As 2020 comes to a close, life science companies should start looking to 2021 to stay on top of the latest technological trends. Learn what to expect!
Even if the life science industry hadn’t been rocked by COVID-19 earlier this year, it still would have had some major trends with which to contend. Add several challenges, like pricing pressures, a focus on outcomes, complex drug portfolios, and a challenging regulatory environment, and it becomes plain that the industry is ready for a new direction on a large scale. From research and development to safety, regulatory, and compliance functions, life sciences are certainly facing some intense scrutiny. However, with these challenges comes the opportunity for life science companies to transform. And those organizations that are open to change can get a headstart on 2021 by paying attention to the following trends…
There is no better time for life science companies to utilize technology. Get our perspective here!
Top Digital Trends in Life Sciences
From artificial intelligence (AI) and machine learning to customized medications and gene therapies, the future of life sciences is fast becoming digital. And now, with COVID-19 still raging, it is clear that to survive, the industry must embrace rising digital trends. According to Bio-IT World, the following five are ones to watch out for:
1. Provide services that go beyond medication: thanks to the internet, modern patients have access to information on almost every aspect of an illness or disorder. This knowledge allows them to be a participant in any decisions made about their health. Rather than passively visiting a physician and accepting the medication prescribed to them, these empowered patients want to have a say in the treatment plan offered to them.
Solutions enabled by technology companies can assist with adherence to treatment plans and help patients make lifestyle changes to avoid worsening conditions, as well as offer crucial feedback to healthcare providers. As the new decade continues to unfold, apps and digital platforms will continue to develop into part of a broader health ecosystem that oversees patients and contributes positively toward their overall care.
As a result, it is no longer sufficient to market a drug to providers and invest in R&D. Now, healthcare providers should make sure they include patients in the decision-making process.
2. A new approach to research: personalized medicine has evolved from a dream to a reality for life sciences companies. Due to this technological development, drug discovery and development are undergoing significant changes, allowing researchers to tweak drugs to meet the needs of niche populations. Further, precision medicine has emerged, which allows for the study of how a patient’s genes will respond particular drugs.
At the same time, healthcare organizations and pharma industries now have the ability to carefully watch over patient health through wearables that transmit health and fitness patient data, allowing them to provide patient assistance in real time. Further, mobile devices can now be used to further clinical development by effortlessly recruiting and enrolling patients in trials.
3. Automating compliance and regulatory functions: automation is decisively transforming pharma, commercial production, product development, and real-time monitoring. The technology can nurture manufacturing excellence by utilizing sensors and identification systems to help industries achieve compliance that is cost effective.
As a result, pharma industries are searching for ways to integrate the benefits of shared support services and shared environments to start benefitting from automation now. At the same time, it has additionally created a need for proactive and collaborative engagement with regulators to put into place efforts to fast-track innovation.
Thanks to the changes the industry is undergoing, pharma companies are reimagining the way regulatory content generation and regulatory authoring occur.
4. Value-based care: this trend is a form of reimbursement that connects care delivery with the quality of care provided, rewarding providers for efficiency and effectiveness in the process. By paying for outcomes rather than a traditional fee for business models, healthcare partners are the driving force behind increased accountable care. This form of reimbursement has surfaced as an alternative and probably replacement for fee-for-service reimbursement, which pays providers after services have been delivered based on annual fee schedules or bill charges.
This method poses significant challenges for the pharmaceutical sector, which is already contending with an increasingly competitive supply chain environment. As pharma product development continues to rise, pressure on pricing and access similarly grows. Yet, like any trend, while value-based healthcare represents a potential threat, it also gives providers an opportunity to provide even better patient care.
5. Digital transformation: like many industries, healthcare is being offered a huge opportunity by digitalization. Organizations will need to develop the tools and techniques to perform segmentation, personas, and enhance experience to support patients while patient centricity will heavily depend on customer experience and the value delivered.
Most of the impact will occur through healthcare partners and their ability to take the benefits to member firms and patients, focusing on building platforms to enable this change better. Concurrently, entities will move to a solutions-led model that will be driven by outcomes.
How does Stefanini bring digital transformation to life science companies? Learn about TRUST here!
Embrace Digitalization with Stefanini
At Stefanini, we understand the importance of becoming digital. We use the latest emerging technologies to transform life science business functions. The TRUST Platform, formed in partnership with CliniOps, supports digital clinical trials with decentralized / virtual trial capabilities. Transform the clinical trial workflow by streamlining clinical data management, clinical operations and regulatory submission processes. Are you in the market for digital solutions for life sciences? Contact us to speak with an expert today!