The life science industry is going through collosal changes in the areas such as clinical data management, business intelligence, analytical capacities, medication discovery, research and development. regulatory compliance, medical improvements, breakthrough medication development, etc. Significant investments are placed for these afforesaid areas to speed up drug releases, research, and innovation for achieving required growth goals.
Life sciences companies are focusing on embracing cutting-edge technologies and finding solutions for the challenges listed below to align business strategy to take informed decisions.
Enterprisees in the life science industry are anticipated to concentrate on information technology (IT) solutions emerging in 2023 that enable automatic alerts, capture data quality statistics, produce data quality reports, and highlight adverse effect notifications. Top technology trends in 2023 would shape the future of Life sciences industry. Let us look at each of them below
Combining artificial intelligence, data science, and computational linguistics, natural language processing enables computers to comprehend spoken language in real time. NLP aid researchers in quickly identifying, extracting, synthesizing, and analyzing pertinent data, such as clinical trial sites, selection criteria, study characteristics, patient numbers, and characteristics. Life science businesses can efficiently manage the amount, velocity, and variety of data encountered throughout the organization.
Increasing numbers of chronic diseases, efforts to control healthcare expenditures, and the need to enhance patient outcomes are among the factors demanding improved data standardization in the life science industry. As a result, Data science enables the life sciences sector to efficiently and safely collect patient data and draw valuable insights from it. Clinical data sciences can be leveraged for a variety of purposes, including assessing a drug’s general efficacy, figuring out whether it is safe to use, and comparing it to other recognized treatments.
The high competition raised the need more than ever to reduce time spent on repetitive operations, assure safety, and maintain compliance with stringent hygiene regulations for increased demand to get higher throughput, improved efficiency, and productivity. In response, laboratories are implementing robotics in automated liquid handling and testing equipment. Robotic devices can pipette multiple well plates in a short time without error or interruption, making it possible for technicians to improve on more challenging research projects.
New challenges and costs are rising in the field of life sciences, including the requirement to adapt supply networks to deliver urgently needed protective equipment, quickly produce and validate treatments, tests, and vaccines, repatriate pharmaceutical supply chains and handle rampant counterfeiting. According to IDC, 75% of life sciences manufacturers would invest in intelligent supply chain solutions by 2023 to promote resilience and avert disruptions in the wake of health emergencies like COVID-19. Blockchain technology has the potential to improve cross-industry collaborations, integrity, and confidence based on consensus, interoperability, tracing, and tracking of tangible and intangible entities in numerous service and product pipelines for the life sciences sector and improves the supply chain network.
The majority of companies in the life sciences industry rely on-premises systems burdened by severe complexities, high capital costs, difficult management, scalability issues, and hardware that needs to be replaced or upgraded every three to five years. They are producing, managing, and analyzing vast amounts of data to secure breakthroughs in everything from the development phase of new medications to the manufacture of medical equipment and vaccinations. Patient-centric health care and adaptive analytic systems in the cloud are transforming the life-science industry to empower medical doctors and enhance patient experiences on a large scale. Strong security measures and flexible access controls of Cloud technology make it easier to share content while ensuring compliance and access.
In the life sciences industry, AR substantially streamlines and facilitates inspection procedures. Initial training and conducting inspections are more effective and less prone to error with visual instruction. For instance, augmented reality (AR) can give real-life experience to the students performing various jobs they would do as a doctor, surgeon, or researcher, such as operating an MRI scanner or performing surgery.
We still don’t have a complete understanding of how healthy people function, nor do we fully grasp how diseases start and spread. We must advance our understanding through innovation and, more significantly, provide new therapeutic, diagnostic, and preventative tools for the many diseases that afflict our species.
Digitally driven treatment solutions and personalized treatments will become popular. So, life sciences organizations must deal with a continuous influx of fresh data into their frequently compartmentalized information systems. Data serves as a link from drug discovery through development and delivery; insight is required at every stage to resolve issues, pass obstacles, or reach objectives. Undoubtedly, technology becomes a secret to unlocking huge value as it enables the life science industry to handle the volume, pace, and variety of data encountered across the company.
Today, businesses can adopt enterprise-wide solutions that eliminate previous, fragmented “administration” approaches to creating insights and evidence advancement of technology. Companies are implementing cutting-edge technology like artificial intelligence (AI) and a variety of go-to-market growth methods for clinical trials to speed up product releases and innovative trial designs. The data from earlier studies, including unsuccessful ones, can be used by physicians to improve design through digital platforms. The life sciences sector can automate, abstract, and outsource business processes for better technological solutions. By adopting these listed trends, life sciences leaders may give their companies new superpowers that will enable them in creatively address uncertainty and issues before they materialize.