The Internet of Things (IoT) is transforming the pharmaceutical industry through innovative technologies. Recent patents are enabling more effective and personalized treatments, benefiting acquirers with advanced healthcare solutions. The US leads in IoT adoption, with significant activity in patents, jobs, and deals, while other countries like the UK, Australia, China, and India also play key roles. The impact of IoT extends beyond the pharmaceutical sector, influencing various industries. GlobalData’s Internet of Things market report provides comprehensive analysis of the market. Buy the report here.
This article presents a quarterly round-up of the latest trends in the pharmaceutical industry regarding IoT. It provides an overview of recent developments in IoT-related deals, talent acquisition, and patent filings within the pharmaceutical industry.
Diverse applications of Internet of Things in pharmaceutical industry
Pharma companies are leveraging new Internet of Things (IoT) technologies through recent patents to innovate and improve their businesses. For example, AbbVie Inc has patented subcutaneously administered treatments for advanced Parkinson's disease, while LIFE PATCH INTERNATIONAL has patented personal diagnostic devices with micro-fluidic circuits for trans-dermal testing. RENATUS INC. has patented methods for treating chronic kidney disease using gamma-cyclodextrin oligomers, and ASHA MEDICAL, INC. has patented systems for treating cancer cells with alternating polarity magnetic fields. These patents showcase advancements in healthcare technology, offering more effective and personalized treatments for patients. Acquirers of these patents stand to benefit from cutting-edge IoT applications in the medical field, improving patient outcomes and driving innovation in healthcare.
The industry experienced a 22% decline in the number of IoT-related patent applications in Q1 2024 compared with the previous quarter. On an annual basis, the number of IoT-related patent applications in the pharmaceutical industry witnessed a drop of 24% compared with Q1 2023.
Strategic deal trends in Internet of Things in pharmaceutical industry
Pharmaceutical companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in IoT. 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 IoT in the pharmaceutical industry.
In Q1 2024, the number of IoT-related deals in the pharmaceutical industry declined by 27% compared with Q1 2023. On a quarterly basis, there was 31% 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 22% drop compared with the previous quarter. On an annual basis, job postings also declined by 1%. Notably, management occupations, with a share of 19%, emerged as the top IoT-related job roles within the pharmaceutical industry in Q1 2024, with new job postings drop by 26% quarter-on-quarter. Computer and mathematical occupations came in second with a share of 16% in Q1 2024, with new job postings dropping by 6% over the previous quarter. The other prominent IoT roles include life, physical, and social science occupations with a 5% share in Q1 2024, and architecture and engineering occupations with a 5% share of new job postings.
Bayer, AstraZeneca, F. Hoffmann-La Roche, Johnson & Johnson, and Sanofi are among the top companies leading in IoT hiring within the pharmaceutical industry.
Countries driving adoption of Internet of Things in pharmaceutical industry
The US is the leading country in IoT adoption within the pharmaceutical industry, boasting the highest number of IoT-related patents, jobs, and deals. Meanwhile, the UK, Australia, China and India also maintain significant positions in IoT adoption within the pharmaceutical industry.
In conclusion, the integration of IoT technologies is driving significant advancements in the pharmaceutical industry, with new patents fostering innovation and personalized treatments. As the US leads in IoT adoption, the industry's focus on strategic investments and partnerships highlights the growing importance of IoT in healthcare.
To further understand GlobalData's analysis on Internet of Things 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.
