Are we about to enter a new golden age of innovation in the life sciences industry? According to a September 2022 report from Goldman Sachs we are. The authors of the report say, “As macro-trends drive demand for better healthcare, we believe that innovations in tools, technologies, and processes for treating disease, combined with a supportive regulatory environment, has created a golden age for LS that will enable faster, better innovation globally. While significant advancements have been made in recent years, we believe we are still in the early stages of a multi-decade era of unprecedented growth.”
As they note, policies introduced by the FDA (such as Priority Review, Fast Track Designation, Accelerated Approval, Breakthrough Therapy Designation, etc.) in combination with new AI tools being used in drug discovery is making the drug development process a little quicker, cheaper, and more efficient. Big pharma companies are also open to more partnerships rather than focusing on developing all of their products in house. These factors and others should ultimately help the industry get more innovative therapies to market faster than ever before. In fact, we have already seen annual FDA approvals double in the decade from 2010 to 2020.
What can we expect from this golden age of innovation? Further, how else can industry partners help to ensure innovative therapies get to the patients that need them? Our annual Innovations Issue provides insight into both of those aspects. For 11 years, this issue has served as a crucial guide into various areas across development, commercialization, marketing, and more. From hundreds of submissions, we pick the most innovative in the following categories:
- Companies (any organization developing new ways to push the industry forward)
- Divisions (new sectors formed to address a particular problem facing the industry)
- Startups (companies less than five years old pioneering new avenues in healthcare and the life sciences)
- Products (software, apps, programs, and anything else designed to improve how those working in the industry do their jobs)
- Services (compelling offerings that help the industry tackle new challenges)
- Strategies (never-before-tried approaches that are changing how the industry operates)
Among these selections you will find companies advancing the science of future RNA therapies, using AI to revamp cancer diagnostics, and developing technology that makes health monitoring contactless. You will also find strategies and offerings that can help market new products, solve reimbursement issues, improve clinical trials for patients and caregivers, and much more. Hopefully, these companies, partners, and offerings will help make our industry’s next golden age of innovation a reality.