Over the past decade or so, technology has advanced at an unprecedented rate, forever changing the face of numerous industries. One industry that has certainly reaped the benefits of these technological advances in the Life Science industry. In this article, we’ll take a look at five different ways that technology is changing the Life Science industry for the better.
The Rise of Telehealth
Telehealth is a method of healthcare that enables patients to consult with their physicians and pharmacists online rather than having to visit them in person. It’s a promising concept that is just now starting to deliver real-world results, and in the coming years, experts predict that both the popularity and efficiency of telehealth will increase dramatically. As a matter of fact, the market penetration of telehealth sat at just .5% in 2016 in spite of the fact that an estimated 38% of doctor visits could have been replaced by telehealth. In a world where far too many people suffer because they are unable or unwilling to visit the doctor, telehealth is a very beneficial solution that modern technology has made possible.
Advances in Record-Keeping and Data
Gathering and organizing information about patients is an incredibly intensive process. However, this data is often essential for all types of Life Science companies. Now, thanks to advances in data mining and storage, we’re starting to see the ability to collect and access patient data in a way that is more efficient than ever before.
The Role of AI in the Development of New Drugs and Procedures
Compared to many fields, clinical research has changed very little over the past decades. Now, though, modern technology is giving the field of clinical research a much-needed upgrade. In the near future, pharmaceutical companies developing new drugs and procedures will be able to heavily rely on artificial intelligence (AI) and machine learning to better predict the effectiveness of those drugs and procedures before they ever go to market. Already, AI has been used to find two drugs capable of treating the Ebola virus, and healthcare experts predict that this is just the start. In fact, it’s estimated that AI could save companies in the clinical research industry up to $150 billion each year by making the process by which new drugs are developed more effective and efficient.
Trackers, Wearables, and Sensors
The internet of things (IoT) is a field that is rich with possibilities for the Life Science industry. In the near future, look for Life Science companies to start developing more and more trackers, wearables, sensors, and other IoT devices that can be used to gather information about a patient make predictions about their health outcomes, alert physicians to potential concerns, and more. It’s a whole new area of products that Life Science companies can capitalize on and one that is sure to help countless patients everywhere.
Improved Networking Through a Supplier Search Engine
In many ways, the methods that Life Science companies use to find suppliers to work with are antiquated. Now, though, effective supplier search engines are allowing these companies to access entire databanks of quality suppliers in just a few clicks. By making use of a supplier search engine, Life Science companies are better able to find the perfect supplier to work with, and suppliers are better able to market their services. This type of improved networking is something that the Life Science industry has long needed – especially given that 84% of people now prefer online networking as opposed to face-to-face meetings – and it’s something that a quality supplier search engine is able to provide.
It’s an exciting time to be working within the Life Science industry. Already, Life Science companies of all types are starting to leverage modern technology in order to provide more effective services in a way that is quicker and more efficient. As technology continues to advance, you can expect the Life Science industry to continue changing for the better.