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With COVID-19 continue raging, it is clear that to survive, and the life sciences industry must embrace evolving digital trends.
FREMONT, CA: COVID-19 impacts the life science industry, but it still has some major trends with which to contend. Add several challenges, and it becomes plain that the industry is ready for a novel direction on a large scale. From research and development to regulatory and compliance functions, life sciences is facing some intense scrutiny. However, with these hurdles comes the opportunity for life science firms to transform. And those organizations that are open to transformation can get a headstart in 2021 by paying attention to the below trends.
• Services Beyond Medication
Patients today have access to data on almost every aspect of an illness or disorder. This knowledge enables them to be a participant in any decisions made about their health. Rather than passively visiting a physician, these empowered patients want to have a say in the treatment plan. Technology companies' solutions can help with adherence to treatment plans and assist patients in making lifestyle changes to avoid worsening conditions. Apps and digital platforms will continue to develop a broader health ecosystem that oversees patients and contributes to their care.
• Novel Approach to Research
Because of this technological development, drug discovery and development are faced with changes, enabling researchers to tweak drugs to meet niche populations' demands. Further, precision medicine has evolved, enabling the study of how a patient's genes will respond to particular drugs. Healthcare organizations and pharma industries can carefully watch over patient health through wearables, allowing them to offer patient assistance in real-time. Further, mobile devices can now be leveraged to further clinical development by effortlessly recruiting and enrolling patients in trials.
• Value-based Care
By paying for outcomes rather than a conventional fee for business models, healthcare partners are the driving force behind improved accountable care. This form of reimbursement has surfaced as a choice and probably a replacement for fee-for-service reimbursement, which pays providers after services have been offered based on annual fee schedules or bill charges. This way poses significant challenges for the pharmaceutical sector, contending with an increasingly competitive supply chain environment.