The life science sector now stands at a modulation point wherein it is preparing for the future and staying relevant in the ever-evolving business landscape, biopharma, and Medtech organizations that shall be looking for new ways to create values and new metrics for making sense in today’s data. The data-driven technologies will provide biopharma and Medtech organizations with valuable troves of information and automation and will take over the mundane tasks. The new talent models shall be emerging based on purpose and meaning. The artificial intelligence integration (AI) and machine learning approaches within life sciences are slowly making the discovery of drugs and its development more innovative, cost-effective, and time-effective too.
As the advancement in technology appears to impel more efficiency, biopharma and MedTech leaders must look more deeply to understand ways for increasing the value and meaning for the workers, patients, and partners of the ecosystem. Cultivating the human strengths for the purpose of probing data, curating information, and asking the right questions which will help the humans work with the technology and also think exponentially.
To become successful, the leaders must look at how the jobs can be redesigned around the human-machine collaboration. It shall enhance the worker’s capabilities and enhance the abilities of humans. Flexible work models, meaningful work, and emerging technologies can lure the next generation of talent, which consists of the potential of creating more value.
Medtech companies shall have the perspective for driving efficiencies and tackle the challenges by applying the solutions to the IoT, additive manufacturing, and modified reality. Thus, a new breed of AI startups is emerging and leading the way on how new drugs are being developed. The competition for AI is likely to be fierce, and biopharma companies must not allow the traditional thinking and legacy cultures to put them to disadvantage.
The emerging technologies can also positively make changes throughout each stage of the supply chain, which leads to enhanced value to the patients. The commercialization of the cell therapies and the genes is coming at the time of wider drug cost scrutiny from the policymakers and the public. Health care expenditures, drug pricing, and market accessibility is expected to remain as the main concern for the life science sector. Consumer apps and patient-centered platforms are now gathering more data; however, there is confusion regarding which entity or individual owns that data. In the year 2020, MedTech companies will continue facing competition from consumer technology companies and the new care models.