What do life science companies actually do?

What do life science companies actually do?

02.08.2021

Better, more innovative, more targeted and more advanced – these are all typical keywords of companies that are continuously developing new products. This development affects both start-ups and already developed (large) corporations. Between new technologies and application areas, the keyword life sciences comes up repeatedly. But what exactly are life sciences and what makes a company an innovative life science company?

What does life science actually mean?

Life sciences are a combination of interdisciplinary research fields. This includes companies in biotechnology, medical technology and pharmacy – quite broadly diversified, in other words. Areas of application in which life science companies are active include artificial intelligence, biosensor technology, skin scanning, lasik, patient monitoring and many more. We at XO Life have created an innovative, interactive, multidimensional communications platform for patient insights into therapies, which means that we can also be counted among the life science companies in medical technology (med-tech). Since patient monitoring, among other fields, is part of medical technology, the question arises as to what else is being developed in the field of medical technology in the life sciences sector.

Life science companies in med-tech:

The med-tech side of the industry is often narrowed down to the development of new devices and technologies driven by the increasingly complex needs of patients, doctors, pharmacists and the pharmaceutical industry. 

> Why medicine as a whole is becoming increasingly complex can be read here in our blog covering precision medicine. <

Typical research and development fields of life science companies are the development of instruments to diagnose, prevent, monitor and treat medical conditions. Such medical devices are either virtual or physical in nature, i. e., they can be a machine, an implant or software.

Life Science Analytics

One example for software is the category Life Science Analytics. Here, companies that specialise in the collection, analysis and utilisation of medical data are primarily engaged. Cost reductions in the health care system, improvement of therapy results 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 bn by 2030.“[1]                                             (compared to 2019, $7.57 bn)

In addition to many start-ups like XO Life, leading tech giants are increasingly entering the life sciences sector to redefine healthcare. So far, however, none of these companies has focused more intensively on the patient side. XO Life picks up on this trend and aims to make patient demands more accessible to life science companies so that patients receive the best possible therapy. By collecting and analysing millions of patient information, we thus create resilient real-world-evidence, i.e., real evidence directly from real care, to redefine healthcare and equip it for the future.

What is the future of life sciences?

First steps in the right direction have already been taken. First start-ups with enormous potential – such as XO Life – are already working intensively on the proper development and delivery of new technologies, while large tech corporations are also advancing into the industry alongside large pharmaceutical and healthcare companies. As a result, better tools and processes are being developed faster than ever to bring all stakeholders, i.e., pharmaceutical companies, doctors and pharmacists, closer to the needs of their customers and patients.[2] Accordingly, real-world-evidence through patient insights, such as those provided by XO Life, are perfectly suited for this purpose.

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/

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