A Look at What’s in Store for Life Sciences in 2021 and Beyond

Life sciences

Life sciences

What does the future hold for the life sciences industry?

The life sciences industry is one of the industries relentlessly experiencing breakthroughs. The industry has always been at the forefront of innovation and R&D of human, animal, and natural life. As almost businesses have been disrupted due to COVID-19, the healthcare and life sciences organizations stand strong to deliver effective care and serve patients in this crisis time. The pandemic has significantly affected drug development processes and propelled organizations, researchers and academicians to rethink how they can manage patent enrolment, clinical trials and treat patients.

As we have entered the new year, life sciences organizations are expected to navigate uncertainties through the latest innovation. Here’s a look at top trends in life sciences in 2021 and beyond.

 

Personalized Medicine

The traditional practice of medical treatment to different people relies on a one-size-fits-all approach. But this practice is not adequate as each person’s genetic makeup is slightly different from everyone else’s. The advent of precision medicine has enabled life sciences to move closer to more precise, predictable and effective healthcare that is customized for the individual patient. It allows for the study of how a patient’s genes will respond to particular drugs.

 

Rise of Decentralized Clinical Trials

Due to the COVID-19 pandemic, nearly all clinical studies around the world have been disrupted. This disruption cost the life sciences industry millions in additional costs while billions in foregone or delayed revenue. However, this crisis has also paved new opportunities and models for clinical trials. One such model is a decentralized clinical trial, which reflects the notion that includes the focal point of all study activities will be decentralized instead of the research site. This approach is likely to support studies affected by COVID-19 to launch in 2021.

 

Innovation Will Be Influenced by AI and Machine Learning

Artificial intelligence has great potential in drug development and diagnostics. This technology allows machines to perform medical treatment with human-like intelligence. Many researches show that AI could be helpful in streamlining the drug development process to bring new products to the market. And this is why many R&D labs and drug developers are investing high in AI technology.

 

Use of NLP to Process Text-Based Data

Natural language processing has a critical role to play in life sciences to process voluminous amounts of text-based data. This technology can excerpt key information from unstructured text, rapidly and effectively, and provide decision support from molecule to market. NLP-based text analysis involves numerous processes such as information retrieval, information extraction, lexical and semantic analysis, pattern recognition, tagging and annotation, and data mining techniques. The overarching goal of using NLP in the life sciences is to convert text into data for better analysis and insights. This AI technology allows researchers to translate their decision-making, from a document-centric view of finding documents and reading them to a data-centric view.

 

Digital Therapeutics and Drug Development

Digital therapeutics are designed to enable patients to take greater control over their care. It typically focuses on delivering clinical outcomes. The world has already witnessed the explosion of digital health over the last few years with the proliferation of smartphones and smart devices, wearable devices, cloud-based data platforms, and more. Many predict that the future will see drugs developed using digital therapeutics (DTx) solutions.

Moreover, there is no wonder that the life sciences industry is at the cusp of digitization. To remain relevant in the ever-evolving digital landscape and prepare for the future, biopharmaceuticals and healthcare organizations must look for innovative ways to deliver value and new metrics to improve the global healthcare ecosystem.

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