What do life science companies actually do?

Ever better, more innovative, more targeted and more advanced — these are all typical keywords of companies that are constantly developing new products. This development affects both start-ups and already developed (large) corporations. The term life sciences is repeatedly used between all these new technologies and areas of application. What exactly are life sciences and what makes a company an innovative life science company?

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What does life science actually mean?

Life sciences, i.e. life sciences, are a combination of interdisciplinary research fields. These include biotechnology, medical technology and pharmaceutical companies — in other words, quite diverse. Areas of application in which life science companies are active include artificial intelligence, biosensors, skin scanning, LASIK, patient monitoring and many more. At XO Life, we have created an innovative, interactive, multi-dimensional communication platform for patient insights into therapies, which means that we too can be counted among the life science companies in medical technology. Since patient monitoring, among other things, is part of medical technology, the question now naturally arises as to what else is being developed in medical technology in the field of life sciences.

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Life science medical technology companies:

The side of medical technology is often limited to the development of new devices and technologies that are driven by the increasingly complex needs of patients, doctors, pharmacists and the pharmaceutical industry.

Typical fields of research and development for life science companies include the development of tools for diagnosing, preventing, monitoring and treating medical conditions. Such medical devices are either virtual or physical in nature and can therefore be, for example, a machine, an implant, or software.

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Life science analytics

One example of software is the Life Science Analytics category. Companies that specialize in the collection, analysis and utilization of medical data operate here primarily. Reducing healthcare costs, improving treatment outcomes and 24/7 access to health information are the three main drivers of this sector.

“By the way, the global life science analytics market is expected to be worth $18.12 billion by 2030.”^[1] (see 2019, it weighed $7.57 billion)

In addition to many start-ups such as XO Life, leading tech giants and the life sciences sector are increasingly flocking to redefine healthcare. To date, however, none of these companies has focused more intensively on the patient side. XO Life picks up on this trend and has set itself the goal of making patient needs more accessible to life science companies so that patients receive the best possible treatment. By collecting and evaluating millions of patient information, we create reliable real-world evidence, i.e. real evidence directly from real care, in order to redefine healthcare and prepare it for the future.

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What is the future of life sciences?

The first steps in the right direction have already been taken. The first start-ups with enormous potential — such as XO Life — are already working intensively on the correct development and delivery of new technologies, while in addition to large pharmaceutical and healthcare companies, large tech companies are also entering the industry. As a result, better tools and processes are being developed ever faster to bring the needs of their customers and patients closer to all stakeholders, i.e. pharmaceutical companies, doctors and pharmacists.^[2] Real-world evidence through patient insights, as provided by XO Life, is therefore perfect for this.

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sources:

^[1] Precedence Research. 2021. Life Science Analytics Market to Garner Growth 8.25% by 2030. https://www.globenewswire.com/news-release/2021/02/11/2174352/0/en/Life-Science-Analytics-Market-to-Garner-Growth-8-25-by-2030.html

^[2] Shalini Sharad. n.d. PharmD. The Role of Analytics in the Life Sciences Industry. https://www.wipro.com/pharmaceutical-and-life-sciences/the-role-of-analytics-in-the-life-sciences-industry/