TECH BUYER Feb 2021 - IDC Perspective - Doc # US46583321

U.S. Life Science Top 10 Market Trends for 2021

By: Nimita LimayeResearch Vice President, Michael TownsendResearch Director, Life Sciences Commercial Strategies

Abstract

This IDC Perspective identifies 10 major trends that we believe will impact life science companies in 2021.

"The industry has responded rapidly to the COVID-19 pandemic by driving an exponential growth in digitally disruptive technologies to enable business continuity. Remote site and patient engagement technologies have been implemented to ensure the safety of patients and sites have accelerated technology adoption to be able to continue to support drug development. While regulatory compliance and data security and privacy are key, there is also a clear need for disclosure and transparency in an increasingly 'patient-centric world.' Software is now becoming the new active pharmaceutical ingredient (API) and digital therapeutics are making inroads. As borders between healthcare and life sciences merge, RWE has become a game changer and will play a key role in future drug approvals. What is important is that while this digital transformation has been accelerated by COVID-19, this technology adoption in a classically risk-averse industry will shape the future of drug development," said Dr. Nimita Limaye, research vice president, IDC Health Insights Life Science R&D Strategy and Technology.

"COVID-19 has accelerated changes already underway in the life science industry, forcing the industry to adapt quickly to remote work and collaboration across multiple disciplines. Access to multiple and varied sources of data is increasingly important, with a renewed emphasis on generating useful insights leading to faster and better decision making. Cloud computing and storage, AI and advanced analytics, IoT, edge networks, and 5G will accelerate collection of data, but the key will be how to use this information to improve efficiency and patient outcomes," according to Michael Townsend, research director, IDC Health Insights Life Sciences Commercial Strategies.


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