In What Ways Has Digitization Impacted Life Sciences Industry?
By Jeremy Williams, Life Science Review
| Sunday, January 24, 2021
Digitization has impacted all the industries, and the life sciences industry is witnessing unparalleled market and business changes.
FREMONT, CA: As the after-effects of digitization, the life sciences industry is experiencing the addiction of breakthrough technologies like the hyperconverged cloud, blog data and mobility, software-defined networks, and essentially digital patient engagement. The impact of digitization is from the R & D lab, via the distribution channels and the end product itself. It plays a crucial role in the medical field itself with pocket-friendly genomic scanning, machine learning, and analytics.
Life sciences companies have been using information technology time and again to efficiently execute their processes, whether it is their enterprise resource planning (ERP) software, sales force automation, financial systems, invoicing, R&D processes, and the likes. But now, forefront technologies such as cloud computing, intelligent software, advanced analytics, and the Internet of Things are fuelling the next wave of cutting-edge business process automation of the life sciences industry.
Sensors that collect, analyze, and monitor the patients for responsiveness and compliance to the prescribed treatment plans and wearables turn out to be more seamless. The power to track health data is more invisible, and most of these devices and sensors are integrated seamlessly into the daily routines.
The simplicity and ease of access are driving a lot of value for all involved. Digitization is providing patients with the opportunity to take more control of their health, to be accountable, responsible, and in many cases, more knowledgeable.
The huge information available online, the existence of social media, and the digitization in all aspects also means that organizations do not have full control over their data about their products and services. Though digitization is infiltrating in all the zones of the life sciences industry, the practices and products which the companies use might have worked for years but have not evolved in decades and lacks the transparency, connectivity, and efficiency to support an industry transformation that depends massively on a free flow of data. Considering the speed and the scope of change brought about by digitization, numerous organizations are striving to adapt, and it is imperative to put in systems that support these developments if the life sciences companies plan to maintain a competitive pace of innovation.
From the cost and technology perspective, the life sciences industry can leverage a range of devices and sensors that allow managing a patient’s health in ways that were never really feasible previously, whether it is with a pacemaker or an insulin pump.
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