How Technologies Will Make the Future of the Life Science Industry Better
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Life Sciences Review | Friday, August 28, 2020
The life science industry is using various technologies so that it can improve its value chain, starting from drug discovery, R&D, to patient monitoring.
FREMONT, CA: Major companies engaged in life science, healthcare, and pharmaceutical industry are increasingly investing in technology in the past couple of years. Implementation of technology has transformed the entire value chain of the healthcare industry, from drug discovery and R&D to patient monitoring and diagnosis to sales of pharmaceutical products. Some of the significant technology trends in the life science and healthcare industry are highlighted below.
Digitalization in the healthcare industry
The Healthcare industry is one of the slow adopters of the digital wave among all sectors. However, the COVID 19 pandemic and the associated remote working guidelines being followed by major companies have increased digitalization in the life science and healthcare industry. Regulatory documents are being filled digitally for the drug approval process. Healthcare professionals interact with patients through a digital medium such as video calls for diagnosis and treatment. Pharmaceutical companies are also ensuring business continuity through the digitalization of business operations, R&D, and sales.
System integration and data management
System integration is an effective connectivity solution increasingly used across industries, including the life science industry.
Systems are integrated with utility software to carry out complicated business operations. This helps in the efficient flow of business operations and increases the collaborations among different business units, resulting in improved efficiency, quality standards, and quick turnaround time of business operations. With system integration comes the importance of data management. With the help of system integration, automated business operations generated a significant volume of data that needs to be stored and organized securely to be accessed by authorized individuals. Data management software stores and manages data in a centralized server or cloud platform.
Artificial intelligence
Artificial intelligence is changing diagnostic, treatment, and patient monitoring in the 21st century. Biometrics, robotics, and personalized digital experience are some of the artificial intelligence technologies commonly being implemented in the life science industry. Furthermore, enhanced visibility and control through AI are helping in patient’s treatment and is also increasingly used in drug discovery. AI in drug development helps in product development drug safety.
