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5 Life Sciences Innovation According to Industry Expert Michelle Dipp
It is undeniable that the Life Science industry adheres to an intense regulatory environment. Nonetheless, this year has proven to be a year of growth and transformation in this sector.
That said, we tapped Life Science expert Michelle Dipp of Biosprings to help us identify innovations that we should watch out for:
1. Digital Therapeutics
Digital Therapeutics (DTx) are any products that provide evidence-based therapeutic interventions. These interventions are meant to prevent, manage, or treat a medical issue.
DTx is made possible thanks to mobile technology and Artificial Intelligence. Some common examples of DTx are the mobile apps used for weight loss, nutrition, and mental health.
But where is DTx heading?
Based on the past decade trends, it is expected that companies will streamline new technological development. This is to improve the treatment of severe diseases with unmet medical needs like pediatrics and Chronic Kidney Disease.
2. Precision Medicine
Precision Medicine is a healthcare approach that allows providers to offer customized treatments.
So instead of prescribing a similar prescription, healthcare providers can customize it. This includes medical decisions, treatments, and practices.
The beauty of Precision Medicine is that doctors can choose a treatment that they deem will work best for their patients. After all, there are various factors to consider, such as genetics, when treating a patient.
That said, we can see Precision Medicine will keep on contributing to the Life Science industry's efforts. This includes bridging the gap between data acquisition and utilization.
That's because generating health-relevant data can come in handy for scientific discovery.
3. Automated Data Extraction and Interpretation
Speaking of data acquisition and utilization, there is also a growing demand for retrieving and interpreting data. After all, healthcare data allows providers to maximize their technologies' functionalities.
Moreover, each country's health department would want the ability to extract data from various sources. In addition, automated interpretation enables them to analyze the data.
As a result, they can develop an informed decision that can help optimize their healthcare services.
Consider the current COVID-19 pandemic, for example. Without the help of data, the World Health Organization may find it challenging to determine which countries have high active cases.
On a national level, a government can also leverage these healthcare data. That's because this information could come in handy when deploying medical help and services.
4. Compliant and Efficient Labeling
For the past years, we have seen drug manufacturers recall some of their products for various reasons. Surprisingly, 50% of product recalls are due to errors in product labeling or packaging.
Here's the thing: Product labels and instruction-for-use (IFUs) are integral in providing information. This includes prescription, contra-indications, and safe handling.
That said, it will not be surprising if there is an increasing demand for compliant and efficient labeling.
That said, multinational pharmaceutical companies should prioritize improving labeling technology. This includes implementing a cross-functional approach to ensure that labels are compliant and intelligible.
5. AI in RIM Applications
Regulatory Information Management (RIM) is a growing application and software category. This system helps streamline the submission of medical products to regulatory agencies.
And when we say "medical products," we mean pharmaceuticals, biologics, medical devices, and more.
RIM is integral in authorizing companies to sell medical products in a given market. So, how does Artificial Intelligence fit in?
For one, AI helps content support management easier. This means you can process healthcare information more efficiently.
And this is just the beginning. We will see more AI adoption in the Life Sciences sector in the future. It is only just a matter of finding a common problem that AI can solve.
Life Sciences in 2020 and Beyond
Despite adhering to an intense regulatory environment, there is no denying that the Life Sciences sector is fast-paced and competitive. So much so that it can pave the way for digital disruption.
That said, it will not be surprising that we will see the following trends become prevalent in the coming years:
Automated data extraction and utilization
Compliant and efficient labeling
AI in RIM application
These may be the tip of the iceberg. Nonetheless, these trends can bring positive changes in the industry. One example of which is improving business operations worldwide.
When business operations improve, Life Science businesses can focus on data-driven RIMs. As a result, it will be easier for us to develop a robust system that features frictionless data and content-sharing.
And this robust system could come in handy across various sectors. This includes clinical, regulatory, manufacturing, and drug safety sectors.
So, do not be surprised if you see your physician or your nearby hospital doing new things in the future. And by "new things," we mean a new drug that can cure cancer, gene therapies, telemedicine, and more.
Are you excited to see how the Life Science industry will transform and evolve? Let us know in the comments what you would like to see.