Life Sciences: A Bold New Frontier for Technology

By Samuel Greengard
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    Digital Means $$$

    Digital Means $$$

    Through digital adoption, health care and life sciences organizations could generate up to $4.6 billion in revenue and as much as $5.2 billion in savings over five years.

The health care and life sciences industry is undergoing radical change as a result of technology. Not only are the organizations that are competing in this space upgrading and updating IT systems to better match today's requirements, they're also unleashing a spate of new technologies that will likely revolutionize medicine. A recently released report from Accenture Life Sciences, "Capturing the $100 billion opportunity for Life Sciences: Are you a digital transformer or follower?", estimates that digital disruption has the potential to unlock more than $100 billion in commercial value over a five-year span. More importantly, the consulting firm says that it's not a question of whether value will be created, but rather who will capture market share and profits. While opportunities abound, the beneficiaries may come from nontraditional sources, including consumer products providers, technology firms and communications companies. Success depends on a number of key factors and what it takes to become a digital transformer. "Digital transformers in life sciences recognize that the days of slow and steady evolution in the industry are over," the report states. "Many industries that once measured change in decades now experience digital disruptions that shift the landscape over a period of a few years, or even faster." Here's a look at what to expect in this dynamic industry.

This article was originally published on 2015-04-28
Samuel Greengard writes about business and technology for Baseline, CIO Insight and other publications. His most recent book is The Internet of Things (MIT Press, 2015).
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