Digitalization in the Life Sciences Industry

Digitalization in the Life Sciences Industry

In most other big industries, digitalization has been a topic for long, driving innovation and growth. Just like it is projected for the Life Sciences Industry. A Roland Berger study says that until 2020 the digital health market will grow: 200 billion dollars starting at around 80.

They further say that digitalization will be a topic no matter at what stage of the value chain. The market composition will change. Big technology and non-industry players, including start-ups, come up with innovative business models. A company called Medella, for example, is working on a smart contact lens for diabetes patients measuring their glucose level. This data will automatically be transferred to your smartphone certainly including a warning systems for patients. Ideas like this make it advisable for pharma and medical device companies to put importance on digitalization for their own businesses. They need to prepare the necessary structures and company culture so they won’t “miss the train”.

Digitalization certainly means a bigger market as it opens up new market segments which have not existed before. Like mobile apps using data like blood pressure, sleeping habits or body temperature. And with them, enabling the patient to create a first diagnosis on their smartphones. Digital evaluation of health data could lead to an individual medication of patients without consulting doctors or pharmacists, an idea pharma is certainly looking into. Device companies on the other side are more looking at interconnectedness of their products for data exchange, which could provide valuable input for follow-up treatment. Pharmacists could eventually 3D-print medication individually for patients.

Another hot topic is called information-guided therapy. The medical device company Elekta focusses on radiotherapy. They provide a software, which can be used in cancer therapy. “Better information will transform cancer care”. Their software aims at more personalized and efficient cancer care by improving patient information access and sharing as well as knowledge exchange.

Developing new ideas require next to solid financing, first and foremost brainpower. So we are curious how fast changes trough digitalization will come and also change the job market. To make sure we already know the right Consultants to support you handling challenges once you need them.

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