Trends in life science technology
Experience trends in life science technology with Bross Consulting
Current trends in life science technology
Trends in life science technology are characterised by change caused by several external factors. Companies must overcome challenges posed by the emergence of several direct and indirect competitors. In addition, there are changes in distribution channels and upheavals in regulatory compliance. In addition, life science technology must shoulder the rise of the informed patient and the impact of technology on products and services. Bross supports companies in the healthcare and life science technology sector in successfully implementing legal regulations and digital business models. The life science technology sector is a comparatively small industry in Germany. However, it is a very fast-growing and innovative sector. In addition to a few large companies, it is the approximately 1,200 small and medium-sized enterprises that make up the German SME sector. Bross’ customers include well-known corporations as well as smaller leading companies in the life science technology sector.
Other current trends
Progressive digitalisation
According to the Böckler Foundation, companies will digitise and connect quality processes in the coming years. New technologies such as advanced data analytics, artificial intelligence and virtual reality will be combined with quality management solutions. This new approach will help companies to connect all quality processes. This will ensure end-to-end transparency throughout the entire organisation and achieve a new level of performance and innovation. One key area is manufacturing. More organisations will use mobile devices to provide the right information to the right people at their point of need.
Increased price pressure
The growing demand for healthcare services with decreasing budgets is putting pressure on prices and is one of the biggest trends in the life science technology industry. Due to digitalisation and access to information, patients, partners, insurers and the government want a higher degree of transparency in pricing. They want to know what they are paying for. Politicians and the public are also more critical today and take a closer look. At the same time, the development of new technologies is becoming increasingly costly. This is why new patents are often acquired through company takeovers. In addition, doctors are joining forces and thus increasing the pressure on the life science technology industry.