Articles | February 11, 2021
BioTech trends 2021
According to Global Market Research, the value of the biotechnology market will account for $729 billion by 2025. Apart from the negative context of the pandemic, the situation has raised awareness of how important the BioTech and HealthTech sectors are and that they require focus, investment and further digitization. Read the article to find out what the main trends in the biotechnology industry are and how an Agile mindset is revolutionizing the medical industry.
Life Sciences: biology and technology join forces
In 2020, when the COVID-19 pandemic broke out, the biotechnology revolution took place before our very eyes. According to the MDI report, 45% of global health issues can be addressed with the use of scientific solutions. These solutions have a huge impact on the economy, which we were able to observe during vaccine-related studies and work carried out in 2020.
Main trends in BioTech
Boost for Research & Development
The AI market in biopharma is developing at a rapid pace and is expected to grow to $3.88 billion by 2025. A number of new startups are taking advantage of technologies such as automation, Machine Learning and AI for conducting advanced analytics in drug discovery and drug development. ML can be used to extract useful insights from unstructured clinical data (as it was in the case of a startup Flatiron Health, using this approach to expedite cancer research. In 2018, the startup was acquired by Roche company for $1.9 billion)
Digital supply chains (DSNs)
Digitized supply chains use the potential of Industry 4.0, like IIoT, IoT, cloud and analytics, which accelerates agility and leads to improved planning and better order management.
As the saying goes: “Data is the new oil”. We can observe a shift towards Agile manufacturing and the adoption of data-driven models. Using new technologies, such as real time AI-based analytics, allows companies to make better decisions in the changing circumstances.
Medical companies around the world can use cloud computing to extend cooperation with other organizations, laboratories, Research & Development centers and academic institutions. Cloud facilitates data storage and management. The potential of the cloud combined with Machine Learning and Artificial Intelligence is also used in a digital diagnostic process.
Development of telemedicine
Due to the adoption of social distancing practices, the importance of e-medicine raised significantly. In the Q1 of 2020, the number of telehealth visits raised by 50%, compared to Q1 of 2019. For certain, telepractice, online health assessment and diagnosis are developing trends.
Gene therapy, the technique of using genes to cure and prevent diseases, is getting increasingly important. Advancement in BioTech will allow for increasing the use of genetic information in the diagnostic and treatment process.
Mindset change and new business models
Disruptive technologies have momentum behind them. But there is one more thing worth paying attention to: a revision of strategies and a shift to models focused on flexibility and agility that enable real change.
So far the Agile mindset has mostly been associated with project management in software houses and huge corporations. In 2020, however, we could observe an interesting usage of Agile methodologies in biopharma and the HealthTech industry working on vaccine and COVID-19 treatment. As per Agile principles, the biotech companies responded to changes, rather than following a plan. In changing, ambiguous conditions, a quick response was crucial. Due to the adoption of the Agile model, it was possible to equalize some phases of work on vaccines using mRNA solutions and thereby expedite the entire delivery process to the market.
Test of agility
For countries around the world, the distribution of vaccines is now a matter of urgency. It is a large-scale, complex logistical challenge, that calls for flawless coordination between several engaged parties. In the article “10 Vaccine Distribution Questions for Supply Chain Leaders”, Gartner points out that, in addition to logistics-related aspects, individuals coordinating vaccine distribution must take local regulations, security, trade demands and even conditions related to the temperature and weather into consideration. Due to the changing circumstances and a wide variety of possible scenarios, the vaccine distribution model has to address all possible issues which may arise, making it a real test of agility.
Trends for biotech – summary
In 2020 and 2021 the interest in life science raised, including in biology, biotechnology, genetics and pharmacology. 2021 is predicted to be a banner year for BioTech Startups. For many, the pandemic was a real eye-opener in the context of possible applications of technology in pharmaceutical companies and biotech companies. We all rediscovered the importance of sectors working on solutions that have an impact on our lives, such as e-medicine, diagnostics, drug discovery, gene therapy, wearable medical devices, and many others.
Companies were forced to innovate, acting quicker, more efficiently and flexibly. At JCommerce, we support Digital Transformation using Agile methodologies. We know the power of agility and this is why we keenly observe how other industries apply Agile strategies and what the benefits of doing so are. We also believe that Agile combined with Digital Transformation can bring fascinating results.