The world we live in today revolves around digital technology. It’s incorporated inside each of our lives every day. FaceTime, texting, emailing, and social media has taken over as main ways of communication in society. These ways of communicating also has been used in businesses. Industries are finding ways to adapt to the worlds new way of reaching out, which can result in more opportunities.
Today, more people have access to the internet what it was a decade ago and the number is going to increase rapidly due to the advancement of digital transformation. A report by Statista shows that the number of internet users worldwide was 3.58 billion in 2017, up from 3.39 billion in the previous year.
Whether you’re knowledgeable on Clinical Trials and the process that goes into it or not, it is correctly assumed that the work is far from light. There are four phases for each study conducted that tells the plot of the story, but doesn’t dive into the supporting elements within.
Artificial Intelligence or AI sounds very technical and scientific, futuristic even to the ears of ordinary people. We see this thing mostly in sci-fi movies and sometimes in the news where new and intelligent robots newly invented or created are being featured. These scientific developments on AI often make one ask where and how these things can be useful. Or if Artificial Intelligence is solely about making smarter robots.
According to an EvaluatePharma study, two-thirds of all drug launches failed to meet prelaunch expectations in sales their first year on the market. More importantly, of the one-third that did meet their year-one target, 65 percent continued market growth in year two, and 53 percent exceeded goals for year-three. The group that missed their target upon launch continued to lag in years two and three. And you thought getting FDA approval was the tough part.
Due to the technological shift from last decade there is a significant change driving digital transformation in Life Sciences Industry. Life Sciences industry is always on the frontrunner in terms of Research and Development (R&D) spending, allocating nearly 15% of its total revenues to R&D. A recent report suggests that companies in the industry heavily invested in R&D in last decade which has produced a significant result. The pharmaceutical Research and Development was $142 billion in 2014 and it is predicted that the number to overcome $160 billion mark in 2020.
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