2024 industry outlook
Life sciences
Life sciences organizations have grappled with defining “normal” following the pandemic—but in 2024, there's the opportunity to turn incredible possibilities into reality. Explore the upcoming trends in Slalom's 2024 life sciences industry outlook.
The inevitable impact of AI and machine learning
Going back to basics to advance digital health
Expedited and higher quality trials
Realizing the future of sales and experience
Enabling an optimized, efficient supply chain
Increased health equity
Rising M&A deal diversity
Personalized medicine and biotech
Taking action in 2024
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Nearly four years after the onset of the COVID-19 pandemic, the life sciences (LS) industry is on the precipice of change and opportunity.
Organizations have grappled with defining and enabling normal, with an eye on modernization to drive improved patient outcomes and maintain competitive advantage. Generative AI (GenAI) and other cutting-edge technologies have tested the boundaries of the industry’s adaptability and appetite for change, while increased patient demand for tailored experiences and treatments challenges regulatory bodies, strains resources, and narrows the gap between patients and LS brands.
As we considered the trends that await us in 2024 and beyond, several themes rose to the surface. After the flurry of industry and media activity around GenAI in early 2023, LS organizations now face the challenge of turning any of the many incredible possibilities into reality. In a space that has historically been a technological laggard, the challenges to meet both patient expectations and market demands for innovation are significant.
So, how can LS organizations thrive through the challenges to rise above—for their patients, healthcare providers (HCPs), and business stakeholders alike? Our research and decades of combined expertise in the industry suggest the following:
Focus on foundations. From investing in the data governance infrastructure to enable cutting-edge AI applications to returning to the basics of measurable clinical and financial value for digital health investments, strengthening foundations will help set you up for success. Only if we start from a place of reliability and strength can we realize the potential of the latest innovations throughout the LS value chain.
Embrace experience personalization. Patients and HCPs alike demand a higher degree of customization in their end-to-end journey, and they’re expecting accountability from LS organizations. A strong data foundation can support everything from speeding clinical trials to enabling true omnichannel personalization of customer experiences.
Invest in innovation. From diverse mergers and acquisitions (M&A) deal structures to next-generation therapies, the future of this industry lies in innovation. The challenge to evolve treatment and patient impact despite regulatory hurdles has not abated, but more tools than ever are available to propel us forward
Focus on health equity. At its core, the LS industry supports increased longevity and improved quality of life for all. As access to data and the tools to efficiently analyze and apply it enables organizations to better understand where and how existing systems are failing, we are all responsible for identifying and deploying strategies to achieve health equity—globally.
In this outlook, we detail eight trends for the industry through which the above themes are prevalent. You can navigate directly to each via the following links. We look forward to hearing your thoughts about what lies ahead for life sciences in 2024 and beyond—find a simple form after the conclusion to get in touch.
Expedited and higher-quality clinical trials
Growing demand for personalized medicine and biotech
Introduction by Johanna DeYoung
