Trending Topics: The Future of Life Sciences
February 15, 2017 by The FlexPro Group
We’re all familiar with the old adage, ‘If you aren’t moving forward, you’re moving backward’, and it rings true in both life and business. Few industries move at the pace of the rapidly-changing Life Sciences sector, as new technology and bold strategies shape the landscape for those dedicated to it’s advancement.
Whether you’re working around the clock in the lab during drug development, managing a cross-functional project team through commercialization, or capturing data in the form of customized metrics, it’s critical to remain ahead of the curve. With the help of the folks over at Booz Allen Hamilton, we took a look at some of the emerging trends in Life Sciences. For the full article and overview of each issue, take a look here.
Keeping Tabs on Data
In the world of modern healthcare, all information is digital. Patient records, manufacturing information, and data studies all float in cyberspace. While digitization allows production and commercialization of products to move at a faster rate than ever, cybersecurity reaches an all-time level of importance. There are countless instances of user data ending up in improper hands in the tech age, illustrating the grave importance of taking care of your information.
Digital Innovation a Requirement
While it’s a challenge to manage data on a large scale, that shouldn’t stop those trying to innovate from doing so. The push to develop, store, and bring information to life is a staple of the 21st century workplace and can often spell the success or failure of a Life Sciences company, particularly within the Project Management Office. New metrics, data analysis, and stakeholder reporting vessels need to be factored into the project management process.
From Volume to Value
When it comes to medical devices, healthcare technology, and medication, volume of production and sales has traditionally been at the forefront of corporate strategy. However, stocking the shelves with new products is no longer enough to power to the top of the industry. Companies will need to rely on demonstrating a real-world improvement all the way through use by consumers, a much deeper commitment. For the customer of the future, proof of progress is power.
In past entries, we have discussed the ‘Hollywood Model’ at length – the idea of bringing in subject-area experts to contribute mastery on specific parts of a project. As companies seek to demonstrate extensive value, a rock-solid project team is a must to maximize product effectiveness. Consultants, contractors, and other external solutions are continuing to rise in popularity.
Expansive Customer Landscape
When a Life Sciences organization has identified their consumers in the past, doctors and patients always came to mind. However, with advances in patient care, the landscape has expanded exponentially. Health systems, urgent care clinics, medical societies, and advocacy groups are just a few of the new outlets that need to be considered. Service lines have changed, clearing the way for the Life Sciences industry to innovate on its own.