Life Sciences Industry Trends

Life Sciences is a dynamic industry which is now at an inflection point. The combined effect of radical industry changes along with the advancement of technology is propelling Life Sciences forward. The touch of new age technology is transforming core areas like Research & Development, Marketing & Sales, Manufacturing, Supply Chain, and Pharmacovigilance. Enterprises that are on the digital path are already ahead of the curve, embracing a true digital transformation across the value chain is now intrinsic to progress. The end goal is a digitally advanced enterprise, delivering seamless experience to all stakeholders despite the challenges; we are here to help you in this journey towards a transformed future aligning with the below industry trends.

Life Sciences Business Trends
  • Sales & Marketing: The traditional sales and marketing channels in the industry are paving way for new ones with an emphasis on digital technology. There are now comprehensive digital tools to augment the marketing capability and Life Sciences organizations are quickly adapting to this transformation. Digital marketing, earlier siloed into multiple disconnected activities, is now being revamped into a holistic exercise from data collection to patient reach out. Enterprise are also increasingly focusing on data quality management for better results in their sales and marketing efforts.
  • Research & Development: Over the past years, Life Sciences enterprises have been tussling with the challenge of declining R&D ROI. This has set the industry in search of innovations in clinical trials and adoption of cutting edge technology in the area has become a key industry trend. Robotic automation in clinical trial services, AI and Analytics in candidate identification and outcome forecasting, Cloud and collaborative services adherence, and Analytics & AI in drug performance prediction are some of the technology interventions propelling the industry forward.
  • Clinical Data: In this digital age, data is abundant; the challenge, however, is to harness the true potential of the ever increasing and diverse data sets. Core capabilities in data management is the only way forward and enterprises have been enthusiastic on treading this path. The inclusion and management of EMR/EHR data and the ingestion of data from remote monitoring are two key focus areas for life sciences entities. The abundance of data can also open the doors for new opportunities with better monetization prospects.
  • Drug Supply & Payments: Recently there has been an increasing focus on improving the value delivered to a patient and the industry is moving towards outcome based reimbursements; now, there is an emphasis on value based contracts between payers and pharmaceutical organizations. Embracing this change would need new technology capabilities in integration and analytics services, and data quality management along with better systems for appeals and grievances. Organizations are rapidly progressing to meet the evolving needs of today’s patients.
  • Drug Disbursement: Drug serialization and counterfeit elimination has always been a priority for the industry. Technology has played a major role in drug source verification and enterprises have, over the years, incrementally improved their capability to tackle this hurdle. Recently, technological advances has radically changed this domain; the advent of blockchain has proved to be a boon in tight-sealing the pharmaceutical supply chain and verifying the drug provenance. The industry is responding quickly to this positive turn of events and enterprises have already begun to adopt the technology.
  • Manufacturing: Manufacturing is at the heart of the Life Sciences industry and cost take outs along with improving operational efficiency is an ever progressing exercise for pharma manufacturers. Enterprises have incrementally improved on this aspect but currently the major bottleneck for progress are the age old legacy systems. Organizations have been rapidly migrating to newer, more flexible, and digitally enhanced systems like SAP HANA. The new system will provide better compatibility with other databases, hardware, and software, making the ecosystem more versatile, ultimately achieving the goals of manufacturers. .