Top Trends for Life Sciences Companies in 2019
With next-generation technology set to shape the future business landscape, generation Z now entering the workforce and an overall uncertainty when it comes to the global economy, life sciences companies are set to face another challenging year.
Last year saw the life sciences industry take crucial steps in advancing their business processes and drive a greater level of efficiency with regards to both commercial operations and pioneering drug development.
Thanks to this pivotal groundwork in 2018 the foundation has now been laid for this industry to embrace change and initiatives at a much faster rate than ever before. With this in mind, here are the top trends predicted to make a serious impact within life sciences organisations this year.
Risk-Based Everything Set to take Centre-Stage
Thanks to the evolution of adaptive methodologies within the life sciences industry expect to see a significant shift towards personalised medicine. This will certainly push the boundaries when it comes to traditional methods of data collection. Personalisation typically includes devices, therapies and treatments that are specifically created for this particular patient.
There is also an increasing focus on personalising the overall patient experience through the use of both engagement strategies and advanced communication thanks to new developments in state-of-the-at technologies.
Risk-based everything is set to replace risk-based monitoring this year. This new approach enables companies to analyse each specific data point, which will help companies make better, more informed decisions.
Companies Set to Expand the Use of Artificial Intelligence
We’re sure you will agree that both artificial intelligence and industry 4.0 are set to be hot buzz words for this coming year. The theme of AI encompasses a variety of initiatives around big data, blockchain technology, analytics, design thinking and machine learning.
Due to the increasing diversity of data sources now readily available for life sciences companies, these companies are now able to generate a higher volume of unique insights. However, the reliance on a small infrastructure of data scientists and industry experts means that most companies are still limited in their ability to embed this new information into their current processes.
The Drive to Become Digital
For any life sciences company, the digital drive will include initiatives around new engagement strategies with patients via different digital channels. There will also be a stronger focus on cloud/cloud-hybrid platforms.
Is Blockchain All Hype?
Strategy and planning around new blockchain technologies will still be a strong focus for the life sciences industry in 2019. Utilising this technology could allow life sciences companies to enjoy:
- Ease and efficiency with regards to smart contract opportunities
- Higher levels of integrity within supply chain structures
- Better participation levels in new clinical trials
In 2019 succeeding in the life sciences industry is all about executive research and development strategies. Utilising law firms like Goodwin can help ensure life sciences companies find strategic opportunities that help to minimise risk whilst simultaneously fostering growth. This is a smart move if you are a little unsure when it comes to the right initiatives to follow in 2019.