From drug development to food science and genetics, the life sciences industry is alive and innovating in 2018. According to a recent report, emerging technologies offer the most potential for this vital sector.
As we enter a ‘fourth industrial revolution’, Artificial Intelligence (AI) and other next-generation technologies are boosting productivity and pushing the boundaries of human possibility. So, what else is new in life sciences?
- Strategic alliances are rising
Strategic partnerships are emerging between Big Pharma and Big Tech – with suitably impressive consequences. A key union between internet giants and health sciences was first formed in 2013, when Facebook founder Mark Zuckerberg launched the Breakthrough Prize for Life Science.
Verily was then established in 2015, when Google Life Sciences rebranded to go in its own direction. Using cutting-edge technology to intersect with data and health science, this type of convergence could shape the future of life sciences for years to come, setting a high bar for pharmaceutical executives to match.
As new types of companies enter and compete within the industry, expect strategic partnerships with Big Tech to come to the fore. Such alliances are also shaping the way science organizations overcome regulatory hurdles and boosting marketing in the traditionally operations-focused industry.
- An increasingly international focus
Going global is a necessity for successful clinical trials in the modern industry. Many top pharmaceutical companies have known this for some years, but today it is more essential than ever to work with a global focus.
By 2020, emerging countries are predicted to perform more than 25 percent of trials – up almost 10 percent from today. Change is moving quickly, and life sciences companies will need the know-how to work across borders.
As outsourcing continues to drive the industry forward, expert pharma consultants are becoming more necessary in a complex, yet the closely connected world.
- The United Kingdom is seeing an investment boom
In the face of Brexit, many experts have predicted the demise of British and even European life sciences. With sharp competition from San Francisco, Boston and rising hubs in Asia, the future is still unclear.
Despite this, an analysis of life sciences investment in European capital cities saw London in first place. Through 2017, investment reached almost £1bn, and the introduction of a Life Sciences Council in May 2018 drew the sector further into the spotlight.
With record turnover and rising foreign investment, staying on top of life sciences seems to be a priority for the UK government.
- Specialized medicine to become a top priority
Life science pioneers across the world are learning that specialized medicine creates higher revenue and more targeted treatment. Advancements in generalized medicine in the early 21st century mean narrowing the scope of research and drug development is often beneficial.
Oncology is one key example of a specialized sector on the rise. For optimal patient outcomes, it pays to tackle the complexity head-on with intricately specialized research. Naturally, technology is leading the way in the search for new treatments.
- Risk management is becoming more advanced
As medicine becomes more personalized, the way data is collected and analyzed is changing rapidly. An increasing number of data points and growing environmental concerns are shaping how the industry manages risk.
Risk-based monitoring (RBM) is being replaced by a variety of advanced systems. Notably, Deloitte recently acquired QSpace, an automated, cloud-based system that combines digital risk management with IT quality control and security solutions.
The rise of integrated software allows life science businesses to make safer and more profitable decisions, solving more complex scientific problems than ever before.