The drug discovery and development space is undergoing a rapid transformation after the COVID-19 pandemic, with innovative technology shaping major research breakthroughs. Massive improvements in computing power, advancements in robotics, and disruptive pharmaceutical chemistry are driving the growth of the drug discovery and development sector. The current global drug discovery and development market is projected to grow from a $53.3 billion valuation in 2021 to $80.2 billion by 2026, with a CAGR of 8.1 percent.
The pharmaceutical industry is already assimilating novel technological advancements to propel their functionality and progress. One of the promising technologies is artificial intelligence (AI), which is empowering solutions capable of understanding disorders and how different drugs act on diseased and healthy tissue. When coupled with machine learning (ML) and data analytics, AI can also help cross-reference various illnesses with higher accuracy and precision. Apart from this, extended reality (AR/ VR) is overcoming the challenges of the drug development process by making it much easier for scientists, who traditionally worked only within the 2D space, to develop precise 3D drug molecule representations. Furthermore, advancements in molecular biology, biotechnology, genomics, and nanotechnology are paving the way for increased investments in drug discovery.
At the cusp of such innovative growth, a wide range of solution providers are offering the best-suited solutions aligned with the latest trends to meet the demands of the upcoming drug discovery and development needs. This edition of Pharma Tech Outlook presents some of the most promising drug discovery and development solution providers. The edition features thought leadership articles from Carlos Pedraza, Ph.D. director of CNS Biology at Alkermes, Jessica Rayser, Associate Director of Product Management, Charles River Laboratories, and Carlos Pedraza, PhD, Director of CNS Biology, Alkermes. The edition also showcases innovative solutions from Notable, a clinical-stage therapeutics company developing precision predictive medicines.
