Innovation in the life sciences industry is driven by a high degree of digitization in patient care, network management, R&D, and supply chain. Regulatory changes, financial measures, and competitive pressures are compelling life sciences companies to invest in emerging technology to drive higher efficiency across the board, reduce costs, and deliver better customer experience. Technologies such as AI, ML, and IoT can unlock massive opportunities in personalizing the patient experience and offering predictive solutions. Investing in data and analytics capabilities is not a “Should we?” anymore, but “How soon?” and “Which technology?”.
With cloud technology, the value derived from data can only maximize profits for the companies. Other important breakthroughs include wearables for patient data collection and blockchain solutions to track a drug’s progress through the entire value chain.
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