In the pharmaceutical industry, virtual care is revolutionizing healthcare delivery with innovative solutions. Recent patents highlight advancements such as personal diagnostic devices and therapy management systems, fostering more tailored and efficient patient care. Despite a decline in deals, the surge in job postings underscores the growing demand for virtual care expertise, signaling a transformative shift in pharmaceutical practices. GlobalData’s telehealth market report analyzes market behavior, quantifies digital health therapeutics trends, evaluates COVID-19’s impact, and extensively covers pipeline products to identify leading companies. Buy the report here.
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This article presents a quarterly round-up of the latest trends in the pharmaceutical industry regarding virtual care. It provides an overview of recent developments in virtual care-related deals, talent acquisition, and patent filings within the pharmaceutical industry.
Diverse applications of virtual care in pharmaceutical industry
Pharma companies like Abbott Laboratories, Stryker Corp, and Life Patch International are leveraging new virtual care technologies through recent patents. These technologies include personal diagnostic devices with micro-fluidic circuits for trans-dermal testing, therapy management systems with wireless communication interfaces, and instrumented wound closure devices with sensory elements for customized therapy. Abbott Laboratories, for example, has patented diabetes therapy management systems with insulin delivery devices and monitoring devices. Acquiring these patents will enable the acquirer to innovate and improve their virtual care offerings, providing more efficient and personalized healthcare solutions. These advancements in Virtual Care technologies will ultimately benefit patients by enhancing the quality and accessibility of healthcare services.
The industry experienced a 6% decline in the number of virtual care-related patent applications in Q1 2024 compared with the previous quarter. On an annual basis, the number of virtual care-related patent applications in the pharmaceutical industry witnessed a drop of 53% compared with Q1 2023.
Strategic deal trends in virtual care in pharmaceutical industry
Pharmaceutical companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in virtual care. These investments aim to secure lucrative deals with partners and position themselves at the forefront of industry advancements. Some of the recent deals underscore the importance of virtual care in the pharmaceutical industry.
In Q1 2024, the number of virtual care-related deals in the pharmaceutical industry declined by 24% compared with Q1 2023. On a quarterly basis, there was 36% drop in the number of deals in Q1 2024 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q1 2024, the pharmaceutical industry experienced a 21% growth compared with the previous quarter. On an annual basis, job postings also grew by 54%. Notably, management occupations, with a share of 26%, emerged as the top virtual care-related job roles within the pharmaceutical industry in Q1 2024, with new job postings rising by 12% quarter-on-quarter. Healthcare practitioners and technical occupations came in second with a share of 21% in Q1 2024, with new job postings rising by 42% over the previous quarter. The other prominent virtual care roles include life, physical, and social science occupations with a 9% share in Q1 2024, and computer and mathematical occupations with a 4% share of new job postings.
ICON, WCCT Global, Charles River Laboratories International, Clario, and Pfizer are among the top companies leading in virtual care hiring within the pharmaceutical industry.
Countries driving adoption of virtual care in pharmaceutical industry
The US is the leading country in virtual care adoption within the pharmaceutical industry, boasting the highest number of virtual care-related patents, jobs, and deals. Meanwhile, Canada, Switzerland, Saudi Arabia and Australia also maintain significant positions in virtual care adoption within the pharmaceutical industry.
In conclusion, virtual care is reshaping pharmaceutical practices through innovative patents, offering personalized diagnostic and therapeutic solutions. Despite a decline in deals, the industry's robust job growth reflects a rising demand for virtual care expertise, signaling a transformative shift towards more accessible and tailored healthcare services.
To further understand GlobalData's analysis on virtual care in the pharmaceutical industry, buy the report here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData patent analytics tracks patent filings and grants across companies and themes. Proprietary databases on deals and job analytics are used to respectively monitor global deal activity and uncover insights from daily job postings to identify trends, company activities, and industry dynamics across different sectors globally.
