Current Factors Impacting Health Equity in the Pharmaceutical Industry
Clarkston’s Erica Parks Murray connected with dozens of industry experts – from physicians and clinical professionals to scientists and researchers – to discuss the latest trends, challenges, and opportunities driving unity in the life sciences industry at the 8th Annual Women of Color in Pharma (WOCIP) Conference. This article reflects her takeaways on the factors impacting health equity in the pharmaceutical industry as we round out the year and look towards 2025.
At WOCIP’s 8th Annual Conference, several sessions touched on key trends impacting the industry. Two of these sessions in particular, “Keke About 2024 Industry Trends,” with Imara Charles, Ph.D., Sherrita Dorsey, Amber Gilbert, Diane Gomez-Thinnes, and Charlotte Jones-Burton, MD, MS, and “Stronger Together: Leveraging Faith-Based, Community, and Corporate Resources to Combat Chronic Diseases,” with Andrea Freeman-Smith, Anthonise Fields, Ph. D., and Vickie Laurent, PharmD, stand out. Between these two sessions, here are some key 2024 trends and factors impacting the pharmaceutical industry.
Takeaways from “Keke About 2024 Industry Trends”
What we learned is that the pharmaceutical industry is experiencing a period of significant transformation, driven by a variety of factors, such as rising prescription drug costs, evolving regulatory landscapes, talent shortages, and increasing patient expectations.
Most notably, to remain competitive, pharmaceutical companies are embracing digital technologies to improve efficiency, accelerate drug development, and enhance patient engagement. Artificial intelligence, machine learning, and big data analytics are being used to identify new drug targets, optimize clinical trials, and personalize treatment plans.
Additionally, the industry is prioritizing patient-centricity, focusing on understanding patient needs, preferences, and outcomes, as well as cost-effectiveness. This involves developing patient-friendly therapies, improving access to care, and providing comprehensive support throughout the patient journey.
Takeaways from “Stronger Together”
In addition to the factors outlined above, speakers also discussed the role of community-based care and non-traditional healthcare providers when it comes to achieving health equity.
First, faith-based organizations are emerging as key players in delivering healthcare services. These organizations are uniquely positioned to address health disparities and provide culturally competent care. By leveraging their strong community ties and trusted relationships, they are establishing healthcare centers and providing essential services like health screenings, counseling, medication assistance, and education to more complex care. The shift to leveraging faith-based organizations is driven by the recognition that community-based care can address social determinants of health, improve access, and reduce healthcare costs.
To address the healthcare workforce shortage and improve access to care, there’s also a growing reliance on non-traditional healthcare providers, often trained and supervised by healthcare professionals. Community health workers can provide essential services such as patient navigation, health education, and support. This approach can help alleviate the burden on healthcare providers and improve access to care. To be effective, healthcare providers must be culturally competent to effectively serve diverse populations.
What Does All of This Mean?
The insights shared at WOCIP’s 8th Annual Conference reflect the significant shifts and opportunities shaping the pharmaceutical industry in 2024 and beyond. From the adoption of digital technologies and patient-centric innovations to leveraging faith-based organizations and community health workers, the industry is navigating a dynamic landscape focusing on driving health equity and efficiency. As the industry continues to evolve, embracing these factors impacting health equity will be key to achieving sustainable solutions for all.
