Life sciences, which is largest industry globally, is undergoing a seismic shift because of changing overall healthcare requirements, majorly supported by regulatory reforms, expiring patents and entrance of new companies in the sector. Life sciences sector primarily constitutes healthcare, pharmaceutical, biotechnology, diagnostics, medical devices and personalised medicines. Lately, personalised medicine has garnered significant interest because of higher potential for treatment and it also requires optimal level of resource deployment. In personalised medicine molecular diagnostics techniques are used to generate tailored treatments specific to individuals.
Some of the factors like aging population, rise in chronic and lifestyle diseases and increasing spend by the emerging markets are spurring growth in life sciences sector. Lifestyle diseases such as diabetes, cardiovascular disease and obesity have become common and are major growth drivers of the life science sector.
Pharmaceutical segment is facing pricing pressures because of expiring patents and emergence of cheaper generic replacements. To counter the pressure from emergence of generic market, big pharma companies are partnering or acquiring generic manufacturers and new research firms. Biotech drugs, especially monoclonal antibodies and recombinant products, are gaining traction in pharmaceutical market.
Healthcare spending by governments across the globe is expected to rise considering a growing trend towards adoption of universal health coverage. Countries are implementing public and private healthcare systems to provide primary health services to its citizens. In addition, life sciences industry is witnessing a paradigm shift with the advent of digital technologies such as e-health, telehealth, mobile health, wearables and social media in healthcare sector.
Some of the challenges faced by life sciences industry are more stringent regulatory environment, drug and device safety, counterfeit drugs, intellectual property protection among others. In addition, an increasing concern for life science and healthcare sector is enactment of pricing legislations by various governments to reduce their healthcare spending, initiating a need for innovative pricing models.
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