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.

See Also: Life science Review

Image for post
Image for post

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.

See Also: Life science Review

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.

Image for post
Image for post

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.

See Also: Life science Review

The life sciences industry is a heavily regulated market where risk control is essential, apprehends innovation with a processed and careful pace. As the concept steered a lot of hype, IoT has been associated with consumer wearables but has substantially evolved into becoming a significant lever for corporate transformation.

Image for post
Image for post

It now seeps into large enterprise markets as it allows the development of the solutions pairing sensors, networks, services, and data. Therefore it is no brainer that the IoT market in healthcare is expected to expand at a 30 percent Compound Annual Growth Rate (CAGR) and touch $188B by 2024.

See Also: Life science Review

Here are the four core macro-environmental factors that influence the sector and are shaping the needs of various IoT solutions.

1. People are aging and need innovative healthcare solutions. For instance, according to the OECD, the elderly population in Europe increased by 22 percent from 2000 to 2017, leading to a rise in demand and higher prices in the health industry. In this situation, IoT could be a key to unlocking customized journeys for patients.

2. Disease prevention is yet another critical priority in the life sciences industry. Current efforts in this area are mostly around the standardization in the early detection of diseases and medical conditions, like cancer. Various kinds of IoT wearable and embeddable IoT devices can potentially revolutionize the space.

Image for post
Image for post

3. Home monitoring is also an important aspect of the life sciences value chain where IoT can have a disruptive impact. IoT helps remote monitoring and diagnostics of patients without any doctor’s visits, but still allows a personalized experience for patients and physicians. IoT can therefore reduce the on-site administrative workload, and at the same time, improve the clinical investigator’s job.

4. Investing in healthcare and the life sciences sectors is booming exponentially. Consumer habits are changing, and the willingness to spend on healthcare is increasing. It’s not a surprise that more than 10 percent of GDP in North America, Japan, and Western Europe is derived from the life sciences sector. This is a transparent opportunity for pharma players to provide innovative healthcare solutions, and IoT could be one of the enabling technologies.

See Also: Life science Review

See Also: What are the Challenges Faced by the Life Sciences Industry?

Written by

I am a technology blogger, who loves to read and write on the latest in technology.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store