From data to clinical trials, Big Pharma and medical devices, Wendy Lloyd Goodwin (pictured), founder of Life Science Law, makes her top four predictions for 2023
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 that the industry has had a challenging few years. But what's in store for life sciences this year?
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 regarding 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. In 2023, it will accelerate further.
Although virtual clinical trials were being explored long before the pandemic, they have accelerated since it began and, every day, 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 done in the future.
In 2023, we will see more Big Pharma companies 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 make-up.
By 2025, it is predicted that the precision medicine market will be worth more than $85 billion, but pharma companies still have a long way to go in terms of understanding and adopting this new approach to healthcare.
Starting in 2023, the medical device industry is predicted to grow at a CAGR of 4.2% until 2028 and will be worth approximately $13,280 million. This is a significant expansion considering the sector's current worth is $9902.6 million.
With a thriving medical device industry coupled with revolutionised technology, 2023 will see an explosion of notable new medical devices that are 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.