TECH OUTLOOKMarch - 201919Diverse Opportunities Power Growth TrajectoryThe global life sciences industry is witnessing a surge in CEO confidence from US tax reforms, turbulent equity markets, and the strengthening global economy.The growth of the life sciences industry is boosted by healthcare digitization and democratization, which is creating an explosion in patient data, the emergence of value-based reimbursement models, and healthcare consumerism shifting the risk from payers to providers. The convergence of biopharmaceuticals, drug delivery devices, and companion diagnostics--enabled by digital connectivity is driving regulatory and commercial changes in many exciting ways for the industry. The Figure 1 below captures the key trends reshaping the future of the pharmaceutical industry. DIGITAL PIONEERING BIG LEAPS IN DRUG DISCOVERY & DEVELOPMENTBy Nitin Naik, Vice President-Global Life Sciences, Frost & SullivanCXO INSIGHTSData Monetisation In Pharma R&D 2018 is envisioned to be the tipping point for pharmaceutical industry to leverage digitization and overcome several challenges in drug discovery and development. The most significant being around clinical trial recruitment; about 80 percent of pharma clinical trials do not meet enrolment deadlines, resulting in an average loss up to $1.3 million per day for a given drug candidate.The increasing importance of patient centricity and value-based care is driving higher utilization of big data analytics in drug discovery and clinical trials management.Within drug discovery, growth will be driven by increasing adoption of artificial intelligence and cloud-based digital platforms for medicinal chemistry, NGS informatics, pharmacovigilance, and drug safety solutions.Within clinical development, enhancing clinical trial workflows has evolved as a key growth opportunity with a focus on data management, eClinical solutions (EDC, eSource, e.COA, RTSM solutions), patient recruitment, and monitoring IT solutions (mHealth, remote, and virtual clinical trials).Patient Centricity Creating Aha MomentPharmacoshave implemented patient-centric efforts (Figure 2) using digital tools to showcase benefits around empowering patients. This will allow patients to take control of their own health and share goals that are family centered.
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