During the twentieth century, especially in the second half, the provision of health care to people changed considerably because of scientific and technological advances. Previously, medical practice was limited and little differentiated from other professions; In fact, barbers often acted as surgeons or dentists. During the 1900s, most countries made major advances in the areas of sanitation, nutrition, immunization, surgery, drugs, and medical devices. At the same time, specialized institutions (hospitals and clinics) and trained health specialists (doctors, nurses, dentists, etc.) have increased considerably, as has the availability of useful tools (such as medicines, diagnostic products, and medical equipment). As a result of all these advances, life expectancy has risen sharply in many countries. At the end of the 20th century, economically developed countries typically spent about 10% of their GDP on health care, which tended to increase year by year. On the other hand, the least developed countries were and still are rarely able to spend even this much smaller proportion of their income. Thus, an important sector, including for-profit companies, charities, and government-funded organizations, has grown under this banner of health and is commonly referred to as today as the life sciences industry.
The Diversity Of The Industry
The life sciences market includes thousands of products, ranging from advanced instruments to standard laboratory chemicals. In trying to define the life sciences industry, particularly such a large and diversified market, it is difficult to define the boundaries of adjacent markets and to define where one product category ends and another begins. Such an analysis, always subjective and subject to interpretation, is further complicated by the need to compromise between the size of the market and the depth of products to be considered in each category. Thus, one can define the life sciences industry as encompassing companies in the fields of biotechnology, pharmaceuticals, biomedical technologies, life system technologies, nutraceuticals, cosmeceuticals, food processing, biotechnology and environment, biomedical devices, and stage organizations for research, development, technology transfer, and commercialization.
The State Of The Industry Today
The life sciences industry holds many opportunities, driven by significant growth. In its latest annual report on the life sciences sector, Deloitte reported that the global pharmaceuticals, biotechnology, and life sciences industry generated a compound annual growth rate of 6.7%, a time when most other sectors of the economy were in decline. But entering the life sciences market can be a non-trivial challenge. Pharmaceutical and medical equipment companies must provide effective treatments for a wide range of health problems while maintaining high product quality and controlling costs to remain competitive. The life sciences sector is also undergoing major changes and is subject to strict regulatory requirements. We are seeing significant mergers and acquisitions and divestitures that require flexible business and IT strategies. Life science companies need to adapt to the latest technological advances and focus on modernizing their existing systems and processes to navigate these changes and take advantage of the opportunities available to them. To differentiate their products and services from the current economic climate, life sciences companies need to consider taking advantage of new technologies, including the cloud, mobility, the Internet of Things, big data, and analytics.