The biochemical sciences industry includes doctors and nurses, hospitals, clinics, pharmaceutical companies, marine biologists, manufacturers of medical devices, nutraceutical companies and any science-related commercial product or service company. Some companies work in research and development while others offer practical treatments of patients and other science-related services.
The industry develops some of the greatest breakthroughs in history, and astonishing benefits are the status quo. The industry has always protected human, animal and plant life, but modern technology is increasing the speed of developments.
The industry is at a turning point as the average business model becomes more responsive to customer demands for transparency, access to records and value-rich products and services. It’s a great time to get into the industry because the outlook for life sciences is overwhelmingly positive.
Digital technology makes information about complex science initiatives available to the general public like never before in history. The era when people accepted everything a doctor or scientist said or prescribed is in the past. Artificial intelligence is speeding up the development of wonder drugs and genome-based medicine. The outlook for biochemical sciences is best illustrated with the top trends and business statistics in the industry.
10 Must-know Statistics About the Biochemical Sciences Industry
The top biochemical science trends of 2020 include hundreds of advances in all aspects of business, medicine, industry and scientific research. Some of the most popular trends include:
- Personalized medicine based on DNA profiles
- Business and research partnerships
- Advances in drug research, development and approval
- Digital diagnostics and treatment recommendations based on artificial intelligence insights
- Value-based drug prices, which is lowering the price of many orphan drugs
- Integration of other systems into life science company operating systems
- Genetic assessment and treatment of some disorders and diseases
Increased funding for basic and task-oriented research are becoming more prevalent because of the high potential rewards of breakthrough technologies. Many investors are willing to accept the high risks of uncertain drug approval because of the high rewards and ancillary technologies that often come as a side benefit.
The biochemical sciences industries, also known as life sciences, include pharmaceuticals, nutraceuticals, cell biology, environmental sciences, biophysics, biotechnology and many other branches. Any part of science that focuses on improving human, plant and animal life is included, which creates a vast market of high-tech industries. 10 must-know statistics illustrate the incredible opportunities that life sciences offer:
- $428 Billion Spent Annually on Medicine – The pharmaceutical industry earns $428 billion annually. Drug development offers big rewards but big risks.
- New Frontiers for Exploration and Development – The world’s oceans offer opportunities that include new sources of food, medicine and even undiscovered life forms.
- Life Sciences Fuel Economic Development – Life sciences create hundreds of high-paying jobs and trigger economic growth. For example, 83,000 Florida jobs come from this sector.
- The Success of the Genome Project Spurs Growth – Genentech created the modern biotech industry when it successfully extracted the human gene in bacteria, which made it possible to engineer human insulin.
- Neurological Disorders Offer Business Opportunities – Neurological disorders account for 10 percent of deaths, and modern techniques of brain mapping are helping doctors treat these disorders.
- Demand for Environmental Sciences Technology – Countries continue to dump 14 billion pounds of garbage into the world’s oceans each year, and developments are needed to address the problem.
- Life Sciences Employ More and More People – According to cushmanwakefield.com, , life sciences industries grew three times stronger than the U.S. average employment.
- Demand for Office and Lab Space – The demand for specialized office and lab space for biochemical industries has resulted in major constructions projects across the world.
- Recent Major Biochemical Startups – According to statistacom, major startups in the life sciences industry include Allogene Therapeutic, Gossamer Bio, Amby’s Medicines, Skyhawk Therapeutics, Ansun Biopharma, Magnolia Neurosciences and The Bill & Melinda Gates Medical Research Institute.
- Increased Number of Major Research Centers – Research at cbre.us reports that the Boston-Cambridge and San Francisco Bay area lead the nation in life sciences businesses, and they’re followed by San Diego, Raleigh-Durham, New Jersey and Washington, D.C.
Top 10 Trends for 2020 in the Biochemical Sciences Industry
The life sciences industry is becoming more personalized and focused on orphan diseases and treatments. The entire industry is discovering new business models, and accelerated growth creates professional jobs and related support services. The top trends of 2020 for the biochemical sciences industry include:
1. Advanced Drug Approval Times
Many industries have stagnated in the past because of long FDA approval times, but advanced technology may be the answer to quick-to-market drugs and medical technology. Advances can speed clinical testing, and programs like the Real-Time Oncology Review can speed up approvals for essential cancer-treating drugs.
2. Genetic Treatments
Personalized treatment at the genetic level is becoming more common, and many treatment centers are incorporating genetic data into treatment protocols. Advanced gene technology allows scientists to identify genome sequences that can serve as diagnostic clearinghouses. Experiments continue in gene editing, a technique that could eventually prevent diseases and chronic conditions.
3. Immunity Function Studies
The immune system is the body’s natural way to fight off diseases, and research into immune cell functions could prevent the spread of disease and pandemics like the Coronavirus. Improved immunity could be a tremendous boon to developing areas where disease often generates devastating consequences.
4. Artificial Intelligence Advances
Businesses everywhere are capitalizing on the new tech wave that relates to artificial intelligence and machine learning. Future-trans.com predicts that AI insights in the biochemical sciences include faster diagnostic services for patients, insights into new technology products and faster drug development. Combining skilled workers and AI technologies, life sciences can deliver advances and treatments faster to make a greater impact on patient’s lives.
5. Automating Regulatory Compliance and Patient Services
Life sciences companies are taking advantage of automation to keep abreast of drug evaluations and regulatory guidelines like HIPAA. Delays caused by billing discrepancies are disappearing with automation, and life sciences companies can use automation to provide better customer service by sending valuable content to their patients based on their age, health and other criteria.
6. The Internet of Things
The Internet of Things, IoT, is becoming increasingly popular in life sciences by giving companies the means to monitor patient health automatically. This can be accomplished with wearable health medical devices, smart appliances and advanced monitoring systems for remote monitoring of seriously ill home patients. New hardware is becoming more relevant and a potential source of income for life sciences companies. A recent advance in July of 2020 is the development of multi-switching IMSI technology, which is GSMA-compliant and a boon to life sciences developers.
7. Augmented Reality Benefits
Life sciences companies are using augmented reality to share critical patient information to improve care. Medical professionals can use 3D for education and information sharing. 3D tech can also be used to create immersive patient experiences to demonstrate disease symptoms, neurological activity and techniques used to fight cancer. Augmented and virtual reality allows researchers to work anywhere, and medical partnerships are easier to manage.
8. More Patient Platforms and Health Apps
According to deloitte.com, patient portals and generic health platforms are becoming more important in care management. Life sciences companies can market to medical professionals to increase patient engagement and understanding of health issues. The use of behavioral science has the ability to modify bad patient habits like smoking. Patients have better access to HIPAA protection from compliant portals and apps, and medical transparency delivers critical information about products, procedures, side effects, etc.
9. Greater Integration of IT Services
Deloitte.com reports that integration is an increasingly important part of all life sciences operations. More and more companies need to connect securely to other databases. Few companies can operate in silos. System integration provides many benefits for the industry. These include preventing gaps in quality and service, accelerating results, reducing errors and ensuring compliance with all privacy and security regulations. Examples of the real-world benefits of integration include monitoring patient risks, integrating with insurance companies and connecting directly with pharmacies and elements of the supply chain.
10. Increased Opportunities for Life Sciences Associates
Small-volume medicine, environmental monitoring and supply chain management are problems that face the biochemical sciences industry. The professional positions of scientists, doctors, researchers and engineers are some of the top-tier employment opportunities in the industry, but many other opportunities are available for potential life sciences business associates.
These include technology partners for computers and software, cloud computing experts, developers of compliant HIPAA portals, service technicians, product developers, etc. Expert translation services are often needed for international marketing and foreign office management.
Biochemical Sciences Provide Economic and Lifestyle Benefits
The biochemical sciences industry trends include a move toward digitization, precision, patient-based medicine, data integration and prime editing for neurodegenerative diseases. Gene editing is a trend that will most likely impact lives and economic activity in the near future. The groundbreaking ability to monitor the health of patients promises to transform digital therapeutics and the way that patients interact with their care providers.