Life sciences companies have increased spending on technologies, given their transformative power over the R&D process and cost savings.
FREMONT, CA: Life sciences industry need technologies to perform tasks that are beyond human capabilities. Due to changing trends in the life science laboratory environments, has resulted in significant impacts. Though technology has been increasing and regulation of innovative methods is easing, life sciences companies have been slow to use the emerging technologies, due to the complexity prevailing this space and a highly fragmented supply market. Here are the key technologies that have a high impact across trial phases.
• Patient-Centric Trials
Disruptive technologies like wearables, mHealth, and RWE have paved the path to conducting trials. From patient enrollment to drug administration and follow-ups, everything is performed through a phone given to trial participants, which not only cut patient enrollment time by 50 percent but also generate a diverse pool of participants and insightful clinical endpoints.
• Automation to Remain Competitive
Recently, there has been significant spending by life sciences companies on AI and Big Data analytics, given their transformative potential over the R&D process and the cost savings they provide.
Competition in the market, in addition to business transformation and agility, is one of the significant forces driving huge investments.
• Ingestible Sensors to Target Adherence
Increased impact on treatment adherence has been one of the vital reasons for the surging interest in technology by life sciences companies. Introduction of wearables and ingestible and the use of AI-driven chatbots to monitor patient outcomes are trends thriving in pharma R&D.
• Virtual Clinical Trials
Pharma companies are increasingly adopting technologies through collaborations with major players in the market. This greatly increases the conventional global participation of only 3 percent in clinical trials. It is a method of conducting clinical trial taking full advantage of technologies like apps, electronic monitoring devices, and online engagement platforms.
• Clinical Trial Payment
Investment in clinical trial technology in future years will be directed toward technologies like Big Data and blockchain. Due to the high adoption of clinical trial management systems and mobile payments, suppliers have been able to scale up and mature. Integration across various other technologies and ease of use will be the significant factors determining supplier innovation.