Trending in 2020, an Overview
From drug and device innovations to regulatory changes and tech mergers, here is a look at five life sciences industry trends to watch in the coming year.
Every industry goes through changes over time and the life sciences industry is no exception. At the dawn of a new decade, there is a continued movement toward an industry-wide innovation revolution.
In this two-part series, Welocalize Life Sciences shares five industry trends and developments to watch in 2020. The key theme across all five: technology.
Global Growth + Innovation
Large technology companies are increasingly active participants and investors in the life sciences industry, and we expect this to continue in and beyond 2020. Why are technology companies interested in healthcare and drug development? How are these companies altering the space?
At a high level, tech companies are leveraging their core business strengths to reinvent healthcare by developing and collaborating on new tools for patients, care providers, and insurers. Further, about a third of the world’s data is generated from the healthcare industry—this wealth of data leads to new, innovative products and treatments.
To succeed in this new reality of a tech-enabled and tech-based industry, organizations should focus on creating a culture of digital innovation. Adds research analyst Nancy Huynh, “The willingness to take risks, experiment, and invest heavily in upskilling talent are trademarks of digitally mature organizations across industries.”
IoT + Connectivity
We are connected everywhere we go. The internet of things (IoT) has benefits that make healthcare more reliable, efficient, and fast. The global IoT healthcare market is projected to expand at a CAGR of 19.9%, reaching $534.3 billion by 2025. The results include an opportunity for healthcare providers to leverage technology to enhance patient engagement, communication, and care.
“Technology has helped improve healthcare over the years. From connected devices to implantable solutions, innovation in the technology industry saves lives and helps physicians with data, analytics, and improved decision-making. I look forward to technologies such as 5G, sensors, and devices that will help implement new programs and services that meet community needs,” comments Kulin Tantod, Director of Medical Informatics.
New breakthroughs in drug development and innovative technologies are leading to groundbreaking results that can impact lives in 2020 and beyond. Read more on this topic: “Data, Digitization, and Industry Disruption.” Contact us for information on our language services and AI-enabled technology solutions for highly regulated industries.
In our next post, we further explore these 2020 trending topics and how they impact the industry.
Contact us for information on our language services and AI-enabled technology solutions for highly regulated industries.