People are watching the Life Sciences industry like never before. What do we see for companies preparing for 2022? Three trends will likely shape everything – from operating models to customer engagement – in the near future.
The rise of Internet of Medical Things (IoMT).
This is IoT technology combined with MedTech tools aimed at modernizing medical care. Investment in this area will dominate smart manufacturing. Life Sciences plants and supply chains will transform with the help of intelligent automation, AR/VR-assisted training on the shop floor and the dramatic improvements that can happen to processes through process mining and automation. The industry will continue to expand and find practical applications for IoMT as a way to collect, manage, process and store medical data.
A new focus on efficiency and speed in the R&D process.
The industry ramped up R&D to develop a COVID-19 vaccine in record time and will take advantage of the momentum in 2022. Companies will use decentralized trials, genomics and automation to increase efficiency. AI-assisted research will play a larger role in identifying molecules, predicting efficiency/toxicity and enhancing development processes to streamline clinical trials and boost early detection capabilities.
Greater collaboration across large bio-pharma companies, startups and academia.
Larger companies will increasingly rely on academia and small, tech-focused and research-oriented organizations to bring technology advantage, expand pipeline candidates, accelerate trials or simply find lucrative area to invest. Companies across the Life Sciences industry will spend 2022 applying the lessons they learned during the pandemic to push the industry forward.
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About the authors
Jenn offers more than 20 years of experience in the consulting industry where she has worked with the world’s leading organizations providing management, technology and outsourcing services. She has extensive experience in the life science industry and has served as both an advisor and provider of consulting services. Jenn’s consulting leadership’s roles include Managing Director at Alsbridge; Partner at Accenture, Global Account Leader at PwC/BearingPoint and CapGemini, where she set up its first Shared Service center. Jenn was awarded bronze Stevie® Awards in the category of Transformational Sourcing Relations Leadership at the 15th Annual Stevie Awards for Women in Business.
Michael Fullwood is an ISG Partner with extensive financial planning and analysis experience. His areas of expertise include sourcing assessment and RFP management, contract negotiations and transitions. He has guided major multinational companies in the Americas and Europe through multi-functional outsourcing projects and shared services transformation. Michael has more than 20 years of experience advising clients on strategy and implementation and is an accomplished leader who articulates a compelling point of view for ROI optimization and speed to value. His work enables companies to optimize support services operations, contract for and implement digital/automation, and formalize processes, metrics, governance and reporting.