The Digital Innovations Behind The Booming Life Sciences Industry
Life science manufacturers are digitizing their businesses to provide more personalized services and avoid supply chain disruptions, reduce costs and innovate for the future. IDC analysts predict that by 2023, 75% of life sciences manufacturers will implement smart supply chain solutions to ensure resilience and prevent future disruptions during health emergencies such as COVID-19. According to Forrester researchers, precision medicine therapies accounted for 25% to 40% of all FDA approvals over the past seven years. They believe that precision medicine “has been proven by growing evidence of improved patient outcomes in oncology, cardiology, endocrinology and other pathology fields.” From the patient perspective, Gartner analysts suggest a digital approach to the “health journey” that prioritizes digital engagement and the use of digital interactions, products and services throughout a person’s health, wellness and illness journey.
Data is making life science supply chains smarter
Michael Townsend, research director of life sciences business strategies at IDC, observed the industry in its early stages of digitization, noting the value of technology that brings intelligence to the life sciences supply chain.
“Companies are starting to make processes more digital and apply technology intelligence to make better decisions,” Townsend said. “For example, there is significant investment in supply chain solutions such as Digital Twins, where a digital model is created to sense performance at different points in the chain, such as assembly, delivery or geography.” . You can try alternatives without making any changes.”
Townsend said segmentation is another smart node along supply chains that allows companies to identify and store drugs to improve delivery times according to country-specific regulations, reduce unused inventory and streamline shipping. Some organizations use control towers to monitor order patterns against material and component availability to prevent overstocks and shortages. For example, if there is an increase in cases of COVID in a certain region, the vaccine manufacturer can act more quickly to stock up and ship prevention and treatment to that location. Connecting data across supply chains to achieve faster response times applies to any unexpected disruption, including natural disasters and political conflicts.
Ecosystems are built from expert knowledge
Mandar Paralkar, head of life sciences industry at SAP, acknowledges that companies are shifting from a historical emphasis on treating disease through mass production of drugs to personalized therapies that improve patient outcomes and involve greater collaboration across ecosystems. In an industry with long product development cycles, collaborations like SAP Industry Cloud are a way to share intelligence to achieve faster success, he said.
“Whether they are startups or established leaders, life science companies are using technology to improve patient outcomes and business profitability while reducing costs and risks,” Paralkar said. “They recognized the need to compete as an ecosystem through connected digital supply chains and smart factories. For example, the SAP Intelligent Clinical Supply Management solution we developed together with a consortium of customers and partners. This joint effort demonstrates how collaborative innovation in the cloud can help life sciences organizations rapidly develop, manufacture and deliver effective solutions, enabling an ecosystem of partners to integrate value-added services.
Cloud-based technologies are revolutionizing the life sciences
The pandemic has continuously disrupted the life sciences and revealed a new approach to innovation from cloud-based collaboration. Almost overnight, companies invested in work-from-home technology, which translated into new ways of thinking about how to automate processes and use technology in decentralized clinical trials, as well as collaborating in relationships of trust.
“Collaboration centers where multiple trusted organizations can share information, learn from each other and work together to solve problems are part of the life sciences vision,” Townsend said. “Experts involved in the clinical supply chain and other aspects of the life sciences are motivated to streamline processes, make recommendations to software vendors, and share information between systems. Cloud-based software is essential. If you use subscription-based software, the updates are real-time. And it’s much easier to collaborate and access different data sources when they’re available in the cloud.”
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As costs and regulatory pressures increase and educated patients demand personalized treatments, digital innovation will inevitably change the life sciences landscape. In a few years, IDC researchers predict that 75% of trials will be “patient-centered” decentralized clinical trials, 90% will be hybrid, and at least 10% will be virtual, driven by 30% of health-related technologies. with an increase of The digital prescription therapy market is expected to triple by 2025, with a focus on mental health and chronic conditions, blurring the lines between health and life sciences. Not surprisingly, Gartner analysts advise life science manufacturers to “prioritize clinical solutions with interoperability as a key feature, including easy content and data connectivity between clinical sites, sponsors, clinical research organizations and other ecosystem participants.” Reliable smart data is essential for a healthy future.
