By Alok Tayi, Ph.D.
The life sciences industry is responsible for the discovery, development, and commercialization of new medicines to treat disease. Over the past 20 years, the discipline has undergone massive changes. These changes are numerous, however, we believe, are rooted in three specific transitions: i) the transition from on-premise to cloud computing, ii) new modalities, like gene editing and cell therapies, that are disrupting conventional small molecule medicines, and iii) a new operating model which relies heavily on collaboration and external data.
This new mode of drug development has created new challenges for those pursuing cures for disease. These numerous challenges range from managing the diversity of data in science to ensuring proper security given the number of external parties involved. Further, as in any industry, when a tectonic shift occurs, new software and partners emerge to meet the needs of the new world order. The life sciences industry is no different.
In this light, three key ways that business can serve the dynamic needs of modern drug development are: