LIFE SCIENCES IN THE GROWING DIGITAL WORLD OF 2023
Life sciences organizations must choose between strategies to either embrace a digital-first mindset and implement innovative technology solutions or stick with traditional legacy methods. For organizations opting for the first option, an innovative digital transformation includes adopting technologies to improve workflows, efficiency, and patient care. While this option comes with the risks of developing data integrity issues such as poor documentation, data silos, etc., as well as being at risk of other digital challenges, these technologies can put an organization ahead of its competitors if implemented correctly. Especially organizations determined to bring high quality products to market more quickly and safely should consider prioritizing this digital transformation.
How an organization can benefit from the cloud
While historically known to focus on upgrading IT and reducing technology costs, life sciences organizations are increasingly growing aware of cloud technologies and exploring ways to implement it within their organizations. Features such as automation, scalability, data analytics and architecture modernization, to name a few, are valuable tools to generate critical cost and profitability benefits. In fact, it is predicted that “companies leveraging automation and data analytics will experience a combined $25 million to 30 million increase in earnings before interest, taxes, depreciation, and amortization (EBITDA) by 2030.”
Use of real-world data
Staying current is crucial to a life sciences organization’s success. Real-world data (RWD) aims to be the bridge between research and practice, allowing researchers such as drug developers to connect with patients and study their responses. Some sources that RWD gathers its data from include claims and billing activities, product and disease registries, patient-generated data, electronic health records, and social media. Companies use this data to understand patient characteristics and trends to make informed decisions on care as well as to maintain financial stability. Using RWD and real-world-evidence (RWE) is also an increasingly accepted practice in monitoring post-market safety and adverse events to make regulatory and financial decisions. “Currently, about 80% of top life science companies use RWD to support R&D activities, clinical trial designs, and observational studies, which help generate innovative, new treatment approaches.”
The popularity of wearable health technology is rapidly increasing as patients use fitness trackers, smartwatches, biosensors, and more to track their overall health and vital signs to be more engaged with their personal health. While the healthcare industry is already regularly engaged with this data, “over 40% of individuals who wear smartwatches share the biometric data their wearables collect with their doctors,” the life sciences industry can immensely benefit from a similar model and use this data in clinical trials to update medical teams on health statuses in real-time.
Technology is rapidly becoming an indispensable part of success in the life sciences industry. Organizations should prepare to embrace technological advancements and keep an open mind in approaching innovative technological implementation in 2023 to stay on top of an already competitive market.