Life sciences organizations have faced a difficult set of challenges over the past three years: the global health crisis, supply chain disruptions, an uncertain economic environment, and more. But while we can say things are starting to calm down, we can also look ahead, knowing that uncertainty will continue—and that we need to be prepared. How can businesses prepare for an unpredictable year?
Many pharmaceutical and medical device companies will look inward to standardize and modernize even highly regulated businesses. They will draw on new approaches to specific challenges and apply technology specifically designed for drug and device development. Here’s a closer look at some of the key industry trends for 2023.
Technology Maturity Issues
Pharmaceutical companies continue to be at the forefront of efforts to create information management functionality. really, from start to finish. Teams understand that information generation and analysis are critical to successful new drug development but may lack the determination to dedicate commercially significant resources to solving the problem.
Fortunately, even in an industry known to be conservative and risk-averse, executives came up with the idea that they could solve problems with technology. Next year, pharmaceutical companies will begin to put both their minds and their money into making information management a strategic pillar of their business.
One way to do this is to use artificial intelligence to assist, not replace, talented people who don’t have the time to manually sift through tons of patient data, medical records, and other important sources of information. For pharmaceutical groups, 2023 will be the year where it becomes clear that AI can be more of a benevolent partner than a fearsome threat.
What is the danger of ignoring AI?
Teams that don’t understand AI applications risk missing out on key information and all the opportunities they can present. This could have a particularly significant impact on applications such as precision medicine, where developing the best treatment route often requires analyzing information about different aspects of the patient experience.
Although much of this information is derived from structured data in electronic medical records, there is also valuable information contained in the unstructured text of physician notes, referral forms, and the medical record. The development of precision therapies also requires input from world experts who do not necessarily appear on the usual channels of speech and publication.
This is an ideal case for life sciences-specific technologies, where knowledge gaps can hinder the rapid development of targeted and precise therapies increasing flexibility where it’s needed.
Like other industries, pharmaceutical and medical device companies are eager to return to the days of face-to-face meetings and bustling showrooms. But as people start accumulating frequent flyer miles again, an old problem reappears: where does the information go at live events?
How are key insights collected and shared, and how will this information combine with data from other channels such as virtual meetings and social platforms? Technology is always present to complement process and consistency as organizations balance traditional ways of working with technology.
What does this look like in practice?
Teams will happily return to the muscle memory of a live medical congress, but it will be much less chaotic: they will use social listening to understand hot topics before and during the meeting, adding value to their real-time conversations.
They can share same-day observations in a virtual location and arrange important discussions before packing up for home. And after the event is over, conversations can continue online with sentiment analysis tools, potentially shortening the time from idea to action by weeks or even months.
The all-important increase in flexibility simply gives life sciences organizations more options for engaging with a truly global audience by removing traditional barriers such as time and space. travel time and costs, different geographical locations, and different preferred languages. Having experienced firsthand what it feels like to work in a world where commuting—even to an office or clinic in the city—is impossible, the importance of this flexibility cannot be overstated.
As the restrictions caused by the pandemic disappear, many old habits return. Some, like traveling and meeting in person, were welcomed. Others, such as congressional turmoil and data floods, were less well received. Next year will revolve around figuring out how to move forward with flexibility and preparation when—not if—the next challenge presents itself.
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