This week we highlight the emergence of Denmark as a major life sciences hub in Europe and the impact of technology on patients, as well as awareness-building on clinical trials. We also look at growth of the life sciences industry in Utah and new legislation in Europe that some say will decrease innovation. Additionally, we explore the balance between the integration of technology in clinical trials and the need for interaction between providers and patients.
Each week we highlight five things affecting the life sciences industry. Here’s the latest.
Denmark emerging as a major life sciences hub in Europe
A combination of government and private support has significantly bolstered life sciences in Denmark, making the country one of the European hubs for the industry, according to VNature. Several major universities have also contributed to this increase in activity, particularly in the biotech sector. The country has enacted several policies to encourage clinical trials and foster collaboration between the health care system and the research and development community. Additionally, the country has seen major increases in spending from the federal government, as well as large pharmaceutical companies, which has also led to additional research and development activity, particularly in the area of clinical trials.
Many are still unaware of the prevalence of clinical trials, but can technology change that?
The majority of the general public has limited understanding of the drug development process unless they have previously been in a situation where the only treatment available is a drug that is undergoing clinical trials. However, according to Clinical Trials Arena, there is a new public interest in engaging with clinical research. Regulatory agencies are promoting patient-centric clinical trials, with a focus on decentralized models, and increased diversity among patients. Technology-driven recruitment models, like using artificial intelligence, offer new opportunities, but maintaining accurate and appropriate information is a challenge.
Utah is one of the fastest growing life sciences markets in the country
BioHive, a nonprofit life sciences organization, and BioUtah, the state’s life sciences trade association, have jointly released an economic impact report revealing over $500 million in net positive fiscal contributions to Utah’s economy. The report highlights Utah’s rapidly growing life sciences industry, which is supported by collaboration between industry, academia, government and health care. The sector, offering high wages and strong job growth, includes research, testing, medical devices, biotech, therapeutics, and pharmaceuticals, and contributes significantly to employment, earnings and the state’s gross domestic product.
New legislation in the EU could lead to decreased investment in the European pharmaceutical industry
The European Commission’s proposed pharmaceutical rules overhaul could lead to a 21% share in global research and development in Europe by 2040, causing a loss of 2 billion euros ($2.15 billion) in annual investment, warns the European Federation of Pharmaceutical Industries and Associations. According to Reuters, the organization has asserted the Commission’s lack of a competitiveness impact assessment could accelerate the negative innovation trend in the EU, with small and medium-sized enterprises being the most affected. The proposed changes include shortening patent durations for new medicines to reduce costs, but industry leaders have expressed concerns about the potential impact on profitability and investment.
Balancing the use of technology in clinical trials and ensuring the need for provider patient interaction
The integration of digital technology in health care is transforming clinical trials and patient engagement, according to clinical leader. The focus is shifting towards human-centric design, with patient experiences and voices being prioritized in clinical trial development and implementation. To overcome challenges in clinical trials, digital innovations are being used to gather real-world data, increase diversity in participant recruitment, and foster collaboration between patients and scientists. This approach aims to create a more patient-centric and holistic health care system that balances scientific expertise with individual patient needs.
For more insights in life sciences, check out RSM’s industry outlook.
