digital transformation and life sciences
A Deloitte Center for Health Solutions survey revealed that three major trends will impact the medical device manufacturing industry in 2024. These trends include digital transformation, generative artificial intelligence (AI), and the adoption of virtual health/digital tools. The information was gathered from a group of C-suite executives.
On the other hand, biopharmaceutical executives predict that their companies will be most affected next year by drug pricing, regulatory changes, and consumer out-of-pocket costs.
The life sciences industry is expected to be impacted by generative AI, which has the potential to automate repetitive back-office functions, reimagine supply chains, and support compliance and regulatory affairs. Life sciences companies are exploring ways to harness the technology to enhance their operations.
Health equity is also a top priority for life sciences companies. In particular, the industry is focused on making sure that drugs and medical devices are effective for all, no matter their race, ethnicity, or gender. One way to achieve this goal is by conducting clinical trials in areas that are more accessible to underserved communities. Adopting a companywide approach to health equity can lead to better health outcomes and tangible business benefits.
This information highlights the importance of these trends and the need for companies in the life sciences and biopharmaceutical industries to stay ahead of the curve.
Sources:
deloitte blog,2023; engineeringwest,2024; West Monroe, 2023
The Pilot Navigation post. 1/20/24. Contact: Pilotnavigationpost@gmail.com
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