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The life sciences industry has lagged behind many industries in technology advancements due to high regulations and other compliance, data security, and privacy challenges.
Fremont, CA: Whether it is biotech, MedTech, or pharma, the life sciences space has fallen behind other industries in technology advancement, partially due to high regulations and other compliance, data security, and privacy challenges. Analyzing the sector several years ago, it was fascinating that with the advancements in breakthrough technology such as precision medicine and gene editing, and was curious how fast organizations might be able to adapt from a digital perspective. While few transformative technologies have been introduced to solve challenges, new approaches to traditional methods and emerging technology have continued to create further digital change opportunities.
The life sciences sector has experienced an evolution over the past few years in digitization, ranging from betterments in the life sciences value chain to better integrating the payment gateway. Emerging technology is providing a way to solving for new opportunities in this space.
The increase of precision medicine has provided various unique opportunities, including digitization of clinical trials, supply chain optimization, predictive analytics, and AI enablement for drug discovery and development. Intelligence infusion has come to be a necessity for drug discovery and development as the industry has continued to shift from one size fits all blockbuster drugs to individualized treatment.
The adoption of digitization has helped increase the efficiency of clinical trials. Digital recruiting has turned out to be critical for patient health monitoring, bettering how the pharma companies interact with patients, developing new drugs, and effectively connecting patients and healthcare over the customer portals. Voice assistance and blockchain has revolutionized clinical trials.
With a more customized and patient-centric environment of the future, the supply chain's real-time monitoring is now a need. Digital supply networks can offer greater product visibility and inventory control. The opportunity for improvement in this area is enhancing and automating supply chain intelligence.
Cloud enablement has had a massive impact on the industry. The cloud infrastructure has helped to break down silos and connect workers. Cloud-based tech has allowed information to be easily managed and distributed on a global scale. A common challenge impacting international organizations is regional and geographic differences; cloud infrastructure provides organizations with worldwide reach, and betters connect business units and departments.
Digitization of tasks that have previously been carried out manually has been a change over the years. Intelligent automation is a wing of this and can help across various areas, including research and development and regulatory compliance. The pros of this include greater accuracy, increased productivity, audit logs, and consistent reliability.