Life Sciences Trends 2023: Welcome to the dawn of a groundbreaking era in Life Sciences, brought to you by Lauren Alani, Director of Digital Innovation at Seuss+. 2023 has brought a whirlwind of transformative trends, poised to revolutionize the industry. As we delve into the insights of ten industry experts, a compelling question emerges: are they aligned on the path forward?
Prepare for an illuminating exploration of the key trends that will shape the future of Life Sciences, from the domain of artificial intelligence (AI) to the limitless possibilities of cloud computing and the digital innovations propelling the industry’s growth.
The Importance of Trends in Life Sciences
What are the key trends in life sciences for 2023? And why is this important? At first, the former question might seem an easy enough question to answer, only a quick Google search away, until you question whether the experts agree. We have reviewed the top trends in Life Sciences from ten industry experts, and you might be surprised by the results.
For the latter, trends are important to pharmaceuticals and biotechnology companies because it relates to a shift in expectation and benchmarking for potential investors, partners, or buyers.
Artificial Intelligence (AI): A Consensus with Diverse Use Cases
Eight of the ten industry experts we evaluated agreed artificial intelligence (AI) is trending, but the use cases driving the recommendation vary considerably. Some examples include enhancing drug discovery efforts by reducing screening time, improving drug manufacturing processes, particularly in relation to quality, and speeding diagnosis, specifically in oncology. While most experts agree that AI is a 2023 top trend, much work still needs to be done to assess which use cases will significantly impact your organization.
Cloud Computing for Pharma: A Milestone on the Horizon
Half of the experts felt that cloud computing is a top trend. While many organizations may have transitioned to a cloud-based document storage model, many more may still be transitioning throughout 2023. Benefits include process automation and the ability to access data from any location, a requirement for many organizations following the challenges brought on by the pandemic. One area we know is critical for our clients is having a validated electronic Quality Management System, a key building block of the organization which is reviewed by prospective investors and acquisition or licensing partners as part of their due diligence process.
Big Data Analytics and Real World Data (RWD): The Data Revolution
Four out of ten experts agree both big data analytics and Real World Data (RWD) are trending this year. One expert combined the two into a single trend; however, the others listed them separately. The amount of clinical trial data needing to be processed has increased exponentially; therefore, big data analytics must ensure this data can be appropriately digested and analyzed in a way that produces meaningful insights. On the other hand, RWD has been predicted to continue growing at 15.2% CAGR (Compound Annual Growth Rate) to reach $2.9B by 2027, partly due to a shift towards value-based pricing and advancements in technology.
Diverse Trends Taking Center Stage
Finally, we have an eight-way tie between blockchain, supply chain, wearables, cybersecurity, mergers and acquisitions, personalized medicine, value-based pricing, and diversity which all received three endorsements as being a top trend.
- Blockchain: Providing secure transactions and building trust with clinical trial participants.
- Supply chain: Improvements to the supply chain largely in relation to the improvement of supply visibility, quality, and building in resilience.
- Wearables: Has the potential to improve engagement, provide more data and insights into real-world impact on the patient, and enable the use of digital endpoints.
- Cybersecurity: Will be paramount to ensuring we can appropriately safeguard participant and clinical trial data.
- Merges and acquisitions: A continuing trend, specifically for smaller, more complex deals.
- Personalized medicine: A rise in personalized medicine is anticipated considering the advances in AI and big data analytics, together with continued investment in genetic research.
- Diversity: Recent additions to regulatory guidance are driving changes to actively improve diversity in clinical trials.
Digital Innovations: The Driving Force Behind Top Trends
Out of the trends we have discussed, seven out of twelve (artificial intelligence, cloud computing, big data analytics, RWD, blockchain, wearables, cybersecurity) are driven directly by digital innovations in Life Sciences. Although technology is a key enabler for all the others and below we give our reasoning.
- Diversity: Digital applications enable both decentralized and hybrid clinical trials, which help to make the clinical trial more accessible to a broader population.
- Mergers and acquisitions: Companies with well-managed IT infrastructures and who utilize transformative technology will be better placed to leverage more lucrative deals.
- Personalized medicine: Requires technology that can analyze vast amounts of data.
- Supply chain: Lack of visibility of the greater supply network is driving digital governance and oversight to prevent bottlenecks by increasing transparency and to monitor the quality of their processes.
- Value-based pricing: Leverages innovative technology that can provide data and insights about real world clinical outcomes.
Crafting a Winning Strategy for the Digital Renaissance in Life Sciences
It is critical that pharmaceutical and biotechnology companies monitor the evolving landscape of digital innovations in Life Sciences and that they have a strategy for how they can best utilize and embed technology into their operations and clinical trials. However, knowing where they should prioritize their efforts to unlock the most value can be challenging.
Seuss+ is a collaborative and trusted international life science consultancy, specializing in life science and organizational development, supporting biotechnology companies with digital and system landscape assessments in consideration for their pipeline and specific challenges to highlight opportunities for the greatest value gain. We enable our clients to evaluate and implement fit-for-purpose digital technology to ensure clinical trials are effective, engaging, and efficient.
Curious about how digital innovation could transform your organization, let’s chat.
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