How is the Life Science Sector Evolving with New Trends
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Life Sciences Review | Monday, August 10, 2020
The life science sector is advancing by following various advanced trends, which can increase their efficiency.
FREMONT, CA: Life science is a broad field dealing with the improvement of the health and wellbeing of an individual. Life science includes pharmaceutical, clinical research, medical devices, diagnosis and treatment of diseases, biomedicine, cell biology, and biotechnology. Due to the high cost involved in drug and diagnostic discovery and higher regulatory standards required, life science is a capital-intensive industry with highly skilled researchers and medical care professionals. Hence, the major companies in life science are investing significantly in technology to reduce cost and human resource involvement and increase the extent of the research scope.
Most of the latest trends in the life science industry in 2020 are technology-driven. Some of the significant trends are listed below:
Personalized medicine through genetics
Genetic coding and DNA modeling have reached new levels with the adaption of technology for storing, analyzing, and interpreting massive pool of DNA information of individuals. With this advancement in genetics, personalized medicine is a growing concept made possible.
Different individuals are prescribed unique formula or dosages of drugs best suited for them based on their genetic models.
Collaborative innovation
Clinical research and life science research are primarily technology-driven in 2020. Big data and data analytics are employed to study the complected and high volume of data used for analysis. Hence, collaborations between companies, not only in the life science industry but also with companies involved in other sectors, such as information technology, are trending business models.
For instance, companies involved in drug discovery and collaborating with software and information technology providers for their technologies to gather, store, and analyze patient data. In comparison, these companies are also collaborating with designing and bioengineering companies for drug modeling.
Increased digitalized diagnosis and treatment
Digitalized diagnosis and treatment have gained market momentum since the past couple of years, and patients and healthcare professionals alike. However, the COVID-19 pandemic and the associated lockdowns and social distancing norms have boosted the demand for digitalized diagnosis and treatment several folds in 2020.
See also: Top Big Data Consulting Companies
