Pharma and Photonics
Pharma and Photonics in 2020
By Nikki Bulgarea
According to the Global pharmaceutical industry -statistics & facts Published by Matej Mikulic, Nov 5, 2020. "The pharmaceutical industry is responsible for the research, development, production, and distribution of medications. The market has experienced significant growth during the past two decades, and pharma revenues worldwide totaled1.25 trillion U.S. dollars in 2019." The North American shares of the pharmaceutical market represent 48%and99.5 billion USD were sales in oncology. These companies spend about 20% on R&D. According to the article "3Key trends in the $1.5trillion Pharmaceutical industry ", published by Yen Ye Wee on December 10, 2020 the forecast is that the Pharma industry will reach $1.5 trillion in 2021. With three trends emerging identified as 1 - Covid-19 vaccines, 2 - Gene Therapy, 3 - Technology. In technology is where Photonics is playing a role in addressing the challenges in the Pharmaceutical industry. In the article Challenges and trends in the Pharmaceutical Industry by Anna Bayluk published in May,2020 identified as trens are the aging population, "Digitalization will help not only accelerate many processes but also prevents losing important data and optimizes the workflow."
"artificial intelligence has been successfully applied to regulate production processes and prevent negative consequences of some actions at production, control and predict patient treatment behavior, manage candidates for trials, and optimize patients' treatment journeys if necessary." A photonics enabled technology.
Telemedicineoffered through Photonics technology (Optical communication)
AI-based medication development- using sensors that are photonics sensors/ optical sensors and devices
IoT and big data to prevent pandemics in the future.
In IoT Photonics sensors have an important role to play looking just at wearables and Oximeters.
In the industry report by Peter Hogg "Pharma and medical Device Opportunities and Challenges:2020 and beyond". He states: "The medical device industry was estimated at $425.5 billion in 2018 and is expected to increase 5.4% by 2025, reaching $612.5 billion."Report published at the beginning of 2020.
Photonics in the medical devices is represented by cameras, spectrometers, spectroscopy (Raman, fluorescence), microscopy etc. and represents an important part of the market.