pain management.
Some of the major advancements in the early years of the pharmaceutical industry include:
Alexander Fleming's discovery of penicillin in 1928 revolutionized the treatment of bacterial infections. It marked the beginning of the antibiotic era.
The isolation of insulin by Frederick Banting and Charles Best in 1921 transformed the treatment of diabetes, a previously fatal disease.
Isolation of thiamine to combat beriberi
The discovery of thiazide diuretics after the emergence of modern disease and the discovery of related treatments
Emergence of immunotherapy treatments in the early 2000s
Amendments in FDA rules demanding proof of efficacy and the in-depth disclosure of the side effects of new medications after the Thalidomide scandal of 1961
The late 19th and early 20th centuries saw the establishment of major pharmaceutical companies like Bayer, Merck, and Pfizer. These companies played a crucial role in developing new drugs and advancing medical science.
Current Pharmacy Industry Trends
The pharmaceutical industry is advancing and working hard at developing drugs that can help improve patients’ outcomes exponentially. The future of pharmacy will be a blend of in-person medical approaches and innovative digital strategies.
Being oblivious to these developments would be a disservice to you as a pharmacist and your patients.
Here are some current pharmacy trends you need to be aware of:
Medication Cost Optimization.
The high cost of prescription medications today directly contradicts the advancement of health equity by the pharmaceutical industry, among other industries. Not only does it jeopardize patients’ access to needed care, but it can also lead to reduced medication adherence.Â
However, since the Inflation Reduction Act (IRA) of 2022, there have been active moves to optimize medication costs for patients, including reducing the cost of medications and limiting out-of-pocket costs for Medicare patients.
The question now is whether the big pharmaceutical companies can afford to reduce drug costs, considering the manufacturing and operational expenses.Â
Big companies like Sanofi are now focused on budget reallocation. For example, in 2023, Paul Hudson of Sanofi announced that the company would deepen its investments in research and development and optimize its cost structure to save $2.5 billion in 2024. Â
Some pharmaceutical companies are looking to reduce the amount spent on several clinical trials and instead focus on pivotal research and development to increase their time to market and reduce operational costs.Â
There is also a focus on value-based pricing, where the price of a drug can be directly linked to its clinical value.
In all, the focus is to increase medication access through cost optimization.
Pharmacogenomics.
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Pharmacogenomics is a growing field that hopes to bring a personalized approach to medicine. It is a combination of pharmacology and genomics that showcases how a person’s genetic makeup can affect their response to drugs.
It is an aspect of precision medicine where experts incorporate genetics, environment, and lifestyle into developing new drugs and treatment options for targeted therapies.
There are some concerns about the complexity of the human genome, but as technology advances, so does our understanding of human genetics. It’s safe to say that what we knew of genetics 10 years ago compared to today is enough proof.
The use of pharmacogenomics in pharmacy practice will, among other things, help optimize clinical trial outcomes and increase treatment efficacy.
Increased Focus on Patient Engagement.
There is and will continue to be an increased focus on patient engagement in treatment and also the development of drugs.Â
According to a medical futurist, patients who have had prior exposure to a certain drug should be placed on pharmaceutical companies' advisory boards to facilitate drug improvements.
This rings true because understanding the customer’s needs and preferences is crucial to the success of these pharma companies as it enhances customer loyalty.
The focus on customer-centric care goes beyond the development of drugs and also involves patients' interactions with the healthcare system and their overall medical experience.
mRNA Vaccine Development for Several Diseases.
Precision medicine strategies like pharmacogenomics are just one aspect of how our increasing understanding of genetics influences relevant industry changes.
After the success of the first licensed mRNA vaccine against COVID-19, there has been increased research into how mRNA technology can be incorporated actively into vaccines.
We will surely see increased progress in developing mRNA vaccines against various diseases, including influenza, HIV, tuberculosis, and rabies.
Unlike traditional vaccines, which introduce a weakened or inactivated virus into the body, mRNA vaccines instruct our cells to produce specific viral proteins.Â
This innovative approach triggers our immune system to recognize and combat the actual virus more efficiently. By directly instructing our cells to create the target proteins, mRNA vaccines offer a faster and more precise way to boost our immune defenses.
Practical Applications of Artificial Intelligence.Â
Artificial intelligence (AI) is revolutionizing pharmacy, offering a wide range of practical applications that transform how pharmacists work and patients receive care.  Â
For example, AI-powered systems can automate routine pharmaceutical tasks such as prescription filling, inventory management, and claims processing, freeing pharmacists to focus on more complex and value-added activities.
Another significant application of AI in pharmacy practice is analyzing vast patient data in electronic health records (EHRs) to identify potential drug interactions, allergies, and contraindications.Â
An example is Arine, an AI-powered platform that combines artificial intelligence with clinical expertise for more comprehensive medication management. It analyzes patient data to determine who is most at risk because its goal is to provide the proper treatment at the right time.
This enables pharmacists to provide more accurate and personalized medication recommendations, reducing the risk of adverse drug events.  Â
Leveraging real-world data (RWD) and real-world evidence (RWE) from clinical practice to identify trends and assess treatment effectiveness creates data-based insight into disease progression, which can be used to improve patient outcomes.Â
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Digital Pharmacy Improvements.
The past 2-3 years have seen rapid changes in the healthcare industry due to digitization. This has led to the integration of digital technologies into pharmacy practice and evolved into what is now known as digital pharmacy.
The digital pharmacy ecosystem ranges from digital pharmacy apps and smart pill dispensers to drones and e-prescriptions.
The most common trends in digital pharmacy now are telepharmacy services, the Internet of Things (IoTs) and smart devices, e-prescription system advancements, and artificial intelligence and robotics.
There have been many advances in digital pharmacy, including IoT devices that monitor different health indicators in real-time, medication and refill reminders, telehealth platforms for virtual consultations, etc.
We also have remote patient monitoring platforms like Smart Meter that combine real-time data collection with seamless integration across several platforms. For example, if a patient’s data readings are out of range, it has a Hi-Lo Alert Dashboard that can inform relevant providers in an emergency.
Evolving Role of Pharmacists.
A pharmacist’s role is rapidly evolving, extending far beyond traditional dispensing duties. As healthcare becomes increasingly complex, pharmacists are taking on a more active role in patient care, leveraging technology and innovation to improve health outcomes.
One significant trend is the expansion of clinical services. Pharmacists now provide a wide range of clinical services, such as medication therapy management, immunization administration, and chronic disease management.
As technology advances, pharmacists are embracing digital tools to enhance their services. Artificial intelligence, machine learning, and big data analytics are used to improve medication safety, optimize drug therapy, and identify potential drug interactions.
Pharmacists will play an increasingly important role in improving patient outcomes and reducing healthcare costs as pharmacy evolves.
How to Stay Updated on Current Pharmacy Trends
Here are some practical ways you can stay updated on pharmacy industry trends:
Membership in Professional Organizations.
Joining professional organizations like the American Pharmacists Association (APhA) or the National Association of Chain Drug Stores (NACDS) provides access to resources, networking opportunities, and the latest industry news.
Subscribe to Relevant Newsletters.
Subscribing to industry newsletters like Pharmacy Times or Drug Topics can inform you about the latest trends, research, and regulatory updates.
Follow the Right Pharmacy Blogs.
Following pharmacy blogs and websites like Pharmacy Times, Drug Topics, the American Society of Health-System Pharmacists (ASHP), and The Academy of Population Health Pharmacy (aPHP) can provide insights into current trends and best practices.
Join Relevant Pharmacy Communities.
Joining online communities and forums, such as verified LinkedIn pharmacy groups, allows you to connect with peers, share knowledge, and discuss industry trends.
Attend Conferences and Webinars.
Attending industry conferences and webinars allows you to learn from experts, network with colleagues, and stay up-to-date on the latest research and developments.
Leverage Continuing Education for Pharmacists.
Most continuing education courses for pharmacists have to do with current trends and practices in the industry. Participating in these programs helps you maintain your license and stay current on the latest advancements in pharmacy practice.
Read Research Journals.
Research journals like the Journal of the American Pharmacists Association (JAPhA) or the American Journal of Health-System Pharmacy (AJHP) can inform pharmacists about the latest scientific findings and clinical research.
Monitor Regulatory Changes.
Monitoring regulatory changes from agencies like the FDA and DEA is crucial for ensuring compliance and providing safe and effective patient care.
Conclusion
It's an exciting time to be part of the pharmacy industry. The industry is transforming from personalized medicine and telepharmacy to AI-powered drug discovery and advanced automation.
Pharmacy industry trends are reshaping the healthcare landscape, promising a future of innovation and patient-centric care.
As the industry evolves, staying informed and adapting to the latest trends is crucial. By embracing these trends, pharmacists can enhance their roles, improve patient outcomes, and drive positive change in healthcare.Â
Remember, the key to success in this rapidly evolving field is continuous learning, and the availability of CE courses for pharmacists tackles this. So, let’s learn, adapt to these changes, and continue to provide exceptional care to our communities.
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