Virtual care is transforming the pharmaceutical landscape, marked by a rise in strategic deals that define industry progress. Advanced patents propel innovations in diagnostics and drug delivery, influencing job dynamics within the sector. In this dynamic setting, industry leaders play a crucial role in shaping the future by making substantial contributions to the adoption of virtual care. GlobalData’s virtual care market report provides key insights into business strategies, trends driving the telehealth market and granular data on market segments forecast up to 2030. Buy the report here.
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 in the field of virtual care are leveraging the latest patents to innovate and improve their businesses. One such patent, titled "Personal diagnostic device having a plurality of tubules," describes diagnostic devices including bio-patches and bio-bracelets with various chambers and chemistries for transdermal blood or perspiration testing. Another patent, titled "Method, system and computer program product for cgm-based prevention of hypoglycemia," focuses on assessing the risk of hypoglycemia in patients and determining appropriate insulin delivery adjustments. Additionally, there is a patent for devices and methods for examining drug effects on microorganisms, as well as a patent for a maternal and fetal intrapartum safety monitor. Lastly, there is a patent for implantable devices for drug delivery in response to detected biometric parameters associated with an opioid drug overdose. These patents provide the acquirer with valuable technologies and applications in the field of virtual care, allowing them to enhance their offerings and provide better care to patients.
The industry experienced an 11% growth in the number of virtual care-related patent applications in Q3 2023 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 29% compared with Q3 2022.
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 Q3 2023, the number of virtual care-related deals in the pharmaceutical industry grew by 33% compared with Q3 2022. On a quarterly basis, there was 6% drop in the number of deals in Q3 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q3 2023, the pharmaceutical industry experienced a 33% drop compared with the previous quarter. On an annual basis, job postings also declined by 2%. Notably, healthcare practitioners and technical occupations, with a share of 39%, emerged as the top virtual care-related job roles within the pharmaceutical industry in Q3 2023, with new job postings drop by 18% quarter-on-quarter. Management occupations came in second with a share of 25% in Q3 2023, with new job postings dropping by 44% over the previous quarter. The other prominent virtual care roles include computer and mathematical occupations with a 6% share in Q3 2023, and office and administrative support occupations with a 6% share of new job postings.
ICON, Charles River Laboratories International, Johnson & Johnson, AstraZeneca, and Parexel International 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, Germany, the UK, Canada and Brazil also maintain significant positions in virtual care adoption within the pharmaceutical industry.
In summary, the pharmaceutical industry is undergoing a significant evolution towards virtual care, marked by a rise in strategic deals and pioneering patents. As job landscapes adapt, prominent industry players are playing pivotal roles in steering the sector towards a future defined by the widespread adoption of virtual care technologies.
To further understand GlobalData's analysis on virtual care in the pharmaceutical industry, buy the report here.