10 Key Trends to Watch out in Life Sciences Industry

August 27, 2019by Future Trans
3 MIN READ
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The life sciences sector includes companies engaged in biotechnology, environmental, life systems technologies, pharmaceuticals, biomedical devices, biomedical technologies, nutraceuticals, and cosmeceuticals. It usually refers to the organizations that are devoting themselves to research and development, commercialization and technology transfer in these areas.

Life sciences, like any other field, will have a significant impact across all of these industries and this will encourage companies to change the methods of developing and commercializing their products. Hence, companies will be embracing new ways to improve operational efficiency – but revolutionizing the pharmaceutical supply chain or making use of artificial intelligence. However, one thing that is essential to bring change is to develop partnerships that are both innovative, relationship-driven and creating value for patients. It is essential for companies to stay updated on the latest changes in the industry trends as well in order to succeed.

Let’s now have a look at the top 10 key trends to watch out for in 2019 

1-  Artificial Intelligence :

It’s expected that the life sciences sector will be witnessing in 2019 a remarkable increase in businesses’ capitalizing on the new wave of tech innovation driven by both Artificial Intelligence and machine learning.  

There are numerous ways where life science industry can use AI such as:

  • Accelerate disease diagnosis.
  • Research for new products
  • Drug development

2-  Clinical Research Partnership with Modernization

Incorporating technology in clinical research will make it more efficient and cost-effective. Also, it will help patients be more consistent in terms of their dosage, as apps can send them reminders when it is time for their next dosage. Also, it will help save patient data.

3- Regulatory Automation

To keep abreast of the new tech developments, life sciences companies will have to embark upon automating the whole process of drug evaluation to avoid delays and discrepancies.

4-  Automating Content Management

Paper was the main source for documenting medical and life science aspects due to auditing and regulatory requirements. But the trend now is to use automated content management systems as it’s more secured. 

5-  Standardization

After they started to modernize their applications last year with the purpose of adopting new technologies and boosting patient engagement, life sciences businesses are expected to move forward this year to the phase of standardization of their business model.

6-  Compliance management technology

As they are spreading their business into new markets with new target audiences across the globe, life sciences companies are expected in the near future to turn, more and more, to machines for unifying information management ─ a procedure which will result in additional automating for their processes of global compliance. 

7-   Internet of Things (IoT) technologies

To ride the wave of innovation, life sciences businesses will concentrate more efforts on integrating their systems with the latest Internet of Things (IoT) technologies, such as wearable medical devices and remote patient monitoring systems.

8-   Cost Control

Reducing the cost of drug evolution is expected to be the main factor in the business feasibility of life sciences companies ─ a strategy which will drive major players in the industry to turn to technology to speed up their processes and streamline their workflows.

9-   Genetic Engineering 

In 2019 and the years to come, genetic engineering, powered by technology advancements, is expected to make a significant impact to life science and health care business.

10-   Augmented Reality

The near future will witness a considerable increase in life sciences companies’ utilization of augmented reality technology to boost the knowledge transfer processes that are vitally required to master patient care. 

These trends are roaming all over the world and are influenced by companies in the European Union (EU) and other continents. Companies should observe their competitors in different countries, medical research can be conducted anywhere in the world, and there is a possibility for partnerships between companies

These factors lead to an urgent need for translating life science and healthcare documents to different languages and in some cases localization is more important than mere translation.

Why Do We Need a Life Science Translation?

Ensuring patient safety: Translating healthcare materials into the native language of patients will improve communication with them and boost their level of trust.

  •       Growing your business: If a company is attempting to expand and tap into new international markets, then their products will have to be translated and localized for the local target audience · ·    

For this purpose, life science translation services can make the process more accurate and quick. Among many life science scientific translation service providers, Future Trans aims at providing top-notch services.

We specialize in all fields of life science translation services including healthcare, biotechnology, pharmaceutical and clinical research. For all your life science translation needs,  be sure to get in touch. 

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