IoT in the pharmaceutical industry: analysing innovation, investment and hiring trends

The internet of things (IoT) is revolutionizing the pharmaceutical landscape through ground-breaking patents in cancer treatment and drug delivery. Strategic deals are propelling industry advancements, influencing job trends with evolving roles. Globally, notable contributors to IoT adoption are fostering a dynamic landscape of change and progress in the pharmaceutical sector. The impact of IoT extends beyond the pharmaceutical sector, influencing various industries. 

GlobalData’s Internet of Things market report helps keep abreast of the latest trends in IoT, market opportunity forecast and the competitive landscape.   

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.

Pharma companies are leveraging new internet of things (IoT) technologies to innovate and improve their businesses, as evidenced by the latest patents in the field. One such patent from Asha Medical, Inc. focuses on treating cancer cells with alternating polarity magnetic fields. The system includes a magnetic field generator and electromagnetic coil to inhibit cancer cells or other rapidly-dividing cells. This treatment can be co-administered with anti-cancer drugs, enhancing the effectiveness of chemotherapy, hormone therapy, targeted therapy, immunotherapy, or angiogenesis inhibitor drugs.

Another patent from scPharmaceuticals Inc. involves methods of treatment using furosemide, a diuretic. The patent describes subcutaneously administering liquid pharmaceutical formulations of furosemide to treat congestion, edema, fluid overload, or hypertension. This method provides a five-hour bi-phasic delivery profile, ensuring optimal treatment for patients in need.

Life Patch International's patent introduces personal diagnostic devices with a plurality of tubules. These devices, such as bio-patches and bio-bracelets, feature micro-fluidic circuits for transdermal transport of blood or perspiration. They can perform various tests and collect blood samples from capillaries near the skin surface. Additionally, these devices may include logic processing, input/output devices, acoustic microphones, embedded processors, and battery or photovoltaic power sources.

Shimco North America Inc.'s patent focuses on a piezoelectric composite film capable of converting mechanical energy to electrical energy. The film, made of a substrate and piezoelectric nanoparticles, has high permittivity and porosity-mediated mechanical properties. When used in a piezoelectric nanogenerator, the film provides increased output voltage and current compared to existing nanogenerators. The method of synthesizing the film is simple and cost-effective.

Lastly, On Target Laboratories LLC's patent involves compositions including pafolacianine for the identification of malignant lesions during resection procedures. The composition, administered to a subject, binds to malignant lesions and emits an optical signal, aiding in their identification.

These patents showcase the innovative use of IoT technologies in the pharmaceutical industry. By leveraging these technologies, pharma companies can improve cancer treatments, enhance drug delivery methods, develop personalized diagnostic devices, and advance energy conversion systems. The acquirer of these patents will benefit from the potential to develop and commercialize these IoT-based technologies and applications, leading to improved healthcare outcomes and business growth.

The industry experienced a 13% decline in the number of IoT-related patent applications in Q3 2023 compared with the previous quarter. On an annual basis, the number of IoT-related patent applications in the pharmaceutical industry witnessed a drop of 43% compared with Q3 2022.

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 Q3 2023, the number of IoT-related deals in the pharmaceutical industry grew by 117% compared with Q3 2022. On a quarterly basis, there was 8% increase in the number of deals in Q3 2023 compared with the previous quarter.

In terms of new job posting, in Q3 2023, the pharmaceutical industry experienced a 25% drop compared with the previous quarter. On an annual basis, job postings also declined by 33%. Notably, management occupations, with a share of 18%, emerged as the top IoT-related job roles within the pharmaceutical industry in Q3 2023, with new job postings drop by 37% quarter-on-quarter. Computer and mathematical occupations came in second with a share of 16% in Q3 2023, with new job postings dropping by 45% over the previous quarter. The other prominent IoT roles include life, physical, and social science occupations with a 6% share in Q3 2023, and architecture and engineering occupations with a 6% share of new job postings.

Bayer, Merck, Novo Nordisk, AstraZeneca, and Johnson & Johnson are among the top companies leading in IoT hiring within the 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, China, Australia, Switzerland and New Zealand also maintain significant positions in IoT adoption within the pharmaceutical industry.

In conclusion, the pharmaceutical industry's integration of IoT is marked by transformative patents revolutionizing cancer treatment and drug delivery. The surge in strategic deals and the evolving job market underscore the industry's commitment to leveraging IoT, with global leaders such as the US, China, and others driving innovative advancements in patents, deals, and job opportunities.

To further understand GlobalData's analysis on internet of things in the pharmaceutical industry, buy the report here.