Predictions for Life Science in 2023

Looking ahead to 2023 is a daunting prospect, especially after the life science industry experienced so much upheaval and turmoil during 2022. However, the are some early predictors that we can use to get a sense of what to expect – check out our predictions now and start preparing to make 2023 a good year for your company.

Financial Strain Will Continue for Life Science Firms

It’s probably not much of a shock to learn than finance is going to be a challenge for many life science firms in 2023. The threat of recession means that projects are being halted and cancelled, candidates are moving around to find the safest jobs and some firms are facing the prospect of being put out of business. However, with careful and realistic planning, it is possible for companies to get through these tough times as the economy tries to recover from problems it faces at home and abroad.

New Innovations Will Develop Technological Responses to Medical Care

AI and other tech wearables have been a hot commodity in the world for the last few years and they are predicted to become a huge feature in life science work, especially health care. From supporting better health monitoring to providing support with delivering a cost-effective and efficient model, AI is set to revolutionize firms. However, it’s not predicted to take over many of the roles that are currently completed by humans, instead working in collaboration to enhance productivity and business outcomes.

Increased Use of Real-World Data & Evidence

Life science experts are realizing the key between real world data and getting drugs approved quicker than ever before. Real world data gives the drug development companies access to information on how different drugs are used and how well they work for individuals so that new treatment approaches and drug trials can be used for stronger outcomes. Real world data and evidence is also being used to support financial concerns and promises to support companies to boost their earning potential – a factor that could help to keep life science businesses afloat.

Growing Use of the Cloud to Improve Life Science Functions

Cloud-based technology has taken the world by storm, but life science companies have failed to keep up with these advances and struggled to leverage to their advantage. This is set to change in 2023 as more life science companies switch to cloud-based models and use them to help create suitable automation tasks, perform data analytics, and offer scalability that can support nearly every business capability. The wonderful thing about cloud-based solutions is that the cost of introducing them to the workplace is typically offset by the savings that are made, helping life science firms to thrive in tougher circumstances.

Preparing for 2023 with Confidence

With so many predictions offering insights into what 2023 may hold, now is a suitable time to start to prepare your firm for a bumpy road ahead. If you need advice or support about recruiting and retaining the right people for 2023 then GeneCoda® is here to help – get in touch with our team and let us help you move your firm forward in the new year.