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Life science companies have always operated in a world of uncertainty.

Challenges around cost and pricing, clinical and operational innovation, customer and consumer engagement, and regulatory compliance issues have existed for decades. In addition, new and evolving technologies and processes, including blockchain, digital supply networks (DSN), and data analytics have meant that the life science sector is a prime candidate for disruption.

In this article, we look at new technological advancements that affect different stakeholders of the life science sector—manufacturers, distributors, and consumers—and the risks associated with such changes.

Most life science companies face the challenge of focusing on cutting-edge research and development and innovation. At the same time, they need to keep costs low, without compromising on patient safety in all the geographies that they operate in. They also have to be compliant with local and global regulations.

How should life science companies invest and operate to thrive in today’s world of uncertainty? What capabilities do they need to leverage the large electronic health information data across the enterprise, from R&D through product commercialization? How can they develop incremental and breakthrough strategies that de-risk clinically, business, and operating models and create added value for patients, manufacturers, and shareholders? Emerging technologies and strategies in the life science sector

Some of the technologies that manufacturers in the life science and healthcare industries are likely to adopt are the following.

  • Manufacturers and suppliers
  • Consumers of life science products and healthcare services
  • Life science companies may need to adapt to the new reality
  • Other strategies are driven by emerging technologies
  • The writer is Asia Leader Life Sciences, Marsh

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News Source: Moneycontrol

Last modified on Monday, 25 September 2017