Technology offers dramatic opportunities for acceleration in the life sciences and healthcare sector today. Tasks that may have seemed impossible in years gone by are suddenly within the realms of the probable thanks to the advance of artificial intelligence and ancillary tech. Strategic partnerships between tech firms and life sciences organizations have a huge amount to offer where accelerating the growth of the sector is concerned. One of the greatest challenges facing life sciences now is the time taken to bring therapy from discovery stage to commercialization, which is currently estimated at 12 years and £1.15 billion in cost. (Estimated by The Association of the British Pharmaceutical Industry) *
Where do technology solutions have an impact?
From creating better interactions with stakeholders to optimizing pharmaceutical functions and expediting drug discovery, there are many different ways in which tech solutions have the potential to accelerate growth in the life sciences sector today. In fact, it’s going to become increasingly critical for life sciences businesses to be able to harness all the potential that technology offers in order to be able to sustain a competitive advantage. This is especially so as the life sciences marketplace shifts and changes in response to factors such as macro-economic and industry trends.
How can life sciences and healthcare companies utilize more technology?
The recent conditions of the COVID-19 pandemic were incredibly revealing in terms of the way in which tech solutions have the potential to improve outcomes in life sciences and accelerate growth. This has been obvious over just about every area of the industry and, as a result, 86% of pharmaceutical companies are now investing in post-digital technologies (for example artificial intelligence or distributed ledger technologies). Life sciences and healthcare companies can use technology to do more right across the value chain, for example addressing R&D pipeline gaps, monitoring throughout the supply chain and improved commercialization and patient support.
Tech solutions result in real tangible growth
In fact, according to one survey, 61% of executives reported a profit increase of 5+% as a result of partnerships with tech companies. We have seen a significant increase in the size of the digital health market over the past year as more and more tech companies have entered it, recognizing the potential that tech solutions have to do more in the life sciences world. Some of the areas where investment is currently at its highest include using technology to improve data collection and disease detection and management, improving collaboration with existing legacy health systems, using more AI for drug discovery and integrating more tech into the patient experience to provide a broad spectrum of better options.
Optimizing the potential that tech solutions have
Not every piece of technology will deliver benefits in life sciences - a structured approach to integrating this is going to be key to ongoing success. For example, it will be essential for any organist ion in life sciences looking to do more with tech to be more prepared internally for the changes that this entails and finding the right partners to provide support is also a vital part of the process.
Technology has vast positive potential where the life sciences sector is concerned, not just when it comes to accelerating growth but improving outcomes and experiences for patients too.
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Internal use The Association of the British Pharmaceutical Industry