Decentralized Technologies See Growth in Life Sciences Industry
Newly released research report from Information Services Group suggests firms are moving away from traditional, centralized trials in favor of remote technologies.
The newly released 2024 ISG Provider Lens global Life Sciences Digital Services report has found that life sciences firms are turning to technologies that enable decentralized clinical trials (DCTs). The report suggests that organizations are recognizing the limitations of more traditional, centralized approaches to executing clinical trials, and moving more towards the use of decentralized technologies.1
According to the report, some of the benefits that come with the use of these technologies include the ability to remotely recruit patients, obtain their consent, monitor their health, and collect data.
“Interest in decentralized trials is soaring,” Jenn Stein, ISG partner and life sciences industry lead said in a press release. “Pharmaceutical companies and research organizations are studying and embracing new methodologies to better evaluate treatments.”
While organizations are still working through data privacy, security, regulatory compliance, and integration challenges, the convergence of recent innovations in telemedicine, wearable devices, mobile applications, and electronic health records are creating optimism for the increased use of clinical technology.
In addition to the innovations previously mentioned, the report says AR and VR systems are becoming widely available for life sciences. These systems can increase patient centricity, with tools benefitting participation and protocol comprehension.
There is also the increasing use of artificial intelligence (AI) and natural language processing (NLP) for conducting pharmacovigilance and regulatory compliance.
“There is a race to use generative AI (GenAI) to improve research and trials,” Jan Erik Aase, partner and global leader, ISG Provider Lens Research added in the press release. “Every company wants GenAI tools in its portfolio.”
ISG distributed surveys to more than 135 providers of life sciences digital services. In collaboration with its global advisors, five quadrants representing the typical life sciences digital services enterprises are buying were produced. The quadrants are:2
- Clinical Development, evaluating providers of technology for patient recruitment, data collection, monitoring, analysis, and regulatory compliance. Providers integrate innovations such as AI, big data analytics, mobile health applications, and EHRs to overcome the daunting expenses and elevated failure rates inherent in clinical trials.
- Patient Engagement, assessing providers specializing in life science customer services, utilizing digital tools such as mobile applications, wearable devices, telehealth platforms, and online portals to facilitate seamless communication between patients and healthcare providers to improve health outcomes, enhance patient satisfaction, and contribute to a more efficient and effective healthcare delivery system.
- Manufacturing Supply Chain, covering providers adopting digital technologies such as IoT, AI, blockchain, and advanced analytics to enhance efficiency, visibility, and agility across the entire supply chain, from raw material procurement to pharmaceuticals and medical device production, quality control, and distribution.
- Pharmacovigilance and Regulatory Affairs—Digital Evolution, evaluating providers supporting patient safety monitoring, adhering to regulatory requirements, and facilitating reporting through diverse processes and platforms leveraging AI, NLP, and ML.
- Commercial Operations—Digital Evolution, assessing providers driving the digital evolution of life science commercial operations, including data analytics, customer engagement, supply chain optimization, and personalized medicine, embracing technologies such as AI, IoT, and data-driven insights.
“Life sciences companies need to innovate at scale to enhance the efficiency of new business models that include AI-based solutions. Yet innovation costs have surged exponentially,” Aase said in an earlier press release. “Leading life sciences companies increasingly turn to external providers for expertise, bandwidth and technological guidance.”
References
1. Life Sciences Firms Adopt Tools to Modernize Clinical Trials. News release. Information Services Group. July 16, 2024. Accessed July 16, 2024. https://www.businesswire.com/news/home/20240716714144/en
2. ISG to Publish Report Assessing Providers of Life Sciences Digital Services. News release. Information Services Group. February 2, 2024. Accessed July 16, 2024. https://ir.isg-one.com/news-market-information/press-releases/news-details/2024/ISG-to-Publish-Report-Assessing-Providers-of-Life-Sciences-Digital-Services/default.aspx
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