Emerging Trends in Life Sciences
Digitization has encroached on virtually every industry in existence. Comprised of the healthcare, pharmaceutical and biotech sectors, the life sciences research industry are coveting the new e-business models after having latent progress when it came to utilizing e-commerce tools. Amongst truculent and varying economies, evolutionary technologies, and a shifting populace, life science has maintained a strong stance and is still surging on the path towards a positive trend in the market.
As the latest technologies forge a new era for business with the deployment of young generation Z into the workforce, the life sciences industry faces the challenge of complying with the ever-changing economy. To effectuate prompt transformations in 2018, here are some trends to keep an eye on.
1. Immunotherapies (CAR T-cell therapy) generate new business models.
The FDA-approved Kymriah, a very personalized cancer drug for the first-ever chimeric antigen receptor (CAR) T-cell therapy in the U.S., is reshaping cancer treatment and inspiring manufacturers to rethink their business models.
2. The outsourcing industry rejuvenates the healthcare environment.
Healthcare companies employ the clinical, therapeutic and regulatory expertise of CROs to optimize costs and accelerate product development, driving demand for greater outsourcing.
3. Companies initiate new industry technology standards.
Guided by FDA’s “Advancement of Emerging Technology Applications to Modernize Pharmaceutical Manufacturing Base” issues of 2016, businesses now adopt new technology standards to drive new pharma innovations.
4. Oncology urges companies to improve engagement with stakeholder differently.
Specialized medicine is currently the top-priority for life sciences companies, with oncology grabbing the most attention. The oncology segment will expectedly hold a leading share in the global market during the forecast period 2017-2025, propelling life sciences companies to rethink diverse ways of improving customer engagement.
5. Risk-based everything (RBX) takes center stage.
This year, risk-based everything (RBX) will supersede risk-based monitoring (RBM), with modern data management systems enabling this transition.
6. Artificial Intelligence (AI) continues to make advancements in life sciences.
Companies are looking to escalate their use of AI for a wide gamut of commercial applications.
7. Augmented Reality (AR) continues to change healthcare providers’ involvement.
Life sciences companies experiment with the new AR integrated educational format to formulate HCP presentations for improved learning.
8. Companies advance global regulatory processes.
Regulatory information management (RIM) technologies unified with shared global systems will allow life sciences companies to work effectively in a global regulatory environment.