Unlocking the power of big data
The life science sector, a historically slow adopter of digital transformation, has taken enormous strides toward digital maturity over the last few years, primarily in response to the unprecedented demands of the COVID-19 pandemic. 2023 sees a host of exciting technologies, and the enormous potential for progress they represent, rolling out into common usage across the industry. Some of these technologies are not new, but rather newly useful, due to new data analytics technologies which help turn the data they provide into actionable insights and efficiencies. Others have been in the pipeline for years, finally reaching the inflection point where they’re fit for purpose to effect real change.
In this article, we take a closer look at 6 tech trends currently advancing biotech and pharma, and the ways in which they’re set to change drug discovery and patient care forever.
Wearable tech
The increasing accuracy and capabilities of wearable technologies for collecting health data have them playing a growing role in clinical trials going forward. It’s estimated that 70% of clinical trials will include some kind of wearable tech data collection by 2025. Not only does wearable tech allow closer monitoring and automated collection of patient health data, it also allows for offsite or remote trials, cutting the costs associated with administering trial sites, which can range from 35-65% of the total cost of a trial, and lowering the rates of patient attrition. The use of wearable tech in collecting invaluable Real-world Evidence for post-trial studies is also becoming increasingly important, helping life sciences organizations optimize their processes and more accurately analyze their products’ efficacy and safety once it goes to market.
Blockchain
Blockchain technology is being deployed to increase visibility across the pharmaceutical supply chain and secure its fidelity by improving privacy and security at critical touchpoints. This includes secure tracking and tracing of products, more efficient product recall capabilities, combating drug counterfeiting and securing patient and trial data. Blockchain is also helpful in the R&D process, by facilitating robust IP and data-sharing protection, particularly for dispersed research teams.
Artificial Intelligence (AI)
Analysts predict that 2023 will mark an inflection point for the use of AI and ML in the biopharma industry, as the products available have reached a point where they are finally fit for purpose. AI can cut down both the time and the significant cost it takes to bring a new molecule to market as it’s deployed throughout the drug discovery lifecycle, from identifying the most viable targets and predicting small molecule structures to analyzing the increasingly large amount of data generated throughout the clinical trial process. According to one report, the AI healthcare market will be worth at least $31.3 billion by 2025, growing an astonishing 41.5% per year until then.
AI-enabled Insights Management Platforms
Researchers, R&D teams and other key stakeholders in the life sciences sector are using AI-enabled insights management platforms to carry out key data monitoring tasks. With AI-enabled insights management, researchers are able to offload up to 90% of manual data monitoring time, while accessing deeper insights, as they emerge. These platforms monitor millions of data points across the industry, including the latest trial data, press releases, patent news, emerging startups, competitor activity and more. This information is then used to identify true white spaces for R&D efforts, inform strategic decision-making and avoid research duplication.
Data Analytics
Forbes projects that the life sciences industry will increase the amount spent on data analytics by 27%, to $1.2 billion by 2030. According to Forbes, digital analytics technologies are set to deliver more effective clinical trials, better risk assessments, improved forecasting and optimized R&D processes, reducing drug development costs by at least 15%.
Digital Health
Many of the biggest players in the pharmaceutical industry have made significant investments in digital health this year, including giants like Merck, Pfizer and Novartis. Digital health involves using digital tools to monitor and improve patient care, including wearable medical devices, mobile apps, software as a medical device (SaMD) and health informatics. The digital health market is set to hit $42 billion by 2027.
For AI-enabled insights management, choose Similari
The powerful AI-enabled Similari platform allows you to put your data monitoring functions on autopilot. By constantly monitoring millions of deep data points across your chosen arena of inquiry, Similari equips you with a comprehensive, moment-by-moment snapshot of your field, as it develops day to day. Spot potential partnerships, identify white spaces, streamline research processes and avoid costly R&D dead ends with the right insights, delivered to your feed as they happen.
Find out how Similari can advance your R&D efforts by trying a free demo today.