With 2023 fast approaching, it’s time to consider what’s next for the biotechnology industry as a whole.
The Covid-19 outbreak shaped the industry in many ways, shifting how the industry operates forever. Deals are happening globally, investment is being surged into the sector and following the pandemic, the biotechnology sector has proven itself resilient, robust and able to thrive and adapt amidst adversity.
But what’s next for biotech? Will this success continue, and what trends are expected to shape the field come 2023?
What went down in 2022?
First things first, how has the industry fared in 2022?
Though these are still great advancements and highlight significant progression in the field, the rate of drug approval is considerably slower than that of 2020 and 2021 – which saw 53 and 50 drugs approved for market use, respectively.
Predictions for 2023
Biotechnology is a field that continues to transform, both in regards to its scope and the impact it has on humanity. And 2023 will be just the same.
With an expected compound annual growth rate of 13.9% during the period of 2022 to 2030, and a worldwide revenue forecast of $3.8 billion, the field is constantly progressing towards a better, brighter future for patients all across the globe.
Digital improvements, neverending research and all kinds of scientific discoveries are evolving the field every single day – innovations are nonstop.
So, let’s take a look at what trends are going to potentially shape the industry’s future as we dive into the new year.
Personalised medicine promises an exciting future, both for the scientists developing these treatments and the patients receiving them.
Simply put, personalised medicine is an emerging treatment possibility that aims to ensure patients receive the best possible treatment for their exact needs. After all, every single one of us is different with a varying genetic makeup, and medicine shouldn’t be treated as a one-size-fits-all approach.
Advancing sciences and emerging technologies open up a new world of possibilities for biotechnology, as scientists can now analyse a whole range of data about our bodies, including genetic data. This not only helps doctors prescribe patients with the best drugs possible, but it could also help predict and prevent the likelihood of someone developing a condition.
After all, as the age-old saying goes, prevention is always better than cure.
Technology opening new doors and the rise of DCTs
With the growing demand from patients and sponsors to get new drugs on the market at a faster rate, new technologies are being brought to the forefront of the priority list to meet these high expectations.
Decentralised clinical trials (DCTs) are becoming a growing trend in the field, allowing for simpler, easier clinical trials by eradicating the need for patients to travel to the site, enabling virtual sessions.
It’s important to note that this doesn’t mean unsupervised clinical trials where the patient has no interaction with a professional will become the norm. It’s about looking towards a hybrid approach where technology can aid and assist healthcare professionals, speeding up the typically inflexible system that’s in place at the moment.
This approach can include apps that allow for data collection without the need for patients to attend appointments, professionals making home visits and even completely home-based trials. As we head into the new year, a survey from biotechs and biopharmas reveals that 27% of their trials would be decentralised by 2024.
According to a recent study, survey respondents estimate that around 27% of their trials would be decentralised by 2024.
The current system is ineffective and hard work for all involved, due to the time and cost burdens to participate, leading to high patient dropout rates. However, decentralisation might be the ideal solution to push a “patient-centric” mindset and open up new doors for clinical trials.
Digitalising patient recruitment
One study revealed that around 19% of clinical trials are terminated because of patient recruitment struggles. But new medical technologies are emerging, enabling recruiters to seek out rare disease patients all across the globe, breaking down the barriers and accelerating patient recruitment tenfold.
Essentially, digitising the biotechnology industry allows organisations to reach a diverse, once unattainable patient market. And paired with the ever-rising DCT market, it looks like clinical trials are going to become more seamless and streamlined come 2023.
Leveraging technology to improve the drug development timeline
A reoccuring theme for 2023 is the advancement of smart technologies that will help enhance the entire field in some capacity. And one such way is by boosting the volume of research to come out of biotechs.
Biotech research takes years upon years to complete, so it’s essential for organisations to invest further into their research and development phases to speed up and enhance their processes.
Leveraging smart technologies such as artificial intelligence is just one example of boosting biotech productivity levels. AI has the ability to streamline various time-consuming, manual tasks like data collection and processing, via enhanced automation.
As a result, operations run smoother and more efficiently, biotechs see desirable results quicker and essential drugs are brought to the market faster.
A bright future
Fast-paced, cutting-edge and ahead of the curve, biotechnology is a sector that never slows down. It appears that speed and efficiency are at the heart of biotechnology for 2023, and this can only be done by adopting new, emerging technologies and staying at the forefront of innovation.