Gone are the days when medical reports were generated in several days. At present, medical imagery solutions can produce reports in real-time. Many other innovations have revolutionized the life sciences industry in recent years. Med-tech entities, pharmaceuticals, research institutions, and other organizations have gone to the next level with the help of modern technologies. Life science organizations are expected to adopt new-age technology in the coming years widely. Besides adopting Life Sciences Solutions, several supply chain, marketing, and portfolio management changes have occurred.
Read on to understand the recent trends in the life sciences industry.
AI, along with ML, can be used to develop prediction tools. Besides prediction, AL/ML is also used to automate several processes in the life sciences industry. Biotech, pharmaceutical, research firms, and other organizations rely on AI/ML for different purposes. Pharmaceutical firms depend on AI and ML to streamline the drug development process. They can decide on a suitable drug structure with AI-led analytics. Organizations do not have to create new drugs to know their properties. AI/ML solutions can predict the characteristics of a new medication without even synthesizing it.
AI/ML has also helped life sciences organizations in reducing the turnaround time for new drugs and treatments. If a patient is assumed to be receiving a kidney transplant, the doctors will check for aggressive diseases in the kidney before performing the transplant. It involves identifying biomarkers within the kidney. AI/ML solutions can identify biomarkers in real-time, ensuring that the patient does not have to wait indefinitely for the kidney transplant due to a delay in diagnostics. Within the life sciences industry, AI helps with phenotype screening, image classification, microbiome analysis, drug discovery, and many other processes.
Decentralized clinics for trials and research are now a reality. Patient-centric trials were challenging during the recent COVID pandemic. On-site clinical trials could not be conducted due to the challenges of the pandemic. In 2021, only 40% of clinical trials were conducted on-site. Decentralized and hybrid clinics were the main choice during the pandemic. Many life sciences organizations invested in virtual clinical trials with the help of new-age technologies. Bio-pharma companies and research institutions use life sciences solutions and patient monitoring tools. With the help of automation and IoT devices, remote clinical trials are expected to increase.
Many new tools and technologies have paved the way for virtual or hybrid trials. Remote Patient Monitoring tools, IOMT (Internet of Medical Things), smart sensors and many other tools are used by life sciences organizations. Patients have also become accustomed to remote healthcare solutions. The Covid pandemic has played a vital role in fuelling the growth of remote patient care. Research centres can monitor patient recovery and treatment courses remotely. Inviting huge crowds within the organization’s premises is unnecessary for on-site trails. Start using remote patient monitoring technologies to your advantage now!
Wearables are devices developed by life sciences organizations for remote patient monitoring. They can allow doctors to check heart rate, pulse rate, BP, sugar level, and more. The results on a wearable device will be displayed to the concerned doctor or healthcare organization. Usually, wearables are connected to a mobile application. All results are stored on the mobile application and can be viewed by the patient or doctor. For now, wearable technology has limited features, such as monitoring heart rate or tracking blood pressure levels. The capabilities of wearables are expected to increase in the future. AI-led fitness bands are already available in the market. In addition, life sciences organizations have started collecting data on wearables to develop better treatments and drugs.
Increasing Partnerships with Research Firms
Biopharma, biotech, research institutions, and other organizations have formed new partnerships. Besides partnering with another life sciences firm, they are trying to connect with research firms. Partnering with a research firm can unlock new possibilities for a life sciences firm. The power of data analytics, remote patient monitoring, and AI can be unlocked. A reputed advanced research firm can help with portfolio management, pipeline analysis, therapeutic area assessment and holistic wellness.
As discussed above, life sciences trends also include new strategies for operations. Partnering with a research firm can help organizations gain access to new-age life sciences solutions. It also reduces the pressure on employees striving to improve organism life quality. A life sciences organization must not adopt technology immediately for improved research. It can partner with a research firm and gain access to high-end analytics at reduced costs.
The life sciences industry is constantly evolving and adopting new solutions. Organizations refusing to follow life sciences trends might fail to maintain continuity. Start by harnessing the power of AI/ML for improved research and monitoring. Start following life sciences trends to maintain competitiveness!