Four predictions for life sciences in 2023
By Wendy Lloyd-Goodwin, Founder of Life Science Law, a disruptive new company providing leading legal and compliance advice for businesses on pharmaceuticals, consumer wellbeing products, medical devices, and cannabinoids.
The Life Sciences industry is high-tech, innovative, and highly diverse and today its profile is higher than ever. The start of the pandemic saw the world racing to discover and make vaccines from sequencing the virus genome to developing the first diagnostics, treatments, and antivirals, to setting up the world’s largest and fastest clinical trial, it’s safe to say the industry has had a challenging few years. But what’s in store for life sciences this year?
From data to clinical trials, big pharma to medical devices, we’ve put together our top 4 predictions for life sciences in 2023.
- DATA
In 2023 life science teams will need to rethink their data strategy to unlock clinical and economic value. Launching a new drug is fraught with risks and those that will be successful this year will be more deliberate in how they access, manage and learn from data in this challenging environment. Clinical, commercial, and market access teams will need to start working together sooner to share insights and accelerate the launch process. With an early view of market viability, leading companies will be able to monetise new products quickly and at scale across Europe.
- VIRTUAL CLINICAL TRIALS
The digital transformation of clinical trials and research is accelerating rapidly and offers sponsors numerous advantages from efficiency and cost effectiveness to improved patient compliance and datasets that capture a broader population. And in 2023 it will accelerate further.
While virtual clinical trials were being explored long before the pandemic, they have accelerated since the pandemic, and everyday more steps are being taken to implement the virtual clinical trials as part of regular clinical trial practice. Industry associations, regulatory authorities, sponsors and CROs are gaining valuable insight into the benefits of a new way of working, which will significantly change the way clinical trials are carried out in the future.
- BIG PHARMA
In 2023 we will see more big pharma companies start adopting precision medicine to help them get ahead. Precision medicine considers a person’s genes, environment, and lifestyle to predict which treatment will be most effective. The defining feature of this practice of medicine is the focus on genomic data to design the specific treatment paths, this is the study of how a person will respond to a drug based on their genetic makeup.
By 2025 it is predicted that the precision medicine market will be worth over $85bn dollars, but pharma companies still have a long way to go in understanding and adopting this new approach to healthcare.
- MEDICAL DEVICES
Starting in 2023, the medical device industry is predicted to grow at a CAGR of 4.2%. by 2028 and is estimated to be worth 13,280 million USD. This is a significant expansion considering the sector’s current worth is 9,902.6 million USD. With a thriving medical device industry coupled with revolutionised technology, 2023 will see an explosion of notable new medical devices set to change patient outcomes globally.
Wearable devices, for example, will be increasingly used in 2023. They’ll also feature more advanced technologies, such as processors that deliver in-device analytics. This means that data will no longer need to be sent to the cloud for collection, analysis, and feedback. Instead, wearers will be provided with faster outputs to warn and protect against potentially life-threatening conditions in real-time.
