The biopharma industry has a global market value of $860 billion. If that isn’t significant enough for you, the industry is expected to have a CAGR of 8.7%, meaning the industry will almost double by 2030. Here are five 2024 biopharma sales trends that are feeding that growth.
Continued Use of AI and Automation
2023 was the year of AI, and 2024 should continue that upward trajectory. AI in the drug discovery process enables researchers to design new molecules, predict their properties, and optimize drug candidates faster and more efficiently than traditional methods. AI models also have the potential to enhance production procedures to increase efficiency, minimize waste, and uphold rigorous quality control benchmarks through the analysis of extremely large databases. A study by ICQ Consultants says, “Many manufacturers are integrating automation into their production processes to take on repetitive, labor-intensive tasks and allow their personnel to focus on more complex, in-depth tasks.” This clearer definition of labor responsibilities will benefit the biopharma industry as they face the challenge of finding experienced, skilled labor in 2024.
Health Equity and Accessibility
In 2024 there will be a greater focus on health equity – emphasizing developing drugs that are not only effective but also accessible to a broader population. There is a growing awareness of health disparities and the need to address them. A 2024 biopharma sales trend is the efforts by the industry toward reducing the cost of production and improving the affordability of medicines. Innovative pricing models and partnerships with government and non-government organizations are helping make life-saving drugs more accessible.
Regulatory Changes and Data Transparency
Governments and regulatory bodies worldwide are emphasizing data transparency, quality assurance, and the need for greater traceability throughout the supply chain in 2024. The use of blockchain is helping track the supply chain. The goals are to combat counterfeit drugs but also to monitor drug production in real time. Blockchain allows easier data exchange which enhances collaboration and the overall quality of the drugs produced. Consultants with experience in regulatory issues will be highly sought after.
Leaner Teams in Pharma
Inflation and the cost of capital have caused company stocks and valuations to drop significantly. Large biopharma companies are looking at their workforce and cutting positions across the board to restructure and consolidate business units. As companies focus on increasing employee productivity and creating a more efficient workforce, candidates with the right expertise will become even more valuable.
BioPharma Sales Still Ranked Top Paying
A role in pharma sales is still ranked as one of the top five best paying jobs in the industry. Topping the list are Medical Science Liaisons, Medical Directors and Marketing Managers. Therapeutic area is still a driver in pay; however, it is not that much of a differentiator as it was in the past. Oncology, rare disease and hospital sales still rank amongst the highest paying.
