Emerging Trends in Life Sciences Industry

To keep pace with the market trends, life sciences organizations must continue to adapt to the ever-increasing pace of digital transformation.

FREMONT, CA: The life sciences industry has always been fuelled by research and innovation, with breakthrough drug development, massive investments to expedite drug launches and opportunities for medical advancements. Along with significant investments in drug discovery and research and development, life sciences business is also transforming in data management, business intelligence, and analytical capabilities by adopting digital technologies. In the year 2020, life sciences companies, irrespective of their size, focused heavily on digitalization, cloud, and IT infrastructure modernization.  Here are some key digitalization trends happening in the life sciences industry.

• Focus on Data Quality and Governance

With the revamping of the technology ecosystem, life sciences firms focus on trust in IT applications, capturing data, creating data quality reports, allowing automated alerts, and highlighting adverse impact notifications. Business users are looking for any data quality alerts before depending on business dashboards.  Life sciences companies are investing in automated and configurable data quality solutions so that changes can be easily adopted. With increasing compliance and regulatory requirements, life sciences companies are tightening their data governance strategies too.

• Evolving DevOps Culture

The emerging trend of artificial intelligence touching regular operations to allow automation-driven DevOps culture in the life sciences industry. Companies focusing on DevOps are becoming more technology-driven to achieve better quality code and faster recovery from application failures, technology transformations as a continuous improvement journey, trust with an innovation-driven culture in IT operations, monitor and reward cost rationalization with innovations in more automation.

• Culture of Collaboration with AI

Technological advancements like Artificial Intelligence (AI) is the fuel of change for providers to diagnose patients, plan treatments, monitor patients, and many more. It allows the life sciences companies to solve complexities related to drug safety and product development. AI is accelerating drug development, reducing the time, manufacturing, and launching new products. It can also assess trial and error methods by identifying trends. AI can also better align firms and create a culture of collaboration. Also, deploying AI with the workforce will help drive innovation within the life sciences industry.

See Also: Top DevOps Solution Companies