With the dynamic change in digitalisation, the life science industry has witnessed several breakthroughs in its operational system. Due to this, life science enterprises are always on the lookout for powerful technological tools to augment their capabilities and reform how these companies operate, compete and create value.
Be it for real-time analytics and metrics in personalized medicine, cloud computing for collaboration or IoT-enabled MedTech devices, the life science industry has been powered by technology to bring competitive impact with a potential solution.
Before we go further let’s zoom out a little bit and know what ventures make up the Life science industry that can harness technological advancements.
The life science industry is the superordinate for companies operating in the development, research and manufacture of pharmaceuticals, medical devices, biomedicines, neuroscience, nutraceuticals, cell biology and many such other that are dedicated to improving the lives of organisms.
Pharmaceutical companies develop and distribute medicines to cure, treat and prevent diseases.
Biotechnology is a sector of the life-science industry that uses the natural processes of living organisms and molecular biology to manufacture healthcare-related, food and medicinal products. The Modern biotechnology has a significant contribution to improving the quality of human life
Medical device companies are one of the subdomains of the life science industry that develop and manufacture medical devices and surgical instruments which are utilized to diagnose, monitor and treat patients’ medical conditions. These medical devices can be either medicine or implant of software.
This stream of life science industry involves regulation of the safety and effectiveness of the devices, medications, MedTech products and the treatment process. The objective here is to improve the understanding of diseases, develop appropriate diagnostic methods and emphasise better treatment and care for the patients.
The professionals in this close-knit team also involve in handling data for clinical trial management.
These are some of the major industries that constitute the life science landscape. As an industry that is associated with improving public health and quality of living, it is critical for them to constantly upgrade their operating system and adapt to new solutions. Advanced technology has enabled them to establish an optimized end-to-end integrated platform service and help them to embark on the digital transformation.
To lay out how life science companies are operating and creating value by leveraging powerful technological tools, here are some instances.
- Crispr: An application Programmed to target specific genetic codes and modify the DNA molecule.
- Computational drug discovery:AI-driven solution to estimate the success rate of a new drug and to repurpose the existing drug.
- Viewomics:AI and ML-powered technology used in the precise diagnosis of TNBC(Triple Negative Breast Cancer)
Not just that, as a value-creating technology, the effective use of the cloud can eliminate redundancy and enhance productivity in the life science industry through data aggregation, transformation, and governance. Pharmaceutical companies are inculcating automation, AI, Data Science, IoT and other surfing technologies in their operation to create high-performance digital health platforms that offer more patient-centric and value-based services.
The convergence of advanced technologies with the life science industry has enabled them to map out Structured business models and innovative strategies to bring reformational results in their product development.