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As Novel Technologies Find Traction, Industry Focus Will Shift Towards Successful Monetization to Deliver Value-based Care
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he global life science industry is in a state of flux. While the recent years have seen the advent of multiple novel technologies, such as in-vitro diagnostics (IVD), CRISPR-Cas9, virtual clinical trials, and liquid biopsy, the industry stands at a crossroad with challenges in scaling-up and commercializing such technologies. In addition, companies are also striving to customize and expand the application of existing technologies into emerging areas, such as Femtech and emerging geographies such as Asia-Pacific. As the life sciences industry attempts to catch up with the digital revolution, the movement towards customer centricity is challenging traditional stakeholders such as Big Pharma, diagnostic companies, and site management organizations (SMOs) to improve their business strategy and embrace mHealth solutions. Companies in the life sciences industry are increasingly adopting a digital-first mindset in the wake of rapidly declining returns on research and development (R&D) and the complexity of financial precision medicine equation catering to select and small population groups. The future will bring more digitally integrated solutions based on R&D advancements; this will influence how clinical trials are designed and how new products are commercialized. While the need for value-based-care grows along with strained profitability, Big Pharma needs to decentralize and outsource manufacturing of novel cell and gene therapies to contract development and manufacturing organization (CDMOs). The convergence of pharmaceuticals, clinical laboratory testing services, and companion diagnostics, which has been enabled by digital connectivity, is driving regulatory and commercial changes in the global life sciences industry. Mergers and acquisitions (M&As) play a very significant role in achieving these industry changes. Although companies have relied on M&As in the past to fill gaps in their portfolios, they are now recalibrating their focus to experience synergies and radical growth; companies are also increasingly relying on assets from the Startup 2.0 ecosystem. The global life sciences industry has been adopting path-breaking life science technologies, which are helping to make precision healthcare a reality. This research service focusses on the critical issue of monetization in value-based care in the life sciences industry.
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