Google, Amazon, Facebook and Apple Propel the Life Sciences Industry with Strategic Partnerships
Data monetization, direct-to-consumer and eCommerce business models will create growth opportunities, finds Frost & Sullivan
Frost & Sullivan's recent analysis, Global Life Sciences Industry Outlook, 2018, finds that healthcare digitization and consumerization, the explosion of patient data, and the emergence of value-based reimbursement models, are propelling the life sciences industry towards the $1.5 trillion milestone. The convergence of biopharmaceuticals, drug delivery devices, and companion diagnostics —enabled by digital connectivity— is driving regulatory and commercial changes in many exciting ways for the industry.
"The scope for synergies among disciplines is attracting big tech companies such as Google, Amazon, Facebook, Apple(GAFA) to the life sciences industry," said Unmesh Lal, Program Manager, Transformational Health. "The adoption of artificial intelligence (AI) and cloud-based solutions for drug discovery and clinical trial workflow is improving the overall efficiency of production. Additionally, pathology and research laboratories are increasingly adopting health analytics solutions to track the test utilization and efficiently tackle reimbursement issues."