Disruptive technologies and emerging trends drive life science transformation
New business models and behavioural shifts create opportunities for growth.
Across Life Sciences, disruptive technologies and behavioural shifts are driving the transformation of business models, while emerging trends are creating growth opportunities throughout the industry. To take advantage of these opportunities and maintain a competitive advantage, companies must fully understand areas outside their expertise. Corporations failing to capitalize on opportunities will be late entrants to a market and lose out on the market share.
New analysis from Frost & Sullivan, 2016 Global Life Sciences Predictions (http://utm.io/256547), finds disruptive technologies and emerging trends will create growth opportunities for research tools, clinical diagnostics and pharmaceuticals.
Through growth opportunities, the Life Sciences industry will experience
"Emerging business models, such as Precision Medicine, NGS Informatics Tools & Services and Contract Development and Manufacturing Organization (CDMO) have enabled a paradigm shift from broad therapies to targeted therapies, transforming the clinical practice and treatment outcomes," said Frost & Sullivan Transformational Health Research Manager Sangeetha Prabakaran. "A better understanding of disease heterogeneity and identification of novel targets will foster collaboration between pharmaceutical companies, diagnostic manufacturers, payers and providers to develop new products and services."
Furthermore, the Life Sciences industry is expected to advance with the integration of multi-disciplinary capabilities in biology, chemistry and computational power, which a company can leverage to develop new solutions to treat complex diseases. This will create new growth opportunities, enabling companies to maximize product quality at the lowest cost.
"Shifting payment business models will determine who pays for healthcare services; it will be challenging to monetize innovative therapeutics, biosimilars and molecular diagnostics to align with value-based care models," noted Frost & Sullivan Transformational Health Global Vice President Nitin Naik.
For future endeavours, CEOs should closely watch companies Foundation Medicine and Rain Dance Technologies; research tools companies Eagle Genomics and DNA Nexus; pharmaceutical companies Actavis and Innovio; and CDMOs Patheon and Catalent.
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