Top 6 Trends in Life Sciences Industry
The life sciences sector consists of companies engaged in biotechnology, environmental, pharmaceuticals, life systems technologies, biomedical devices, nutraceuticals, biomedical technologies, and cosmeceuticals. It generally refers to the organizations that are devoting themselves to research and development, commercialization, and technology transfer in these areas.
Like any other field, life sciences will have a significant impact on all of these industries, and this will encourage companies to change the methods of developing and commercializing their products. Thus, companies will be embracing new ways to enhance operational efficiency — but revolutionizing the pharmaceutical supply chain or using artificial intelligence.
However, one thing that is essential to bring change is to develop partnerships that are innovative, relationship-driven, and creating value for patients. Companies must remain updated on the latest changes in the industry trends as well in order to succeed.
Here are the top six trends that will revolutionize the life sciences industry.
1. Regulatory Automation
To keep abreast of the new tech developments, life sciences companies will have to automate drug evaluation to avoid delays and discrepancies.
2. Automating Content Management
Paper was the primary source for documenting medical and life science aspects due to auditing and regulatory requirements. But the trend now is to use automated content management systems as it’s more secure.
3. Standardization
After they started to modernize their applications last year to adopt new technologies and boost patient engagement, life sciences businesses are expected to move forward this year to standardize their business model.
4. Compliance management technology
As they are spreading their business into new markets with new target audiences across the globe, life sciences companies are expected shortly to turn, more and more, to machines for unifying information management ─ a procedure that will result in additional automating for their processes of global compliance.
5. Internet of Things (IoT) technologies
To ride the innovation wave, life sciences businesses will concentrate more efforts on integrating their systems with the latest Internet of Things (IoT) technologies, such as wearable medical devices and remote patient monitoring systems.
6. Augmented Reality
The near future will witness a considerable increase in life sciences companies’ utilization of augmented reality technology to boost the knowledge transfer processes vitally required to master patient care.
How is the Life Science Sector Evolving with New Trends:
Life science is a broad field dealing with the improvement of the health and wellbeing of an individual. Life science includes pharmaceutical, clinical research, medical devices, diagnosis and treatment of diseases, biomedicine, cell biology, and biotechnology.
Due to the high cost involved in drug and diagnostic discovery and higher regulatory standards required, life science is a capital-intensive industry with highly skilled researchers and medical care professionals. Hence, the major companies in life science are investing significantly in technology to reduce cost and human resource involvement and increase the extent of the research scope.
Most of the latest trends in the life science industry in 2020 are technology-driven. Some of the significant trends are listed below:
Personalized medicine through genetics
Genetic coding and DNA modeling have reached new levels with the adaption of technology for storing, analyzing, and interpreting massive pool of DNA information of individuals. With this advancement in genetics, personalized medicine is a growing concept made possible. Different individuals are prescribed unique formula or dosages of drugs best suited for them based on their genetic models.
Collaborative innovation
Clinical research and life science research are primarily technology-driven in 2020. Big data and data analytics are employed to study the complected and high volume of data used for analysis. Hence, collaborations between companies, not only in the life science industry but also with companies involved in other sectors, such as information technology, are trending business models.
For instance, companies involved in drug discovery and collaborating with software and information technology providers for their technologies to gather, store, and analyze patient data. In comparison, these companies are also collaborating with designing and bioengineering companies for drug modeling.
Increased digitalized diagnosis and treatment
Digitalized diagnosis and treatment have gained market momentum since the past couple of years, and patients and healthcare professionals alike. However, the COVID-19 pandemic and the associated lockdowns and social distancing norms have boosted the demand for digitalized diagnosis and treatment several folds in 2020.
