Technology & Life Sciences – The 4th Industrial Revolution!Much has been made in recent times of the increasing impact of technology on the Life Sciences sector. So, what’s actually happening in the real world and how will it impact the jobs market?
Artificial Intelligence & Machine Learning
According to the Deloitte 2018 Global Life Sciences Outlook, “AI and cognitive technologies, automation, and computing power are advancing at an accelerating rate.”
The ongoing impact on clinical trials productivity is huge. AI means richer insights into clinical trial data, potentially shorter lead times in bringing drugs to market, and ultimately, better outcomes for patients.
Beyond clinical trials the potential for AI to infiltrate other areas of healthcare are endless. Work is already underway to explore how AI technologies could help physicians predict death risk in heart patients using MRI scans of the heart combined with other data points, and AI is also being used to develop computer software programmes that can read the CT scans of stroke patients and predict how they will respond to treatment.
The impact on the jobs market will be pronounced. We are already seeing demand for large numbers of software and data specialists from drug development companies that have historically hired scientists and physicians. Witness the recent merger between Quintiles and IMS to create IQVIA, the world’s first “Human Data Science” company. Here’s a real-life example of how two of the biggest employers in the industry have completely changed their business model and are now putting technology at the forefront of everything they do.
We are already seeing demand for large numbers of software and data specialists from drug development companies that have historically hired scientists and physicians.
Wearable healthcare technologies are becoming more and more widely used, partly driven by technological advancements, and partly driven by an ever-increasing fixation with healthy living.
The Zephyr Anywhere’s BioPatch is an FDA-approved, small device that is attached to a patient’s chest monitoring their vital signs minute-by-minute and collecting medical-grade data for doctors’ use.
Doctors, and more specifically surgeons, are also getting in on the act. Early stage studies conducted at Stanford University suggest that surgeries carried out using wearable technologies can improve clinical outcomes in the operating theatre. Imagine a surgeon wearing Google Glass during a complex surgery, with preloaded CT and X-ray images available in their field of vision.
So, what does the jobs market look like? The big players are there of course, with the aforementioned Google at the forefront of the “technification” of medicine. But so are the start-ups. Private Equity and Venture Capital are pouring money into the area, fuelling expansion and the jobs market. And it’s not just candidates working directly in technology that are seeing the impact. Fledgling companies are often hiring experienced executives from larger established players to help build out operational and commercial teams.
Get in touch with i-Pharm’s specialist Technology recruitment team if you’d like to find our more about jobs or hiring in this area: