4 innovations that will shift the pharmaceutical market in 2023

The past years have witnessed significant advancements in the pharmaceutical market, edge computing, and Big Data, to name but a few. It seems 2023 will continue with this momentum by introducing innovations set to make their impact.

The year ahead promises excitement for those following medical and pharmaceutical sales careers. In fact, the pharmaceutical industry is expected to increase to $1.5 trillion by 2023, a sure-fire indication that the market is stable and bursting with opportunities.

While 38% of industry experts predict Big Data to have the greatest impact on the pharmaceutical sector, there are four less-known innovations that could very well shake up the industry.

Innovation 1: Intensive R&D for personalised medicine

The pharmaceutical industry has always been highly R&D intensive, with Big Data playing a key role in expediting trials, drugs, therapies, and medical devices. In the coming months, this new technology will turn a large portion of its focus on personalised medicine. Companies such as AMPEL BioSolutions will be progressing with genomic platform technology that uses RNA analytics and machine learning to characterise a patient’s genes and help practitioners make better clinical decisions. By doing this, medical professionals can determine the most effective course of action tailored to each patient.

Medical sales jobs will become more exciting as personalised medicine becomes more available and more affordable to a broader range of clients.

Innovation 2: New achievements for the MedTech sector

It’s no exaggeration to say that innovations that, pre-Covid19, may have taken decades to adopt are now being fast-tracked into global healthcare systems. This applies to 2023, where several new MedTech companies are preparing to debut products.

An example is CAPS Medical, a MedTech company dedicated to developing a solution to treat a broad range of solid tumours using Non-thermal Atmospheric Plasma (NTAP). This minimally invasive procedure destroys cancerous cells without damaging surrounding healthy tissue.

Introducing this procedure will positively impact cancer treatments, offering physicians new options for their patients.

Innovation 3: Nanoform drug development

The Finnish company, Nanoform, recently launched its first in-human study of a “nanoformed” treatment named Controlled Expansion of Supercritical Solutions (CESS®). This technology supports the formation of API nanoparticles directly from solution. The results of the study will be ready in 2023, and if the outcomes are as predicted, the medical sector will witness significantly improved drug performance. For example, the technology will enable chemicals to work faster, but also more efficiently according to a patient’s personalised needs.

This means a new and advanced therapy will be on the market for the pharmaceutical sales community, ensuring a competitive edge that continues to put the best patient care at the forefront.

Innovation 4: Drug re-purposing

Drug re-purposing is another innovation that will shift the pharmaceutical market in 2023. Organisations like DEBRA UK International are offering substantial grants to researchers dedicated to drug reprofiling. This financial boost into the market will ignite new innovations and support Drug Discovery and Drug Development teams that will be finalising studies. A popular topic for 2023 is the cancer drug Sapanisertib, which can potentially be used against malaria. 

You’ll also find the IQVIA team hard at work using AI to advance effective drug repurposing.

Are you ready to start a new medical sales career?

IQVIA is an internationally recognised leader in the healthcare and pharmaceutical industry. Our mission is to improve patient outcomes on a global scale as we help our clients make better decisions through data and analytics. To do this, we hire talented and passionate medical professionals who share our vision.

If you would like to join our team and play a role in transforming healthcare for the better, we invite you to browse our medical sales jobs and key account manager vacancies. Alternatively, sign up for our job alerts and be the first to hear about our exciting opportunities.