Digital transformation improves remote interactions with patients, streamlines research and analytics, ISG Provider Lens™ report says
STAMFORD, Conn.--(BUSINESS WIRE)--Technologies that enable decentralized clinical trials and other new practices are transforming the global life sciences industry, according to a new research report published today by Information Services Group (ISG) (Nasdaq: NASDAQ:III), a leading global technology research and advisory firm.
The 2024 ISG Provider Lens™ global Life Sciences Digital Services report finds that enterprises are recognizing the limitations of traditional, centralized trials that require ongoing in-person visits by patients. Digital technologies now make it possible to remotely recruit patients, obtain their consent, monitor their health and collect data.
Interest in decentralized trials is soaring, said Jenn Stein, ISG partner and life sciences industry lead. Pharmaceutical companies and research organizations are studying and embracing new methodologies to better evaluate treatments.
The convergence of recent innovations in telemedicine, wearable devices, mobile applications and electronic health records has kickstarted this trend by enabling seamless remote interactions between patients and investigators, the report says. However, organizations are still working through challenges around data privacy, security, regulatory compliance and integration with existing trial infrastructure and workflows.
AR and VR systems are becoming widely available for life sciences, and enterprises are introducing them to make it easier for patients to participate in decentralized trials, ISG says. Personalized patient engagement and training with these tools enhance comprehension and adherence to trial protocols. Organizations are also using AR and VR for more intuitive data visualization to analyze and interpret trial results.
Enterprises and vendors are also innovating to provide more patient-centric research, trials and treatment outcomes, the report says. Getting patients involved in drug development and care delivery is a growing priority, and patient-reported outcomes are beginning to shape research and trials. Pharmaceutical companies, researchers and healthcare providers are collaborating with patients and communities to make sure products and services meet their needs.
Organizations are using AI, automation and natural language processing (NLP) to change the way they conduct pharmacovigilance and regulatory compliance, ISG says. Automation is streamlining processes such as case intake and adverse event reporting, and AI algorithms let companies quickly analyze data, identify risks and respond to new regulations. Generative AI (GenAI) is the latest must-have technology.
There is a race to use GenAI to improve research and trials, said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. Every company wants GenAI tools in its portfolio.
The report also explores other trends in the life sciences industry, including the rising importance of supply chain management and collaborative approaches to regulation.
For more insights into the challenges faced by life sciences organizations, including compliance with changing regulations and integration between new and legacy technologies, plus ISG's advice on overcoming these, see the ISG Provider Lens™ Focal Points briefing here.
The 2024 ISG Provider Lens™ global Life Sciences Digital Services report evaluates the capabilities of 39 providers across five quadrants: Clinical Development, Patient Engagement, Manufacturing Supply Chain, Pharmacovigilance and Regulatory Affairs " Digital Evolution, and Commercial Operations " Digital Evolution.
The report names Accenture (NYSE:ACN), Capgemini, Cognizant (NASDAQ:CTSH), Deloitte, HCLTech, Infosys (NS:INFY) and TCS as Leaders in all five quadrants. It names Wipro (NYSE:WIT) as a Leader in four quadrants and PPD (NASDAQ:PPD) as a Leader in three. Genpact (NYSE:G), Hexaware and Tech Mahindra are named as Leaders in two quadrants each, and Indegene, IQVIA and LTIMindtree (NS:LTIM) are named as leaders in one quadrant each.
In addition, Tech Mahindra is named as a Rising Star " a company with a promising portfolio and high future potential by ISG's definition " in two quadrants. Hexaware, Indegene and Persistent Systems are named as Rising Stars in one quadrant each.
In the area of customer experience, Cognizant is named the global ISG CX Star Performer for 2024 among life sciences digital services providers. Cognizant earned the highest customer satisfaction scores in ISG's Voice of the Customer survey, part of the ISG Star of Excellence™ program, the premier quality recognition for the technology and business services industry.
Customized versions of the report are available from BeyondSoft, PPD and Tech Mahindra.
The 2024 ISG Provider Lens™ global Life Sciences Digital Services report is available to subscribers or for one-time purchase on this webpage.
About ISG Provider Lens™ Research
The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG's enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Mexico, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.
About ISG
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 900 clients, including more than 75 of the world's top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including AI and automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,600 digital-ready professionals operating in more than 20 countries"a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry's most comprehensive marketplace data. For more information, visit www.isg-one.com.
