Nothing is permanent in business. Just when it seems that there is an obvious trend or pattern to the way things work, someone comes along to disrupt the market and change the way everyone operates. With that in mind, it is worthwhile to take a look at the trends to watch over the coming year in the life sciences market.
The points listed below are some of the things to keep an eye on over the next twelve months.
Adoption of Tech Standards
Now that the life sciences industry has taken steps to outline technology standards for shared customers, we will begin to see those standards be put into place. This should make it easier to engage with customers, and the industry a whole will hopefully be better for the effort.
Continued Advance of AI
The power of artificial intelligence is still unknown, to a large degree. The power of computing is obvious, but how will that computing power benefit the world of life sciences when it is channeled into artificial intelligence? Rather than being limited by the knowledge and experience of those working within the industry, the effective use of AI has the potential to ‘take the lid off’ what is currently possible. It is unlikely that anyone knows exactly what the future will bring in terms of artificial intelligence, but it will be fascinating to watch it develop.
The Power of Augmented Reality
Continuing the theme of modern technological advances moving the life sciences industry forward, it seems that education in this space will lean more and more on the power of augmented reality. Demonstrating complex concepts in three dimensions could potentially shorten the learning curve and help health care practitioners get on board with a new product more quickly.
Changing Business Model
The typical business model used by pharmaceutical companies may be endangered, as new ways of doing business become more and more possible. For instance, companies offering a money-back guarantee are changing the conversation in some ways on exactly how drugs are brought to market. It will be interesting to see how the business model of the typical drug company shifts over the coming 12 months, and also in the years that follow.
Focus on Oncology
As has been the case for some time, oncology is set to remain a top priority and a segment of the market which draws a huge amount of attention. For companies working in this space, that means attempting to improve customer engagement in a way that will improve the overall experience for the customer in the end.
No one can say precisely what is going to happen in the life sciences market over the coming 12 months. While the trends listed above are certainly points to watch, they are by no means the only possible changes coming to this industry. The future is unpredictable in all walks of life, and this part of the business world is no different.