For the last 3 years, life science industry learnt lots of things due to global pandemics and now face another challenge for further development. This has left a deep impact, accelerating change, such as new clinical trial models and regulatory approval process due to digitalization and automation. Those rapid advances could be difficult to adapt in the short term. Also, ethical and legal questions are raised such as data privacy and healthy equity. What are risks and potential advantages in life science industry?
Trend in Life Science
Speed up drug development
Digital transformation including AI help scientists to discover new drug substances and study how patients respond to drugs in real situations by electronic record.
Speed up Clinical Trial phase
Decentralized Clinical Trials have high potential to realize new processes with time- and cost-effective methods in order to launch up-to-date medication. This is a collaboration challenge in Digital Transformation, pharmaceutical, patients and logistics industry.
Cell and Gene therapies
Expect more new therapies based on mRNA technology to emerge following on from the success of COVID-19 vaccine. Gene therapies offering personalized treatment that stop disease in the track. In early May, Nature published a small study about pancreatic cancer and scientists are more than a little excited. Although it’s still an early stage of clinical trials, we can have hope for treatment against not only pancreatic cancer but also all cancer by advanced mRNA vaccine technology.
Risk in Life Science
Geopolitics
Complex geopolitics issues could threaten the distribution of products. With the conflict in Russia and Ukraine and other global regions impacting supply chains. Political risk is the top factor that could get in the way of effective risk management.
GDP (Good Distribution Practice)
Cargo theft and security threats are constant reminders that companies need to be sharp-eye. Management of temperature-sensitive, vibration-sensitive products with truck and trace system, record are required.
Climate-related risk
Climate change has a definite impact on a stable supply chain. Recently, there has been extreme weather such as floods, drought, and forest fire.
Intellectual Property Risk
IP (Intellectual Property) is the lifeblood risk in life science industry.
Data Privacy
As the sector becomes more dependent on data to inform strategy and innovation, companies are more conscious of not only opportunities but also the risks. With the rise of digital healthcare, life science companies are coming under careful scrutiny from public organizations for how they use the patient data and how they obtain the consent.
Cyber attack
All industries including life science are listed that Cyber attack is one of the key risks.
Conclusion
Nowadays, there are lots of unpredictable incidents in the world. For secure business, base is critical. Regarding IT, such as Cyber security and data privacy including legal matters, it’s typical modern challenges advanced technology was brought. We should keep our eyes open and see anything from a wide range of points.
