Five Ways Pharma Companies Can Keep Up With Demand
Technology Networks
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Trends in today’s population provide pharmaceutical companies with a dual-pronged challenge. On one side of the spectrum the population is getting older – a recent UN study forecasted the 65+ age group is set to rise from 9% to 16% globally by 2050, and 80+ age group is projected to triple. Yet, the same study shows around 30% of the population have no access to essential medicines. As people are living longer with better access to medicine, our reliance on medicine increases as we age as well. It is because of this combination pharmaceutical companies face a growing demand.
However, producing more medicine would be challenging as the manufacturing industry already faces disruption, with failures in product or facility quality being the leading cause of disruption to manufacturing, resulting in 66% of all drug shortages. It is, therefore, imperative for drug manufacturers to accelerate the adoption of innovative technologies to address the situation and bring transformational changes to the way the lifecycle of medicinal products are managed.
Read the full listicle, where we will explore five key risk factors pharmaceutical facilities need to understand, which they can then ultimately renovate to improve output.