Life Sciences Market
Life science is the one of the most swiftly developing fields of modern scientific entity. In the last few dec...
Life Sciences Market
Life science is the one of the most swiftly developing fields of modern scientific entity. In the last few decades, major advancements in technology and developments in bioinformatics, molecular methodology & clinical studies have led to momentous biological and medical breakthroughs. Life sciences research has unraveled completely new and thrilling aspects of biology & biotechnology that cross the traditional borders between biological and physical sciences.
Life sciences consist of each and every facet of science where scientific research on any living organism and/or its properties is involved. It comprises of the detailed biological study of micro organisms, plants, animals and human beings. From the minutest microbe to the largest mammal, Life sciences investigate the origins, development and expansion of life in all its forms and works towards the betterment of the same.
Life sciences engage an infinite range of scientific disciplines, spanning numerous fields involving the study of living beings. Biology and medicine, nevertheless, are the most imperative fields within Life sciences. Technical advances in Biotechnology and Molecular Biology have led to mushrooming of specializations, giving rise to innovative and often interdisciplinary fields like Bioinformatics, Biopharmaceuticals, Nanomedicine, etc.
The increasing demand for clinical services and growing intricacy of clinical research is being fuelled by the rising safety concerns and is contributing as the major driver of this industry. With regulatory authorities calling for more safety data & clinical documentation and with large trial sizes, the need for faster and regulated drug development processes has emerged. Owing to a budding market for advanced drugs, Healthcare and Pharmaceutical majors are under mounting pressure to develop and introduce innovative solutions and products and also to exploit the available patent protection resources for these innovations. Also, there has been a greater-than-before outsourcing to the developing regions of the world, tapping their enormous resource and market potential. For instance, there has been a significant growth in the number of Contract Research Organizations (CROs) and firms providing Contract Research And Manufacturing Services (CRAMS) in the emerging countries, thereby presenting their skill sets and experience in clinical trials for diverse therapeutic areas. This has unlocked a new prospect for Pharmaceutical and Biotechnology players to outsource most of their “additional” work to develop and nurture their core competencies and thus, maintain a competitive edge.
The Life sciences industry is now increasingly focusing on consumer digital health involving high-tech healthcare products and services and also on improved diagnostics. This will help in the development of a specific and sensitive set of biomarkers for determining disease subtypes, patient subpopulations, safety and efficacy. Companies or business units highlighting absolutely on biological pathways and proofs of mechanism are likely to flourish in the future.
The foremost challenge faced by the industry is finding and sustaining new sources of funds to maintain the existing level of R&D. Because of the recent meltdown, funding for Life sciences R&D had been ceased, wiping out gains that were made over the past decade. However, the situation now seems to be improving with the Government’s efforts in the form of provisions for tax exemptions for firms actively involved in R&D. In addition to this, another challenge faced by this industry is steering the alteration from a blockbuster drug model to more targeted or personalized treatments. This may require alterations in the current regulatory approval process and it is becoming more and more evident that developing personalized medicines will be an exceptionally costly affair, rendering it out of the common man’s reach.
Thus, with a multitude of innovations in research, manufacturing & commercialization supported by a constant increase in market demand, the complex Life sciences industry is all set to foray into a new advanced world, fulfilling its purpose of supporting and enhancing life.
This section on the Life sciences industry presents a whole range of market research reports, white papers, articles and news spanning the numerous segments and sub-segments of the industry, addressing the current trends and latest developments in the same.