NetZealous LLC Services in the Life Sciences Industry

The life sciences industry in the US is at a kind of crossroads today. It is considered an independent industry, but its workings and dynamics have to take into consideration industries that make up the components of the life sciences industry, such as pharmaceuticals, biotechnology, healthcare and medical devices or medical technology.

Assessments and calculations of the life sciences industry are made in collation with these industries. The many challenges and changes that take place in these industries have to all be studied before coming to any meaningful conclusions. Most of these industries are intertwined to each other, as a result of which any analysis of the life sciences industry is comprehensive and rounded.

It has to also be noted that the industries that are considered a part of the life sciences industry have their unique challenges and issues based on the geographies in which they are based.

Global trends for the industry and for the US

The life sciences industry has been growing steadily globally. Deloitte estimated that the global growth of the life sciences industry was a little over five percent, a figure it is expected to maintain till at least 2018. That is, this was the percentage at which the world’s spending on healthcare grew in 2015 from the previous year.

This is a mixed bag when it comes to the geographies in which this spend was observed. At very close to the five percent mark, North America’s position was third in this list, ahead of South America and Western Europe, and lower than that of Asia, Middle East and Africa.

The size of the pharma market makes up the lion’s share of the life sciences industry, taking up $1.23 trillion of the total global life sciences market of $1.883 trillion for 2014, or about two thirds of the entire market. Medical technology was a $364 billion market, while biotechnology’s size was $289 billion.

Prominent challenges for the life sciences industry in the US

As of the end of 2015, the life sciences industry, as it exists in the US, faced these major challenges:

Changes in the market conditions

The market situation for the life sciences industry is going through a churn at this point of time. The most important change for the American life sciences industry is the change in emphasis from delivery to value. Patients are no longer content with just provision of services. They look for value added services.

This has forced players in the life sciences industry to alter their outlook towards services delivery. They now have to conceive newer and innovative methods in healthcare delivery.

As a result, there has been a major rejig of the market forces, with smaller companies in the life sciences industry being bought over or acquired by bigger ones, resulting in a state of flux in the consolidation of the industry.

Impact of healthcare reforms

The Affordable Care Act (ACA) is considered among legislations with the most far-reaching changes to the American healthcare sector. Its provisions play out for years to come. One of the immediate impacts of the passage of Obamacare, as the ACA is also known, is that it brings millions of uninsured Americans into the healthcare net.

The industry has to absorb the cost of providing healthcare to these millions. In the process of doing this, it is sure to go through earthshaking changes of a nature or on a scale not imagined earlier.

Staying compliant with regulation

Regulatory compliance is a challenge for any industry. It is all the more so for the life sciences industry, in which the industries that are part of are subject to some of the harshest regulatory requirements. Staying compliant with regulatory requirements is accepted to be the surest means to ensuring that not only products and services safe; but that it also makes great business sense.

The benevolence of the requirements notwithstanding; the process of adhering to regulatory expectations is daunting for the life sciences industry. It has to grapple with not only the existing regulatory framework, but has to also tune itself to the upcoming ones.

Pressures on pricing of products

This has become a major challenge for the life sciences industry, especially pharmaceuticals, because along with the emphasis on valued added care, another major pressure for the life sciences industry, especially pharmaceuticals, is that of pricing. All over the world, there has been a predilection towards generic drugs.

This has dealt heavy pressure on branded pharmaceutical products, whose manufacturers are now forced to adapt what they see as the most optimal means for keeping prices low in order to compete with generic drugs. Many well established pharmaceutical companies have been selling generic drugs of the same molecules for which they also sell branded drugs. Such is the pressure they are under to survive in his highly competitive market.

Advent of new technologies and devices

Any new technology is sure to bring about disruptive changes. The area of life sciences cannot be and different. New technologies such as cloud storage and the rapid rise of handheld medical devices and the social media as a means of sharing information have caused a major shakeup in the industry.

The full effects of these changes will be unfolded in the future, but as of now, on account of these changes; the life sciences industry is now in a state of uncertainty and flux.

NetZealous LLC has the right thinking and grasp of the challenges and prospects of the life sciences industry in the US and the world. As a supplier of vital professional trainings that help the life sciences industry meet its challenges and supplies updates of the latest happenings and knowledge to professionals who work in the industry

NetZealous LLC is a premier, preferred provider of relevant, meaningful and flexible regulatory trainings for the life sciences industry. Professionals in the life sciences industry benefit in a big manner from NetZealous LLC’s professional trainings.

NetZealous LLC offers professional trainings in all the areas of life sciences. These include:

• Medical devices• Clinical trials• Quality• Pharmaceuticals• Healthcare• Biologics

• Biotechnology• HIPAA• HITECH • DEA due diligence• Clinical management• Risk analysis and risk

assessment, etc.

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