2023 was a year of resetting and reassessing for the Biopharmaceutical industry. After the significant growth driven by vaccine production relating to the COVID-19 pandemic in 2021 and 2022, it has been reported that organizations have spent the last 12-18 months reassessing commercial priorities and considering resource levels required to support revised plans. There has also been significant effort applied to codify the lessons learnt from the rapid development and deployment of the vaccines into organizational structures and processes.

 

Alongside such efforts, organizations have been considering how to harness the power of Artificial Intelligence (AI). This is a journey that most will continue in to 2024 and beyond, especially in the arena of AI-driven drug development. The ambition is clear, the industry is seeking to reduce development costs, failure rates and timelines from discovery to approval and commercialization.

 

There are many fertile target areas for development and trial over the coming months. As demand for glucagon-like peptide-1 receptor agonists (GLP-1RAs) for the management of obesity and diabetes is currently outstripping supply, further therapies are expected to be prioritised for commercialization by multiple Biopharmaceutical organizations. There are now more than ten exciting antibody-drug conjugates (ADCs) medicines approved for treatment of a variety of cancers with more than half of these licensed in the last five years. This is also likely a key focus area for some Biopharma companies with further launches expected in 2024.

 

A number of important patents for established biopharmaceuticals expired during 2023 with more molecules to come off patent during 2024. It is expected that by 2030 that almost 50% of global biopharmaceutical revenues could arise from medicines that have lost patent protection.

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Drug delivery devices and associated combination product regulations continue to be an area of high interest for the industry. Development of connected devices offers much in terms of smart dosing and measurement potential however the complexity associated with supply chains and regulatory frameworks provides significant hurdles. Collaboration between multi-disciplinary stakeholders throughout supply chains is vital for success in this complicated field.

 

COALITION helps companies handle competing demands and thrive in the tough global market. We know the market trends, industry challenges, and regulations that impact product creation in the life sciences field very well. This knowledge lets us work with Biopharmaceutical companies to enhance collaboration and achieve excellence.