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The Prescription for Life Sciences Is Complicated
With the cost of developing new products rising and regulatory oversight increasing, profit margins are shrinking for life sciences companies. In response, they are investing in digital technologies to reduce costs and shorten development cycles. They are also pursuing acquisitions and investments in specialized companies to strengthen their technological capabilities specifically in the R&D and clinical trials phase of the value chain. As this requires a strong integration of domain and technological expertise, life sciences companies are collaborating with service providers in their digital transformation journey. These emerging trends are covered in Avasant’s Life Sciences Digital Services 2022–2023 RadarView™.