Precision and personalized medicine is transforming the pharmaceutical industry by offering more tailored and effective healthcare solutions. Recent patents, such as Scorpion Therapeutics Inc’s inhibitors for cancer treatment and SCV-SpezialChemikalienVertrieb GmbH’s prostate cancer diagnostic labels, exemplify advancements in targeted therapies. As strategic investments and job growth highlight the importance of this field, the US continues to lead in adoption and innovation within precision medicine. GlobalData’s precision and personalized medicine market report provides comprehensive analysis of the market. Buy the report here.
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This article presents a quarterly round-up of the latest trends in the pharmaceutical industry regarding precision and personalized medicine. It provides an overview of recent developments in precision and personalized medicine-related deals, talent acquisition, and patent filings within the pharmaceutical industry.
Diverse applications of precision and personalized medicine in pharmaceutical industry
Pharma companies are leveraging precision and personalized medicine technologies to innovate and improve their businesses. Recent patents showcase advancements in cancer treatment, nuclear medicine diagnostics, and targeted therapy for cancer. For example, Scorpion Therapeutics Inc's patent focuses on inhibitors for EGFR and HER2 in cancer treatment, while SCV-SpezialChemikalienVertrieb GmbH's patent involves labeling precursors for prostate cancer diagnosis. These technologies offer more targeted and effective treatments, leading to better patient outcomes. Acquirers of these patents will benefit from cutting-edge solutions for personalized medicine, allowing for more precise and tailored approaches to healthcare. Overall, these patents highlight the ongoing progress in precision and personalized medicine, offering promising opportunities for the future of healthcare.
The industry experienced a 51% decline in the number of precision and personalized medicine-related patent applications in Q1 2024 compared with the previous quarter. On an annual basis, the number of precision and personalized medicine-related patent applications in the pharmaceutical industry witnessed a drop of 14% compared with Q1 2023.
Strategic deal trends in precision and personalized medicine in pharmaceutical industry
Pharmaceutical companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in precision and personalized medicine. 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 precision and personalized medicine in the pharmaceutical industry.
In Q1 2024, the number of precision and personalized medicine-related deals in the pharmaceutical industry declined by 71% compared with Q1 2023. On a quarterly basis, there was 71% 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 37% growth compared with the previous quarter. On an annual basis, job postings also declined by 18%. Notably, management occupations, with a share of 27%, emerged as the top precision and personalized medicine-related job roles within the pharmaceutical industry in Q1 2024, with new job postings rising by 39% quarter-on-quarter. Life, physical, and social science occupations came in second with a share of 22% in Q1 2024, with new job postings rising by 8% over the previous quarter. The other prominent precision and personalized medicine roles include computer and mathematical occupations with a 6% share in Q1 2024, and healthcare practitioners and technical occupations with a 5% share of new job postings.
Precision For Medicine, Amplity Health, AstraZeneca, F. Hoffmann-La Roche, and Sarepta Therapeutics are among the top companies leading in precision and personalized medicine hiring within the pharmaceutical industry.
Countries driving adoption of precision and personalized medicine in pharmaceutical industry
The US is the leading country in precision and personalized medicine adoption within the pharmaceutical industry, boasting the highest number of precision and personalized medicine-related patents, jobs, and deals. Meanwhile, Australia, India, Spain and Israel also maintain significant positions in precision and personalized medicine adoption within the pharmaceutical industry.
In conclusion, precision and personalized medicine is driving significant advancements in the pharmaceutical sector, offering tailored treatments for improved patient outcomes. Despite a decline in patent applications and deals, the growing job market underscores the continued importance and potential of precision medicine in shaping the future of healthcare.
To further understand GlobalData's analysis on precision and personalized medicine 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.
