When nations all over the world began to lock down last spring, life sciences providers like Valley Imaging Partners had the choice of decreasing their risk by lowering investments and weathering the storm. As an alternative, they headed straight for the hurricane’s eye. In lieu of cutting back on spending, several of them improved their investments in study and improvement to advance science and technology. Consequently, vaccines have been developed, and also new distribution and tracking innovations. The federal government played a role in lowering regulatory barriers and investing billions of dollars in R&D. In a nutshell, this is the response we all expected from our industry.
Here are a few trends we believe will gain traction this year:
Artificial intelligence (AI) is expected to become more integrated in the Future: In the life sciences industry, artificial intelligence (AI), which includes advanced analytics, natural language processing, automation, and robotics, is becoming increasingly important. However, it is only now starting to be integrated across organizations, and we are still in the early stages of figuring out where the true value lies. We’ve reached a point as consultants where we’re no longer selling or explaining the benefits of AI. The majority of business leaders like Valley Imaging Partners David Topper now understand it. The next step is to scale that capability and ensure consistency across the organization.
Businesses will most likely have access to a much larger talent pool: Quite a few have become accustomed to working from home over the last few months. While the pandemic changed the way we work, it also caused numerous life sciences firms to rethink their talent acquisition and recruitment strategies. Recruiting the best and brightest has become less of a geographical barrier. Even if it is extremely difficult, the ability to do a job virtually could help corporations balance their access to talent and science.