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Metaverse in pharmaceuticals

According to industry analysts, metaverse breakthroughs have opened new doors of potential and developments in the fields of research, technology, and healthcare - including pharma. For example, some early bets in the metaverse and pharmaceutical business include integrating Augmented Reality and Virtual Reality to better demonstrate how a medicine works and helps patients irrespective of any major illness or the appearance of Parkinson's disease tremors

The future of the metaverse is still largely unexplored, however, it is presenting lucrative avenues for pharmaceutical industry. The metaverse is the next significant shift in how we connect and interact with the entire environment around us, leapfrogging existing digital advancements and technology.

Pharma businesses, for example, can build patient communities and social groups within the metaverse. Instead of communicating and connecting with one another online or over Zoom, patients from all over the world can virtually sit out and congregate in a metaverse room with others who have similar medical issues to share their experiences.

Furthermore, as telehealth in the midst of the COVID-19 pandemic shifts the patient-healthcare provider interaction from in-person to remote, the metaverse, in collaboration with AR/ VR development solutions, is redefining how healthcare is given.

The metaverse provides pharmaceutical businesses with several opportunities, such as how to incorporate more channels for HCP engagement and patient care. For example, the FDA has already designated an immersive VR system as a breakthrough technology to treat fibromyalgia and low back pain, and the application of metaverse in pharma is profoundly virtual, mirroring real-life settings.

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The Use Cases of Metaverse in Pharmaceutical Companies

  • Drug Development in Metaverse
    According to a 2020 study published in the Journal of the American Medical Association (JAMA), the average investment required to bring a new drug to market is $1.4 billion USD. Designing, staffing, and running clinical trials is one of the most expensive and time-consuming stages of drug research. Clinical trials can account for up to 60% of the entire cost of bringing a novel medication to market. It requires a significant amount of time and resources to recruit a sufficient number of clinical trial volunteers with the necessary disease, genetic, gender, age, and other characteristics for a clinical trial.
    The Metaverse opens up the incredible possibility of using digital twins to drastically cut the cost and time required to undertake reliable clinical studies. A digital twin is a virtual replica that is intended to accurately represent physical items, processes, or even a real-life person. "Any number of useful simulations can be done in order to explore multiple processes," according to digital twins. The use of a digital twin would allow the experiment or trial to be done and studied considerably faster and safely. Furthermore, unlike a traditional data analytics tool, the Metaverse would allow for an immersive or augmented reality visual portrayal of the proposed therapy's effects on a digital twin, which may be a full person or certain organs and systems. A clinical researcher would benefit from a more user-friendly and potentially more informative visual threedimensional and interactive representation.
    Although the technology to construct an identical digital twin of a human being has not yet been established, pharmaceutical corporations are aggressively researching it. When such technology becomes a reality, pharmaceutical companies will be able to complete clinical trials for a fraction of the cost and in a matter of weeks, rather than months or years.
    One of the great opportunities that the Metaverse is providing to the Pharma industry is to overall “get closer” to the patient – Let's face it, this is something the industry has typically struggled with.
  • Metaverse for Drug Trials and Patient-centricity
    According to McKinsey’s research about the impact of decentralization on Clinical trials, typically, 70 percent of potential participants live more than two hours from trial sites (data from Sanofi As a result, decentralization broadens trial access to a larger and presumably more diverse pool of patients. Traditional site operations (such as medication administration, assessments, and data verification) can also be handled remotely by others or by trial participants themselves, reducing the workload for trial investigators. A plethora of evolving technologies and services have enabled the shift of clinical-trial activities closer to patients: tools such as electronic consent, telehealthcare, remote patient monitoring, and electronic clinical-outcome assessments (eCOAs), as well as the Metaverse, allow investigators to maintain links with trial participants without inperson visits.
    Before the pandemic, an Industry Standard Research survey in December 2019 found that 38% of pharma and contract-research organizations (CROs) expected virtual trials to be a major component of their portfolios, and 48% expected to run a trial with the majority of activities conducted in participants' homes. McKinsey's Clinical Operations Roundtable asked the identical questions a year later, and the responses were 100% and 89 percent, respectively.
    Current drug trials have 4 shortcomings:
    1. They do not accurately reflect reality.
    2. Few trials recruit the needed patients on time (recruitment challenges delay almost 80% of all trials);
    3. Not every patient in a trial is given the new treatment (typically half are given a placebo);
    4. Not all experimental drugs operate as safely as they should.

    In the Metaverse, digital twins can solve all of this thanks to some of their unique characteristics: Infinite coverage (digital twins can simulate a wide range of patient characteristics, providing a representative view of a drug's impact on a larger population), speed (AI can simplify trial design by providing visibility into patient availability for a range of inclusion and exclusion criteria), predictability (with digital twins predicting patient response, there will be no need for placebos or dummy drugs), so that each patient in a trial can be assured of the new medication) and, finally, safety (by reducing the number of patients who need real-world testing, digital twins can minimize the hazardous impact of earlystage drugs).

There are a number of Metaverse use cases in pharmaceutical industry. Some of them are virtual clinical trials, patient engagement, medical education, drug discovery and design. One key metaverse application in pharmaceutical industry is virtual clinical trials. With virtual trials, patients can participate in a study from anywhere, reducing the need for travel and making the trials more accessible to a wider range of participants. Additionally, virtual trials can be more cost-effective, allowing companies to run more trials with smaller budgets. Furthermore, the information from virtual trials can be collected in a safer and more efficient way, with virtual monitoring devices, and analyzed in real-time, resulting in faster drug development. A metaverse development company that specializes in Blockchain development processes could revolutionize the way pharmaceutical companies manage and track their supply chain, making it more efficient and secure with the help of their Blockchain technology experts

Let's build together on Metaverse

Here are some major features that demonstrate the advantages of deploying metaverse technologies in the pharmaceutical industry:

  • Supportive communities for patients
    Purpose-built patient communities in the metaverse can connect, engage, and share the experiences of patients from all around the world. With smart contract development tools, rules and regulations for such communities may be deliberately designed while keeping safety and data security in mind.
  • Rep-HCP virtual interactions
    Virtual or remote calls make up to 20% of rep interactions and this has massively increased in the past few years, mainly due to the pandemic. Reps may use Metaverse to effortlessly communicate with HCPs in the virtual realm and develop digital relationships.
  • Interactions with brands and events
    Medical training, disease cure programs, educational programs, and specialized pharmacological advantages in connected conditions are some of the most significant and early use cases of a metaverse in pharma. Brands and pharmaceutical businesses can create virtual industry events for HCPs, patients, and consumers using intuitive metaverse platforms.
  • Brand Marketing
    Pharma businesses can reach new audiences and patients in the metaverse by utilizing new marketing opportunities such as sponsored content, virtual billboards, virtual gaming experiences, and digital conferences.
  • Telemedicine 2.0
    The metaverse has the ability to transform telemedicine indefinitely by combining technologies such as vitals tracking, haptic touch, and body scanning within the virtual world to make digital HCP consultations more hyper-realistic, personalized, and human-like. It will very certainly open up new avenues for remote care via telemedicine.

Next Article

Metaverse in insurance industry

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