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Report identifies digital trends in life sciences industry

Published on 18/09/15 at 10:54am
digital cloud
Senior pharma executives identified how major technology trends will shape the life sciences industry

The life sciences industry will be subject to major disruption from five key trends over the coming years, a report by analysts suggests.

The Accenture Life Sciences Tech Vision Report surveyed more than 100 senior pharma executives to determine how major technology trends are shaping the life sciences industry.

The report found that, in order to capture the value expected in the life sciences market over the next five years – expected to be more than $100 billion in the US alone – companies must embrace digital holistically to engage with patients and improve quality of life.

It found that 9 out of 10 life sciences respondents believe that “industry boundaries will dramatically blur as platforms reshape industries into interconnected ecosystems”, and that 60% plan to engage with new digital partners in the industry in the next two years.

The report also identified five trends prove that digital is dramatically influencing the industry today, and well into tomorrow:

• The’ Internet of Me’: Digitising the customer experience through wearables and other personal tech could lead to $4.6B in incremental revenue over five years

• Outcome economy: Some 85% of those surveyed believe that embedded intelligence will generate better outcomes for patients

• Platform revolution: For example, an estimated $19.2B could be saved each year by using aggregate digital platforms to help monitor, diagnose and treat patients with type 2 diabetes patients

• Intelligent enterprise: Using treatment algorithms and automation to replace routine diabetes decisions could help prevent misdiagnosis and save up to $1.9 billion annually. Also, 80% of the life science survey respondents say they are strengthening their digital capabilities by taking part in open innovation, using APIs to exchange data and technology to deliver better outcomes to partners and customers, 31% are using industry platforms to integrate data with digital business partners and 41% are experimenting with these concepts

• Workforce reimagined: 74% of all respondents believe that companies will need to train their machines as much as people, using intelligent software, algorithms and machine learning

It concludes that: “To capture the bigger prize, life sciences companies must embrace digital holistically to improve patients' quality of life and capture the more than $100 billion of commercial value in the US over the next 5 years.”

Joel Levy

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