Is Digital Technology All Set to Transform the Life Sciences Industry?
By Jeremy Williams, Life Science Review
| Monday, February 08, 2021
Leading life sciences firms have recognized that the digital transformation presents infinite opportunities to shift from being mere product manufacturers to services companies to health care providers.
FREMONT, CA: The life sciences industry is characterized by heightened pressure on margins, increasing demand for value-based care, competition, and speed to market pressure. These hurdles mean life sciences players must adopt new approaches to respond to them. Embracing digital technologies has resulted in drastic industry transformation and plays a crucial role in dealing with these challenges. Digital transformation driven by technology advances creates a further set of opportunities for the industry. Firms are leveraging digital technologies to discover, strategize, and deploy multifold approaches to unlock opportunities, identify unmet clinical needs, overcome regulatory bottlenecks, address commercial complexities, apart from meeting their innovation needs. Here is more to it.
Life sciences companies have abundant opportunities in the emerging digital ecosystem of health care. It is believed that the most successful firms will be those that work effectively to launch breakthrough therapies and devices, and digitally monitor and enhance the health of patients who are using them.
This ecosystem also enables life sciences companies to access abundant clinical, molecular, and other data to enhance drug repurposing, regulatory intelligence, drug efficacy and effectiveness, and other vital capabilities.
Key players in the life sciences industry have recognized that the digital revolution presents massive opportunities to shift from mere product manufacturers to services companies to health care providers. Realizing this fact, the firms are busily on-boarding top executives from pioneering digital companies or industries with a high degree of digital adoption. Life sciences companies are also collaborating with established and digital start-up firms and seeing the advantages of participating in broader health ecosystems.
With the start of the digital transformation, life sciences companies are in an enviable position today, buoyed by significant profit margins. Now it is time for firms to develop digital capabilities, make investments essential to harness the abundance of data, and connect into the fast-changing health care digital ecosystems that promise to drastically raise the quality of care.
