Top 10 Life Science Market Trends for 2021

As parts of the world start to open up and the life sciences industry ramps back up to pre-pandemic activity, the fog of uncertainty is starting to lift.

We are seeing an acceleration of digital transformation across the life sciences industry with the adoption of decentralized trials, real world evidence, and remote monitoring. What were once fringe ideas became popular as companies looked to leverage technologies in innovative ways to ensure operations continued, and in some cases thrived. The question going forward is, do we slip back into old habits or do innovative trial designs become our “new normal?”

IDC Health Insights recently published a report outlining life sciences industry market trends and insights to help organizations optimize strategies, planning and spending for 2021 and beyond. 

In this report, IDC covers the top 10 trends for biotechs including:

  • Exponential growth in decentralized clinical trials, remote monitoring of sites, and remote patient engagement technologies
  • Transitioning from a closed-door policy toward a world of data transparency and collaboration
  • Life science companies accelerating deployment of critical applications in the cloud
  • Digital technology transfer to accelerate time to market for vaccines and other biologics

The clinical trial industry has traditionally been apprehensive to adopt new technologies because of uncertainty of how to comply with regulations, but the pandemic has accelerated the adoption of cloud-based technologies across decentralized teams out of necessity. Organizations are learning that technologies like Egnyte for Life Science will improve not only the collaboration between partners, but also compliance to SOPs and protocols resulting in increased data quality.

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Author
James Allgood

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