Pharma and life sciences in 2024: top 11 trends

Pharma and
life sciences
in 2024:
top 11 trends

Pharma and life sciences in 2024

All roads lead to the pharmaceutical industry and life sciences: key trends, events, and challenges.

2023 was a year of Artificial Intelligence (AI) in every sense. Across pharmaceuticals and broader biomedical research, AI propelled profound paradigm shifts around what is now possible. Technologies like AlphaMissense transformed the understanding of scientific investigation, moving approaches from descriptive to predictive, and from reactive to prescriptive. Today, this computational awareness allows researchers to advance from “What can we find?” to “What can we create?”.

Interestingly enough, 2.2 million new chemical structures were discovered with the generative AI tool, GNoME, in 2023. Being equivalent to nearly 800 years of knowledge, this breakthrough is paving the way for the production of unexplored materials and technologies. This is just a drop in the ocean as other impactful events are emerging on the horizon. And, while no one can perfectly predict how things will unravel in 2024 due to the breakneck pace of innovation, we’d like to take our guess and map out key industry trends that will deserve your attention in the forthcoming year.

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2023 in a snapshot

The year 2023 brought several integral scientific achievements into the public spotlight. In particular, Katalin Karikó and Drew Weissman were awarded the Nobel Prize in Physiology or Medicine for their pioneering research that heralded the advent of mRNA vaccines. Their mRNA technology discovery on how to stabilize mRNA and to avoid triggering inflammatory responses made it possible to develop highly effective COVID-19 immunization strategies. This groundbreaking work introduced a promising new platform for medicine – using mRNA to deliver protein therapies and elicit immune responses.

Extending beyond the prevention of infectious diseases, the flexibility of mRNA vaccines proves to be a viable option for combating other difficult targets like cancer and rare genetic disorders. In the future, researchers will continue to investigate innovative applications of mRNA technology in addressing previously intractable medical challenges. Karikó and Weissman’s Nobel honor recognizes the immense impact of their foundational contributions to a transformative new therapeutic paradigm.mRNA vaccinesFigure 1. mRNA vaccines use modified messenger RNA (mRNA) to provide cells with genetic instructions for making viral proteins. The mRNA has four molecular building blocks. The Nobel Prize winners found that altering these building blocks makes the mRNA less inflammatory and more efficient at protein production in cells. Image courtesy of a Nobel Prize press release.

Vaccine development also saw another major event in 2023. In October, it was announced that 12 African countries would receive the first vaccine for the prevention of malaria. A couple of weeks later, the World Health Organization (WHO) recommended the second immunization option for children, R21/Matrix-M. This recent approval of not just one, but two malaria vaccines, represents a monumental scientific breakthrough over 50 years in the making.

The development of protection against malaria has been a long and arduous process. Scientists have been trying to create an effective inoculation since the 1960s, facing numerous setbacks along the way. This is a turning point for the eradication of a disease that claims over 500,000 lives per year, mostly children under 5 years old in sub-Saharan Africa. Although much work should be done to optimize immunization and expand their coverage, this progress delivers hope. It initiates concrete progress against a persistent and devastating threat that has extorted an unacceptable toll.

In 2023, the UK granted the first-ever regulatory approval for a CRISPR-based therapy, which embodies an essential leap forward for gene editing technology. Pioneered just a decade ago by 2020 Nobel Prize winners Emmanuelle Charpentier and Jennifer Doudna, the CRISPR-Cas9 gene editing technique has rapidly progressed from scientific curiosity to a viable treatment for previously untreatable genetic diseases. Current successes in correcting mutations demonstrate its potential to precisely edit DNA to eliminate the root causes of many inherited conditions. Interestingly enough, the UK’s approval for leveraging CRISPR to treat a rare blood disorder came months after the European Commission proposed to give a greenlight to the technology in agriculture. At the end of the year, the U.S. Food and Drug Administration (FDA) followed suit, approving a CRISPR gene editing therapy for the sickle cell disease.

Within the AI department, Google DeepMind has been experimenting to better understand the root causes of diseases. One major project focused on the identification of potentially harmful mutations in human genes. Researchers set up AlphaMissense, an adaptation of AlphaFold 2, that was designed to predict possible single amino acid changes in the 19,233 canonical human proteins. The results demonstrated 71 million missense variant predictions. Among this number, 32% turned out to be pathogenic, 11% uncertain, and 57% likely benign (see Fig. 2). The model has a 90% accuracy, which makes it one of the most precise prediction tools of this kind.Proteome-wide missense variant Figure 2. Proteome-wide missense variant effect prediction with AlphaMissense.

AlphaMissense was just one of the great endeavors illustrating the scale of AI adoption in biomedical research. In September 2023, the Chan Zuckerberg Initiative, a philanthropy venture established by Mark Zuckerberg and Priscilla Chan, announced it would work on an AI-enabled computing system for research in life sciences. The stakes are high as the project’s major goal is to uncover fresh insights that open up the way for new diagnostic capabilities, disease treatments, and personalized medicine approaches. In that sense, researchers are searching for ways to shift the field from being hypothesis-driven to increasingly data-driven frameworks thanks to more powerful abilities to detect subtle signals in exponentially growing biological datasets.

Future of pharma and life sciences in 2024: top 11 trends

The year 2024 will catalyze several pivotal industry transformations, from new AI advancements to shifts in the regulatory environment. Here’s Avenga’s take on the most crucial pharma and life sciences trends to watch out for in the foreseeable future:

1. AI-based tools will accelerate drug discovery and bring precision medicine an inch closer

We witnessed a transfixing rise of AI technologies in 2023, which will likely persist in 2024. Today, neural networks can parse countless biological data points, from genes and proteins to clinical markers, as well as identify novel disease subclasses, pinpoint genetic drivers, and predict how patients will respond to therapies based on molecular profiles. This unprecedented ability to segment populations into responders and nonresponders will spur targeted and individualized treatments. Major areas ripe for disruption across the research and development (R&D) pipeline include predictive toxicology, molecular design, target discovery, chemical synthesis, preclinical analysis, and adaptive clinical trials.

As we mentioned earlier, AlphaFold is at the forefront of drug discovery in this domain. In October 2023, Google DeepMind released its latest version which can predict the protein-ligand structures, a critical goal for the design of new molecules during drug discovery. This new capability enables AlphaFold to model how drug compounds physically dock and bind to target proteins in the body. Researchers can deploy these predictions to better grasp drug-target interactions at the molecular level, optimize the design of novel drug candidates, and speed up drug development later on.latest version of AlphaFoldFigure 3. Structure prediction of two-barrel RNA polymerase QDE-1 from the latest version of AlphaFold as per Google DeepMind.

Recent advances in Natural Language Processing (NLP) have led to the emergence of generative AI models capable of comprehending complex medical literature and patient data. Fine-tuned models like Med-PaLM and Med-PaLM 2 show great potential for parsing the vast troves of genomic and clinical data necessary for the precision medicine that analyzes a patient’s unique biology and predicts optimal interventions.

For example, a physician can input a patient’s electronic health records into a generative AI system, detailing symptoms, medical history, biopsy results, and blood work. The system can then connect this information to the latest cancer research and clinical trial data so as to identify targeted therapies matching the molecular profile of that patient’s tumor. As more patient data is added, the system can continually refine its predictive capabilities.

At the same time, generative AI will grow ever more vital for the early detection of disease onset as predictive analytics unlock new possibilities. Pattern recognition applied to multi-modal inputs from labs, wearables, and electronic health records may flag subtle initial changes portending significant illnesses. For example, as algorithms parse nonspecific symptoms crossed with risk factors, they could cue further follow-up for acute kidney injury ahead of any irreversible damage.

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2. Global healthcare agencies will keep a close eye on the future of CRISPR therapies

Within 2024, we could see further progress for CRISPR-based treatments, as additional international regulatory approvals are expected following the historic 2023 UK authorization of a CRISPR treatment known as Casgevy for the sickle cell disease and beta thalassemia. Since the UK’s approval of the CRISPR therapy was a historic first, the field remains in the early phases. Clinical trials targeting genetic drivers of various complex conditions will continue generating safety and efficacy data over the next year.

If these studies meet endpoints and demonstrate solid risk-benefit profiles, companies like CRISPR Therapeutics, Editas Medicine, or Regeneron Pharmaceuticals may approach late-stage trials and prepare other submissions seeking regulatory appraisals, albeit the difficulty to forecast timelines. Regarding the overall CRISPR genome editing market, Bloomberg predicts its increase from approximately $1.08 billion in 2021 to roughly $15.84 billion by 2028 with a CAGR of around 29.50 %. With transformative therapeutic potential and forecasts of up to 30% annual growth, the CRISPR genome editing pipeline remains one of the most closely tracked and exciting opportunities in biopharma heading into the late 2020s.

While expanded clinical translation will likely take longer than one year and reach further than 2024, steady scientific progress continues. In addition to unanswered scientific questions around the efficacy and durability of CRISPR therapies, there are growing concerns about their potential price tag. Gene treatments are notoriously costly and can come with more than a million-dollar price per treatment. And, although producers point to high R&D investments, calls are mounting to guarantee affordability and accessibility for different countries, including those with middle- and low-income economies.

3. mRNA vaccine development will scale up and cover a broader spectrum of diseases

In 2024, we are likely to see a degree of progress achieved on mRNA vaccines against a wider range of diseases, including malaria, HIV, tuberculosis, or rabies. What’s more, out of the mRNA programs targeting major infectious disease threats beyond COVID-19, the one focused on the flu may be the closest to realizing practical impact. Both seasonal influenza epidemics and unpredictable pandemics have continued inflicting substantial mortality and economic burden despite vaccination campaigns. This may be the moment of change.

The high mutation rate of the influenza virus leads to constant antigenic drift, which limits traditional vaccine efficacy. mRNA’s flexibility and speed offer an alluring solution. As circulating strains are sequenced, antigenic components can be rapidly identified and encoded into new mRNA vaccine candidates. This agility could enable continuous formulation updating and precise finetuning to match temporally dominant strains.

Contrary to the traditional immunization options that rely upon the injection of a virus’ part into the human body to trigger the response of the immune system, mRNA vaccines provide instructions for our own cells to briefly generate target proteins. This characteristic trains immune defenses to rapidly recognize these targets in future encounters with the actual pathogen. In this way, mRNA instructs human cells directly to synthesize target viral antigens, which in turn, allows for a faster ramp-up of immune protection with greater precision.

mRNA vaccines Figure 4. Mechanism of action and immune response triggered by mRNA vaccines as per a 2023 study.

A major advantage of mRNA vaccines is the incredible speed and flexibility they enable. The ability to respond quickly against evolving threats was widely used in the rapid development of highly effective COVID-19 mRNA shots. The sheer scale of their deployment in recent years is astonishing. Over 670 million vaccine doses have been administered in the US alone since the emergency authorizations amidst the COVID-19 pandemic, according to the Centers of Disease Control and Prevention (CDC). This is a meteoric rise on the global stage for a novel protection technique that was long confined to the lab. With further enhancements and cost improvements underway, mRNA looks like a promising candidate for the development of new effective therapies.

4. A growing attention to current mental health issues will drive a demand for innovative solutions

Even before the COVID-19 pandemic thrust isolation and loneliness into the spotlight, mental health disorders were already recognized as a growing crisis worldwide. In late 2023, the WHO underscored this long-simmering epidemic by declaring loneliness a global public health threat. Prior to COVID-19, over 1 billion people across the globe were estimated to be impacted by conditions like depression and anxiety.

According to The Lancet, over the years, the global number of individuals exhibiting depressive symptoms swelled 28% from 193 million to 246 million. Similarly, the prevalence of anxiety disorders rose 25% from 298 million to 374 million by 2021. As awareness and diagnosis rates continue rising in tandem, the demand for more effective treatments and support systems will likely intensify. With loneliness now formally designated a critical population health issue alongside the steady climb in reported cases, the imperative for solutions that cultivate meaningful connection and empathy could not be more urgent in the coming years.

Digital therapeutics and telehealth for mental health will see a strong demand in 2024 since numerous countries face shortages in access to quality mental healthcare. Digital solutions like chatbots, self-help apps, and online counseling can help fill these gaps. A Deloitte forecast predicts that the global digital therapeutics market will grow from $3.4 billion in 2021 to over $13 billion by 2026. As stigma declines and more people seek help online, tech that delivers therapy, psychiatric information, or peer support groups will boom.

Meanwhile, diagnosing and monitoring mental health conditions is set to improve through biomarker testing. From blood tests that analyze biomarkers linked to depression and anxiety to wearable devices tracking sleep, heart rate, or skin conductance, data-driven insights will aim to augment patient-reported and clinician observations. These metrics can reveal early warning signs and inform personalized treatment plans. Though still an emerging area, new developments are likely to appear.

One indicator that progress in the biomarker field can be made is the emergence of CRISPR‐Cas9 gene editing and iPSC‐based three‐dimensional (3D) tissue engineering. These techniques can play a crucial role in biomarker discovery, as a 2023 study reports. While investors and traditional healthcare companies see the positive impact of more objective and scalable solutions, we expect continued partnerships between tech providers and mental health experts to make precision psychiatric care a reality.

5. Rising antimicrobial resistance will fuel antibiotic research

Historically, antibiotic discovery has suffered from market disincentives and a lack of ‘glory’ compared to disease-cure research, which has hampered output over the past 50 years. However, the increase of antimicrobial resistance is fueling urgent research into new antibiotics. With common bacteria becoming resistant to standard drugs, pharmaceutical companies and researchers will be exploring novel compounds and approaches to stay ahead in this evolutionary medical arms race. Several promising new antibiotic classes have entered clinical trials, which offers hope of renewed treatment options, however, long development timelines mean resistant infections will remain a danger for years to come.

While antimicrobial resistance arises naturally, the overuse of antibiotics in medicine and agriculture has stimulated this process. Resistant strains exert selective pressure, thereby killing susceptible bacteria and allowing resistant mutations to dominate in microbial populations. Prudent antibiotic stewardship programs can curb overuse, but truly novel agents are needed to deal with the inevitable resistance. Investments are rightly flowing into early antibiotic discovery, before promising leads languish for lack of commercial potential.

Private pharmaceutical companies have little financial incentive to develop costly new antibiotics, as highlighted in an article by Nature. But, the growing global crisis and threat to public health should prompt more public research funds and subsidies. As the pipeline of effective antibiotics dries up and the threat of untreatable infections rises, governments and health groups are realizing that urgent action is vital for the greater good. More funding, incentives, and streamlined trials for fresh antibiotic prospects will likely materialize to head off an impending post-antibiotic era where common diseases and minor injuries could once again become deadly.

6. Investor enthusiasm around longevity will inspire a surge in funding and research

The veracity of investments into the extension and quality of human life is reaching new heights, which will likely lead to a surge in funding and research aimed at extending human lifespans. Over the past decade, interest in longevity science has grown rapidly among venture capitalists and deep-pocketed investors like Peter Thiel, Sam Altman, and Jeff Bezos. Many are now racing to fund companies and projects focused on everything from genetic therapies to AI-powered drug discovery platforms, all in the hopes of new breakthroughs.

This influx of funding stands to accelerate the pace of progress significantly. With more resources at their disposal, researchers will be able to pursue cutting-edge ideas, access expensive equipment and datasets, hire more support staff, and reduce the timeline for translating discoveries into therapies. Well-funded startups also have a better shot at recruiting top scientific talent away from academic labs. The level of activity and experimentation underway could expand exponentially thanks to investors that are eager to sponsor progress.

At the same time, even before the latest funding surge, steady progress against diseases was already driving up average life expectancies around the world since the turn of the 20th century. As depicted in Figure 5, the global life expectancy has risen steadily, partly due to medical advances gradually winning the battle against top mortality causes. With increased funding for efforts to cure cancer, heart disease, and other deadly conditions, experts predict average longevity could climb even more sharply in the years ahead.The fluctuations in life expectancyFigure 5. The fluctuations in life expectancy from 1770 to 2021 according to Our World in Data.

In the long run, a greater understanding of the biology of aging could have profound implications for extending human longevity. If researchers can develop therapies that directly target the underlying aging processes, rather than individual diseases, it may eventually be possible to substantially increase the healthy human lifespan. Although significant hurdles remain, a concentrated push driven by enthusiastic investors means the pace of discovery in this arena will likely continue quickening.

7. Big tech will increasingly pursue healthcare and life sciences

The tech giants have set their sights on disrupting healthcare and life sciences, and bringing their data analytics capabilities, cloud infrastructure, and AI expertise to bear on this massive sector. The year 2024 will see an acceleration of these efforts as big tech leverages its data and analytical capabilities to further pursue opportunities in an industry ripe for digital transformation.

Amazon recently unveiled a new service called Amazon HealthScribe, which exemplifies this trend. Amazon Web Services (AWS), the company’s lucrative cloud computing division, launched HealthScribe in 2023. This new medical speech-to-text service leverages AWS’s Natural Language Processing (NLP) tech to accurately transcribe physician-patient encounters. Healthcare professionals can use the transcripts to update medical records and improve care. This growth trajectory suggests that some of the big tech companies will use AI to commercialize more high-value healthcare applications.

Microsoft strengthened its healthcare foothold in 2023 by partnering with leading providers like Mercy and Teladoc Health in order to develop AI-based clinical decision-support solutions. With a variety of tools available for healthcare organizations, next year looks bright for more comprehensive deployments of AI in critical health workflows. Cloud dominance with Azure also positions Microsoft to host more health data and analytics applications.

Google health initiatives like Google Health Studies and Google Health AI have laid the groundwork for their 2024’s big push. In addition, DeepMind’s AlphaFold, which deciphers protein structures with implications for drug discovery, will exhibit tangible results. As Google’s DeepMind racks up discoveries, speculation will grow on just how transformative its AI could be for life sciences.

NVIDIA made waves in 2023 with its AI-on-demand platform BioNeMo. Launching in late 2023, BioNeMo’s advanced neural radiology AI models provide clinical decision support for physicians. Industry analysts anticipate NVIDIA further expanding BioNeMo across modalities in 2024, by leveraging its Clara healthcare application framework and partnerships with medical imaging leaders in order to expand in the market.

8. Questions around ownership and privacy of health data will come to the forefront of key industry trends

With wearable devices, mobile apps, electronic health records (EHR), and genomic testing contributing to a growing pool of digital health data, highly personal details about individuals’ well-being are being collected and analyzed. Advanced analytics, equipped with AI algorithms, can now draw conclusions and predict outcomes from aggregated population-level health data across massive datasets. This means that there is great value, but also great risk, in how this data is managed.

A key issue that will gain more attention is who has the ultimate ownership and control of patient health records. Health data is intensely personal, yet healthcare providers and insurers collect and store vast amounts of it. As patients contribute more data via wearables and home tests, they may demand more transparency and access controls. Striking the right balance between access and privacy poses numerous challenges.

There is also the question of how health data is secured and who has access to it. The sensitivity of the information heightens the need for strong safeguards against breaches, unauthorized internal access, or sharing data without permissions. Establishing clear cybersecurity protocols and limiting data sharing to essential medical personnel could help mitigate privacy risks. And, enacting protections in line with standards for medical records could provide another layer of assurance.

9. Another round of regulatory change will require adaptation and resilience from pharma

Since technological advancements are speeding up, the regulatory landscape is encountering a growing number of complex conundrums. The forthcoming wave of elections in various countries, notably in the United States, is anticipated to shape the political landscape and carry substantial implications for pharmaceutical and life science companies. Control over legislative agendas hangs in the air alongside the questions of healthcare access and drug pricing reforms. This uncertainty magnifies an already precarious environment, especially for small to mid-size biotech firms dependent on tax incentives to sustain innovation pipelines. Regulatory changes will become one of the crucial pharma industry trends in 2024.

The need for personalized medicine and targeted therapies creates pressure for regulatory systems to hasten approval processes, but also safeguard patient safety. Dynamic changes will likely lead to further reliance on real-world evidence and data collection methodologies to complement traditional clinical trials. Regulators worldwide will need to balance the demand for faster access with continued vigilance on quality and efficacy standards. Striking this balance poses bureaucratic and ethical dilemmas for the industry.

In the meantime, the global push toward environmentally sustainable policies will lead regulatory agencies to demand greater transparency and accountability. Regulators worldwide will increase scrutiny of pharma practices in order to secure alignment with sustainability goals. Multiple countries have set ambitious emissions reduction targets for 2030. This will place further pressure on the pharmaceutical supply chain and manufacturing processes, which have historically had large carbon footprints. Proactive investment in green chemistry solutions and renewable energy infrastructure will be spotlighted as the climate crisis takes on momentum.

In the grand scheme of things, the landscape grows even more complex as advanced therapeutics like gene and cell therapies emerge from research pipelines. Regenerative medicine and genetic tools introduce new scientific complexities and risk factors for the long-term perspective. Outdated approval pathways will require overhauling so as to appropriately evaluate innovations with dynamic treatment mechanisms versus static chemical compounds. Proactivity and foresight are necessary to erect the appropriate guardrails without stymying progress. With lives on the line, the pharma industry cannot afford to have regulatory systems that lag too far behind science.

10. Increased consolidation in the healthcare industry may mark a new chapter for pharmaceutical companies

Healthcare mergers and acquisitions (M&A) are heating up, with a wave of consolidations expected in 2024. A November 2023 report from the Jefferies investment bank polled 600 senior healthcare leaders, of which 68% expect the volume of deals to rise next year, as highlighted by Reuters. And, 60% believe the primary acquirers will be other healthcare and pharma giants rather than financial sponsors or big tech.

It’s important to note that decision-making power around healthcare solutions has concentrated away from individual physicians into massive integrated delivery networks (IDNs) in the US. Physicians who once drove product adoption now represent just one voice alongside executives and cross-functional committees that are tasked with population health management within these IDNs. This concentrated purchaser landscape has necessitated a new enterprise selling approach for life science companies to influence high-value contracts, all while raising the stakes for the critical scale needed to engage key accounts in the ecosystem.

A bid on system-wide drug placements has become critical amidst consolidation. As integrated delivery systems (IDSs) narrow down the buyer universe, pharma businesses face imperatives to expand the portfolios that fit protocol-driven population health goals articulated by emerging mega-networks. Effective coordination and targeting of system-wide decision-makers will shape commercial success in an increasingly centralized healthcare landscape. Furthermore, partnerships and creative contracting models will likely emerge as pharma companies strive to balance corporate returns with serving the needs of consolidated customer networks.

11. The subtleties of cybersecurity will test organizations in 2024

Experts believe that 2023 had a record number of digital attacks on companies operating in different domains. With the rising interconnectivity of medical devices and increased reliance on cloud-based platforms, the attack surface in pharmaceuticals and healthcare continues to grow. Cybersecurity will remain mission critical for organizations in 2024.

As a Gartner report highlights, the majority of healthcare organizations consider IT security to be the top priority for 2024 (see Fig. 6). This is mainly due to the highly sensitive nature of patient data and the potential impacts of data breaches, ransomware attacks, or system outages on patient care. Healthcare providers will need to continue investing in technologies like data encryption, access controls, network segmentation, anti-malware solutions, and robust backup systems.Investment priorities of healthcareFigure 6. Investment priorities of healthcare organizations in 2024 according to Gartner.

Key focus areas include implementing robust access controls, encrypting data, training employees on security protocols, and crafting an incident response plan. Healthcare systems will also need to guarantee that medical devices like MRI machines and X-ray systems are secured and receive regular software updates. As the healthcare industry continues to adopt new technologies like telemedicine and remote patient monitoring, security has to be embedded into these innovations from the start.

On the radar: other industry trends gathering pace

Women’s health

The tide is turning for innovation and advancement in the historically overlooked field of women’s health. As we gain a broader understanding of physiological intricacies through new research, we edge closer to filling substantial gaps in medical knowledge that have led to inadequate healthcare for women. Amazon’s chief technology officer Werner Vogels foresees rapid growth in precision medical technology specifically tailored to improve detection, diagnosis, and treatment of health conditions that affect women.

Focus on preventive health and wellness

Preventive health and proactive wellness are expected to attract significant attention in healthcare over the coming years. As costs continue rising as well as populations’ age, there will be more emphasis on maintaining good health and preventing disease rather than relying solely on diagnosis and treatment. This shift could reshape healthcare systems and result in new technological developments.

How trying times inspire innovation: what’s next for the pharmaceutical industry

With the onset of 2024, a few pressing questions are emerging. Will AI and data synergies set landmarks in understanding diseases? And, can progress stay tethered to human values as capacities expand? As computational power and health data volumes explode, disease insights, once unthinkable, are coming within reach. AI-enabled drug discovery and precision diagnostics can accelerate treatments, but also widen gaps if accessibility stalls. Hence, technology partnerships are crucial amidst healthcare’s technological transformations to align capabilities with patient-centered values of equitable and affordable access.

Multi-sector collaborations that combine the strengths of healthcare institutions, tech innovators, patient communities, and policy groups will be vital to nurturing trust. Partnerships can spur the responsible development of AI clinical tools and embed ethical thinking early on in the journey. What’s more, cross-industry corporations are able to set up a pool of resources and knowledge to tackle multidimensional challenges. They can help align developer priorities with clinical needs as well as regulatory standards around privacy and accountability.

Contemplating the future of the industry in 2024

Contemplating the various technology adoption scenarios in pharma and life sciences for 2024 is key. Doing so prepares businesses for profound scientific breakthroughs that could unravel new ways of exploring biological mechanisms and lead to personalized interventions. This kind of thinking puts you in the driver’s seat for the ups, downs, and tough decisions as the digital transformation in the industry speeds up in 2024. Industry leaders who can nimbly react to these turbulent crosswinds will propel their companies into a new era of health and biotech.

Get off on the right foot with innovation. Build a reliable partnership with Avenga to future-proof your organization and bring long-term resilience: contact us.

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