How technology is supporting the life sciences industry

The pandemic has accelerated the demand for innovation across the life sciences industry. It’s safe to say that people rely more on technology and the life sciences sector is no exception. Organizations in this sector must keep innovation and technology on the top of their agenda to succeed and outperform the competition by providing better treatments and user experience to their consumers. In fact, the life sciences industry has become one of the top investors when it comes to innovative technology to improve competitive differentiation.

The innovation ecosystem in the life sciences industry foresees the integration of technology, patients, business, partners, and competitors to accelerate new solutions and reshape the market landscape.

The pandemic has introduced a sense of urgency regarding the use and mastering of technological innovations across all the sectors, but is especially evident in the life sciences industry.

Consumers are now more demanding when it comes to their own treatment and the way the communication is established with the healthcare organization and doctors. This is one of the reasons for the importance of data in the life sciences industry is now undeniable. In fact, these organizations can support patients by connecting data and predicting their healthcare needs. With this, we will be talking more about preventing diseases than about treating diseases.

Patients are really open to this type of experience since they feel they have something to say and to add to their own treatment. This relationship that now includes patients in taking decisions with regard to their own treatment can elevate their sense of trust and security when it comes to sharing their personal data. Thus, patients also seek to have a more active role regarding their health. However, it is important for the life sciences industry to stay available for establishing a sense of transparency and trust concerning data sharing.

Innovative technologies are in the service of the life sciences industry by allowing consumers to have a holistic experience and empower them to contribute to their treatment’s journey. In the end, life sciences’ organizations can look at patients as if they were partners.

The life sciences industry is the perfect area to embrace new and disruptive technologies that can impact positively people’s lives.

AI – Artificial Intelligence

• Collects amounts of data

• Improve automation

• Provide a better user experience

VR/ AR – Virtual and Augmented Reality

• Provide new and immersive environments/experiences that can replace the real-world environment

• Improve professionals training

• Provide real-time information to support patients’ treatment by making it more accurate

Blockchain

• Secure supply chain management

• Secure prescription sharing

• Secure access to Electronic Health Records

IoT – Internet of Things

• Provide tools/equipment to improve diagnosis

• Continuous health monitoring by the patient

• Improve R&D regarding drug development

All these innovations in the life sciences sector can provide a better outcome regarding treatment, life-saving drugs or preventing diseases. This access to data, its collection and connection, can represent faster cures or treatments in the future by making it more accessible for the researchers and, at the same time, reducing its costs.

Innovative technologies can disrupt the life sciences industry and improve the way we connect with our health, how research is done and how medicine operates.