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EMERGING TRENDS IN BIOTECHNOLOGY THAT WILL SET THE PACE FOR THE INDUSTRY

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EMERGING TRENDS IN BIOTECHNOLOGY THAT WILL SET THE PACE FOR THE INDUSTRY

Biotech is the backbone of multiple industrial sectors and makes a significant contribution to the advancements. It is known as one of the emerging areas in science and technology having great potential with a wide assortment of applications in agriculture, process industry, healthcare and service sectors. The range of apps in biotech is vast and almost all fields of life sciences are incorporated under the industry.

Its broad range of high-tech applications is playing a vital role in enhancing the market competitiveness, taking economic growth on high and enhancing the welfare of citizens. Biotech has also become the driving force of radical changes in innovation processes in different sectors.

The increasing productivity of healthcare has cut ravelling and waiting time, and presented digital diagnostics tools too and makes physical examinations possible from a distance. The emerging new funding allows companies to give commissions for outcomes for a defined number of patient’s population, from vertically integrated accountable care organizations in every healthy economy. Digital parenting and other technological innovations have brought great advancements in the industry. Here is the list of some important trends in biotechnology that we should expect to see in 2020;

Partnership and Collaborations among New Scrutiny

A lot of pharmaceutical companies are collaborating with stakeholders earlier in the research and development cycle and access the best research and development for their research. These companies have prioritized the most valuable legacy and new R&D data sources, and have adopted the operating model to exploit these efficiently. This year, R&D will get newer boundaries; it will be networked, built across academic and other partnerships. Here, the focus is to understand disease biology and genetics, current standards, cost of care, and the pathways of treatment.

Well-grown Innovations in the Industry

The biotech industry is flourishing amazingly with government support, a range of investment and an eager graduate workforce. Today, over half of the biotech start-ups are involved in medical segments like drugs, medical devices, and diagnostics, 14% in agricultural biotechnology, 3% in bio-industry, 18% in biotechnology services and 1% in bioinformatics. Accessibility of funding is one of the major growing factors. The consumer demand goes hand-in-hand to advancements that introduce ideas to generate and implement.

Opportunities for Micro-fluidics in Biotech

Interest in micro-fluidic technologies has been brought by concomitant developments in different segments like proteomics, high-throughput screening, diagnostics, genomics and recognized need to perform rapid and excellent experiments on small-sample volumes. Present-day, the relevance of micro-fluidics in these fields is important and characterized by a variety of features that accompany system miniaturization.

Clinical Testing and Drug Regularisations

This is the era of investigator-led clinical trials in which clinical trial sites are completely replaced by local clinics, remote monitoring, and virtual clinical visit have brought noticeable reduction in clinical trials cost, and the generation of more meaningful data with continuous monitoring. Now patients look for trials to participate in forcing pharmaceutical companies to compete for patients mainly in well-characterized, small patient group trials. Regulators now feel okay in step-wise launches and work for safety, quality, and efficacy of life. Huge data analysis is fully integrated presently with the research process. Regulators have tackled the changing needs for trials, creating a new standard beyond Randomised Control Trials.

Intellectual Property and Legal Growth

Building on the regulatory frameworks from the 2000s, recently launched rules now motivate advancements through a convergence of science and technology. The major regulatory agencies have adapted to new realities as disruptive technologies challenge the traditional methods and processes used to assess the safety, efficacy, and quality of prescribed medications. Biotech is a unique industry where technology advances at a rapid pace but returns on investments may be slow. And that is why public research organizations and companies need to protect the innovation that they generate with intellectual property rights. It brings a basis for return on investment in R&D by granting monopoly rights for a certain period to their owners. 

Advanced Business Models in Flourishing Markets in 2020

While the traditional pharmacy market in the US, Japan, and Western Europe have been the main markets for drug companies for a long time, new markets need new business models are gaining pace. Now the focus on India, China, Russia, and Brazil is being challenged by the latest emerging markets. These are offering an even bigger surprise, incubating new business models on leading on the development of new drugs. The biotech industry has responded to different healthcare delivery models being adopted by multiple countries and is addressing their strategies. The focus of the industry is on affordability, outcomes, and access with an emphasis on local and being more than just a pill. Companies have invested in local talent development initiatives that are paying them more dividends.

These are emerging trends that will reshape the biotech industry. These innovations rightly depict that biotechnology remains as a vital part of the society as it works towards their wellbeing and providing a better life to the future generations.

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