The Life Sciences Industry Outlook
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Life Sciences Review | Monday, July 20, 2020
Interoperability, patient experience, and inclusive clinical trials are trends expected to shape the future of life sciences companies in the coming years.
FREMONT, CA: The life sciences industry is at an inflection point. To prepare for the future and remain competitive in the ever-evolving business landscape, life sciences organizations are looking for new ways to create value and new metrics to make sense. Here is a look at the factors driving these changes and outlines suggestions on how life sciences organizations can aspire to find real value for themselves in the coming years.
Based on the massive volume of available data and needs to be analyzed, radical interoperability is the ultimate vision of life sciences companies today. To achieve interoperability of massive quantities of data, created by regulators, customers, patients, doctors, and caregivers, and produced by wearable devices, sensors, life sciences companies this year will likely spend more time exploring cloud platforms. Health data, coupled with AI, could also lead to the development of personalized electronic health that can fundamentally change the patient experience and the human experience.
Technology companies are likely to enter the life sciences sector in 2020, possibly even faster than in previous years. They might create new internet-connected devices. Some healthcare companies are already functioning using AI and interoperable data, building architectures, and platforms where future data will reside. Many large health systems have announced plans to migrate their clinical data to cloud platforms run by large technology companies. Cloud storage combined with AI will likely accelerate the pace of medical research, which could lead to more precise treatments and cures.
Clinical trials are essential to medical research, but they must represent the patients who will use the drug or therapy to have statistical value. As such, today's life sciences companies are looking to change the way they think about the clinical-trial model. It appears that more companies will experiment with mobile-driven clinical trial models to reach larger, diverse populations if companies reimagine the way these trials are run. The life sciences industry moves closer to the promise of true precision medicine and a future of health. 2020 is likely to be seen as the year life sciences companies finally move past their 20th-century models and step into a new era.
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