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By :
Natalie Drew

5 top trends in Life Sciences & MedTech - 3rd Quarter 2022

As we move into the last quarter of 2022, business priorities turn to forward planning for the year ahead. To achieve their goals, companies within the life sciences and MedTech sectors are exploring ways of improving processes, outcomes and services. Their focus has been analysis, laying foundations and preparing for change. 

But what have we seen so far in this period? Here are 5 top trends from Q3.

1)    Staff shortages and rising costs

Like most sectors, the life sciences market continues to experience labour shortages, supply chain struggles and rising costs.  Ongoing issues caused by the pandemic and war in Ukraine, coupled with increased demand, have resulted in well-reported inflation, which has hit packaging and materials costs hard.

Supply Chain Managers and Country Managers of medical device and pharmaceutical businesses who I’ve been talking to are exploring alternative options for supply chains and re-examining where they are investing, in a hope to stay more agile.

2)    Evolution through technology

Keystream exhibited at this year's HETT show (Healthcare Excellence Through Technology), and met with healthcare technology exhibitors, innovative medical suppliers to hear their views on how the healthcare sector is evolving through technology. 

Hot topics of conversation included:

  • The latest developments in surgical instruments, new innovation and technology
  • How technology can streamline data and reengineer processes to reduce the backlog
  • Innovations in systems to improve patient safety
  • Different medical universities and their latest spin outs 
  • Digital health transformations

The NHS faces record high waiting lists, among other challenges. Obtaining access to comprehensive medical data for every patient is critical to providing the right care and enabling the most efficient use of resources. Yet, many Trusts are still struggling with this. 

Speaking with CIOs and Transformational Directors at HETT, the digitisation of legacy records and improving visibility of patient data is a key area for improvement for 2023 to help tackle the backlog. 

3)    A focus on culture

Maintaining a positive culture has become a key challenge since the adoption of hybrid or fully remote working. Companies are exploring new digital capabilities to improve company culture. 

The ability to respond quickly to our ever-changing world is a key differentiator. Those who manage to adapt are thriving, those with a more reactive approach are more likely to be struggling. Because of this, pharmaceutical and MedTech organisations are looking for strategies to unlock value quickly through culture.

4)    Pharma deals plummet 

According to PWC* in a bi-annual analysis report, the pharmaceutical industry has seen a drop in its deal activity by 30% whilst...

“…deal values have dropped about 50%... reflecting pharma’s appetite for smaller deals around a single asset or bolt-on deals, as the industry attempts to stay below the radar of regulators at the FTC (Federal Trade Commission).’’

However, we should start to see a change as we approach the end of 2022. Glenn Hunzinger, US Pharmaceutical & Life Sciences Consulting Solutions Leader, attributes this to pharmaceutical and life sciences companies...

“...actively seeking new capabilities and inorganic growth”.

5)    Growth in AI, Robotics and Smart Technology in 2023

The role of artificial intelligence is expected to play an even greater role in healthcare in 2023. 

  • Patients will receive personalised treatment plans much more quickly. 
  • Medical research will become more efficient and easier to communicate to healthcare professionals resulting in faster, more accurate, diagnoses. 
  • More focus will be placed on surgical robotics and technology robots to improve efficiencies and surgical methods. 

Surgeons can now use artificial intelligence tools to perform accurate procedures on patients and artificial intelligence is increasingly used to provide insight into the best course of treatment for doctors.

Smart technology has enabled improvements in assessment and treatment of patients using medication, leading to improvements in drug research.

Technology innovations in medical imaging, patient monitoring and laboratory equipment provide detailed assessments rather than subjective reports, open to interpretation. 

The pace at which technology and innovation are taking hold is extremely exciting for the Life Sciences and MedTech industries. 2023 promises to be a year where a steady stream of new products, drugs and treatments come onto the market.

However, the backdrop of global political and economic turmoil means it’s by no way a return to business as usual. Those that continue to drive a digital transformation agenda, react quickly to challenges and harness the value of their staff will be rewarded with success.

 

For more insight into hiring trends and talent demand, get in touch with Natalie Drew, Divisional Manager, Life Sciences.
 

 

* Source article 

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