Life Sciences, Cyber Security, and Homeland Security Industries
Delivered January 31, 2020. Contributor: Kathryn H.
For the life sciences, cyber security, and homeland security industries, describe their landscape, trends, drivers, barriers, and insights in order to inform a communications brief.
Life Sciences Industry
Deloitte's 2020 US and Global Life sciences Outlook suggests that biopharma and medtech organizations will be looking for new ways to create value and new metrics in order to take advantage of today's wealth of data.
The automation of mundane tasks and the integration of artificial intelligence (AI) are creating new talent models and making drug discovery and development more innovative, cost-effective, and time-effective.
Linchpin SEO, a marketing and web design agency, predicts that some top trends in the Life Sciences industry in 2020 will be personalized medicine through advancements in genetics; collaborative innovation of various life sciences companies; and increased digitalized assessment, diagnosis, and treatment of patients.
Peter Soelkner, Managing Director at Vetter, asserts that some key market trends include the increasing use of personalized medicines and the growth of parenteral drugs.
Objective Capital, an investment banking firm, predicts that drivers of growth in the industry will be novel therapies that address unmet needs and increased access to medicines around the world, as a result of new pricing policies.
The pressure to reduce price, increase transparency, and provide evidence of value and outcomes, on the other hand, are spurring change in the commercial healthcare sector.
In the US, pharmaceutical companies face substantial barriers to entry, like difficult in achieving Food and Drug Administration approval, high research and development costs, and intellectual property challenges.
On average, it costs $2.8 billion for a pharmaceutical company to bring a new drug to market and the process can last up to 10 years.