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Biotechnology trends

Top Biotechnology Trends Businesses Need to Watch Out Before Making Investments

Recent biotechnology trends such as the rising demand for therapeutic and diagnostic solutions, DNA sequencing, genome editing, and advancements in novel technologies are expected to spur the growth of biotech companies, globally. This growth is further fuelled by the increasing demand for genetics and regenerative medicines, penetration of artificial intelligence in the industry, and favorable policies. However, the implementation of stringent regulatory frameworks and risks associated with genetic data along with high operational costs may hinder the market’s progress. Here are the new trends in the biotechnology industry that companies need to track to ensure success in the biotech market.

Want to know how the latest trends in the biotechnology will impact top biotech companies.  Request a free proposal to access our complete procurement market intelligence solution portfolio for free.

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What are the Latest Biotechnology Trends?

Biotechnology trends #1: CRISPR/ Cas biosensing systems

Apart from genome editing, the CRISPR/ Cas9 effector has wide biosensing applications. It allows highly sensitive, specific, rapid, cost-efficient, and multiplex detection of target nucleic acids without the need for technical expertise and complicated equipment. As the field continues to mature, genome editing with CRISPR/Cas systems will gain massive popularity for next-generation diagnostic biosensing platforms.

Biotechnology trends #2: New industrial therapeutic frontiers

Microvesicles (MVs) released by body cells can now be utilized for smart targeted therapeutic drug delivery systems. The crucial advantages of MVs over drugs include lack of immunogenicity, ability to overcome natural barriers, and intrinsic cell targeting properties. MVs are easier to process and can be modified for specific applications. Currently, naive (unmodified) and drug-loaded MVs are under development and are expected to impact the whole biotech industry.

Biotechnology trends #3: Cancer immunotherapy

Cancer immunotherapy development is expected to move beyond the chimeric antigen receptor (CAR) T- cells in 2019. Next-generation cell allogeneic products are expected to start registration trials of UCART19 in acute lymphoblastic leukemia (ALL) in the second half of 2019. This is one of the major biotechnology trends that can work in the favor of top biotech and biopharma companies.

Wondering how top biotech companies are leveraging the latest biotechnology trends to establish themselves in the biotech market?

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Biotechnology trends #4: Bionic organisms

Although the concept of bionic organisms may sound like straight-up science fiction, they can help alter the functionality of a living system to a great extent. In simple terms, cochlear implants and robotic prostheses can be described as cyborg devices and microchipping cat or dog will make it a bionic pet. 

Biotechnology trends #5: Miniaturized bioreactors

Advances in microfluidic fabrication capabilities have compelled biotech companies to design flow bioreactors at the microscale. Such bioreactors incorporate enzymes to produce highly pure products with minimum cost and biological investment, while ensuring portability and ease of operations. This trend of designing devices with unusual flow paths is expected to be on the rise in the biotech sector.

Biotechnology trends #6: Increase in regulatory demands

The biotech industry is characterized by a rapidly evolving regulatory landscape and growing concerns about transparency for both stakeholders. As a result, the biotech sector has been subjected to increased scrutiny and more stringent monitoring guidelines. For instance, the Physicians’ Payment Sunshine Act in the US requires disclosure of physicians having tie-ups with pharma companies. Furthermore, the FDA has started a regulatory body for Laboratory Developed Tests (LDTs).

Analyzing the latest biotechnology trends is imperative for companies to sustain themselves in the market. Request a free demo to know how our experts can help you analyze the impact of newly developing biotechnology trends.

Biotechnology trends #7: Better investments

Supporting industries such as health services companies in the biotech sector will continue to shine brightly for investors. Billions of dollars are being invested in the healthcare industry as a whole and higher valuations are expected to stay consistent over the next few years despite experiencing a rough financial year.

Biotechnology trends #8:  Rise of generics

Very soon, it is expected that the number of generics and biosimilars in the market will continue to grow. Blockbuster drugs that can be replaced by traditional small-molecule generics are certain to face strong challenges from generic competitors over the next 10 years. Also, it will force innovators to accelerate the search for products that can reduce the healthcare costs for patients.

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IR21

A Comprehensive Overview of the Biotech Industry

The developments in the biotech industry are one of the most sophisticated and elegant achievements of modern science. Biotechnology is concerned with the use of living organisms or the biological systems found in them to make technological advancements and adopt those technologies to suit the needs of different fields ranging from agricultural practice to the medical sector. In fact, in the recent years, the biotech industry has won several laurels for their advancements anGet More Info_SEd discoveries that have simplified tasks for several other sectors.

Types of biotechnology

Medical biotechnology

This is one of the most common types of biotechnology. It involves the use of living cells and other cell materials for the purpose of improving the standards of healthcare. Essentially, it is used for discovering cures as well as eradicating and preventing diseases. This branch of the different types of biotechnology is concerned with producing pharmaceutical drugs or vaccines as well as other chemicals to combat diseases.

Agricultural biotechnology

Agricultural biotechnology is a recent development among the different types of biotechnology. The applications of biotechnology in agriculture have yielded remarkable results. It primarily focuses on developing genetically modified plants for the purpose of increasing crop yields.  They also help in introducing specific characteristics to the plants that provide them with an advantage when growing in regions that place some kind of stress factor on the plant, such as weather and pests.cta SE

Industrial biotechnology

In industrial biotechnology, biological resources are used to produce materials, energy, and chemicals that are required for the development of industrial goods. They also engage in producing bio-based products like paper, pulp, textiles, biofuels, and biogas. It plays a vital role in improving the performance of the industry and adds value to its products too. Notably, they are also known to provide several other benefits such as pollution prevention, resource conservation, and cost reduction. Industrial biotechnology is also used to manufacture items such as beer and wine, washing soaps and detergents, and several other personal care products.

Applications of biotechnology

The applications of biotechnology in various industries are reducing the excessive dependence on fossil fuels and are helping in the development of better and more environment-friendly products. Here are some of the key sectors that are greatly benefiting from the discoveries in the biotech industry:

Nutrient supplements

One of the most iconic inventions in the biotech industry is the infusion of nutrients into food. It provides food with heavy nutrients that are necessary for such situations. It provides food with heavy nutrients that are necessary, especially in situations where people are ill or undernourished.

HealthcareSE banner Square

Healthcare is one of the sectors that has benefited the most from the developments in the biotech industry. Biotechnology is used in the healthcare industry for diagnosis and treatment of different diseases. They are also used in the development of vaccines that help prevent deadly diseases.

Food processing

Food materials are characterized by their tendency to perish easily and have shorter shelf-lives. However, recent innovations in the biotech industry help in converting non-palatable and easily perishable products to edible and portable foods and beverages that have a longer shelf life. Biotechnology also helps in improving the edibility, texture, and storage of the food materials.

Biofuels

The biotech industry is increasingly engaged in the discovery of alternative sources of energy. The dwindling oil resources in the world and their related environmental impacts are some of the major factors fueling this research. One of the key examples of success in this area is the use of corn to produce combustible fuel for running car engines. These fuels do not produce the greenhouse gases and harm the environment.

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Outsourcing services

Industry Best Practices for a Leading Firm Specializing in Red Biotechnology – A SpendEdge Case Study

Engagement Overview:

A global player in the biotech industry wanted to analyze how peer companies enhance business value. They wanted to identify and benchmark the industry best practices to improve organizational growth. To identify and focus on key performance metrics in the red biotechnology segment, the biotech industry client approached SpendEdge to devise a comprehensive approach that would help them identify and benchmark the industry best practices. A detailed quantitative analysis of various categories withinrequest proposal the supply chain was carried out to identify and benchmark the industry best practices to be followed.

About the Client:

A multinational biotech industry firm specializing in the red biotechnology category.

Business Challenge:

The biotech industry client was facing challenges in identifying and benchmarking the industry best practices.

How did SpendEdge Help the Client?

Step 1: Determined and analyzed the processes to be benchmarked

This step revolves around the process of identifying and defining the industry best practices to be benchmarked. It is regarded as a crucial step in identifying the best practices as incorrect identification at the initial stage could result in wastage of valuable resources at later stages.

Step 2: Analyzing gathered data to determine gaps

A detailed analysis of the gathered data helped the client to discover the extent to which their present performance lags when compared to the best in that particular segment. The implementation of this step offered a clear picture of their business processes compared to that of their peers.

Step 3: Devised a three-step approach to continuously monitor and recalibrate the industry best practices

A three-step approach was devised to help the biotech industry client to continuously monitor and recalibrate the industry best practices. This also helped ensure that their business remains on the cutting edge by continuously evaluating the benchmarked industry best practices and reinstituting the benchmarking process when needed.

However, the correct implementation of the process will result in the development of realistic and unambiguous new standards for the processes involved in the identification of best practices.

Key questions answered in this industry best practices benchmarking engagement include:

Industry Best Practices

Benefits of the Engagement:

The industry best practices engagement helped the red biotechnology client to identify the key performance metrics to fine-tune their strategies and drive growth. Our industry best practices experts worked as an extension of the firm to identify the success factors that uncovered major opportunities for improving their services.

Why incorporate industry best practices benchmarking?

It has been observed that a majority of the companies are reluctant to benchmark best practices. However, to withstand growing competition, biotech industry players must adopt better strategies and deliver better results at a relatively lower cost. Moreover, industry best practices benchmarking does not mean blindly ‘copying’ what competitors do, it helps organizations gain detailed insights into the acceptable standards in the industry. Thus, making it a necessity for businesses to understand where they stand vis-à-vis the specific industry standard.

Our Findings:

In the pursuit of meeting their business goals, biotech industry players may sometimes put on blinkers and devote their time and energy to focus entirely on achieving the set goals. Such an approach to drive organizational growth not only steers the firm and digresses them from the focused path but also insulates the company from learning from the activities occurring in the business environment. Therefore, an essential way to prevent this from occurring is to constantly keep abreast of the industry best practices and evaluate the benchmarks periodically.

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IR27

Procurement Market Intelligence for a Leading Agricultural Biotechnology Company – A SpendEdge Case Study

Engagement Overview:

A leading agricultural biotechnology firm was looking at devising an effective solution that would help them answer some essential procurement questions regarding – distribution centers, purchasing managers, and SCM. To do so and to achieve the onsite procurement goals the biotech industry client approached SpendEdge to help them leverage procurement market intelligence based solutions. A detailed quantitative analysis of various categories within the supply chain network was carried out request proposal to identify and benchmark the biotech industry best practices.

About the Client:

One of the fastest growing agricultural biotechnology company, employing over 900 professionals across various economies.

Business Challenge:

The agricultural biotechnology client was facing challenges in achieving their onsite procurement goals.

How did SpendEdge Help the Client?

  • Step 1: Developed a procurement market intelligence framework

The framework helped the client identify various sub-categories and assess where they needed intelligence the most. This further resulted in the development of strategies to best acquire the levels of information based on costs and expected value.

  • Step 2: Built a robust market intelligence based unit for frequently sourced categories

It is essential to devise an internal intelligence unit for most important categories in terms of spend and criticality to the business. To do so, firms have to seek advice from procurement experts to focus exclusively on particular market segments. Agricultural biotechnology firms that have already made such investments can further enhance them by devising a framework for capturing and sharing market intelligence across the supply network.

  • Step 3: Leveraged basic intelligence capability for the other categories

A basic intelligence capability that leverages real-time market activity is likely to be sufficient for categories that are not frequently sourced. By doing so, agricultural biotechnology firms can develop a basic process to capture intelligence from frequent sourcing activities and then populate the supplier database with information about both supplier capabilities and their past performance.

Key questions answered in this procurement market intelligence engagement include:

Agricultural Biotechnology

Benefits of the Engagement:

The procurement market intelligence engagement helped the agricultural biotechnology company to leverage category specific intelligence and enhance business efficiency. Our procurement market intelligence experts worked as an extension of the firm to identify the success factors that uncovered major opportunities for improving their sourcing strategies.

Why incorporate market intelligence in procurement?

With the rise in end-market volatility and growing financial pressures to do more with less information. Organizations across industries are starting to realize the need to employ a best-in-class procurement model. However, developing a best-in-class procurement model by incorporating market intelligence capabilities posses several challenges even for the most resourceful organizations.

Moreover, as procurement increasingly shifts focus from profit margin expansion to that of a strategic enabler of business growth, procurement leaders can maximize benefits by leveraging market intelligence for making appropriate business decisions on sourcing strategies.

Our Findings:

It is quite evident that the role of market intelligence as a strategic business enabler in procurement is now bigger than ever. This is driving world-class biotech industry firms to implement procurement intelligence and deliver breakthrough business value. However, it is up to the individual organization to either build this capability with internal resources or partner with third-party providers.

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Contract logistics

Supply Chain Risk Analysis to Control and Limit Risks Throughout the Global Supply Chain – A SpendEdge Case Study for a Biologic Drugs Manufacturer

Engagement Overview:

The client, a biologic drugs manufacturer, wanted to address the inherent risks in their increasingly fragmented supply chain network. The client wanted to enhance production and delivery capabilities across their supply network. To proactively address risks in their supply chain, the biologic drugs manufacturer approached SpendEdge to devise a comprehensive approach to risk management throughout their global supply chains. The three-step methodology included – identification, analysis, and risk management.

A detailed risk analysis study on the biotech industry helped in the identification, analyzation, and prioritization of supply chain risks. Integration of supply chain risk analysis as a core risk management strategy also helped them assess the future impact of risk factors. Following this, the client leveraged proactive risk mitigation strategies to improve performance.

About the Client:

A multinational biotech company specializing in the manufacturing of biologic drugs. The client is a leading playerrequest proposal in the biotech industry with several well-established subsidiaries operating in over 25 developed economies.

Business Challenge:

The biologic drugs manufacturer was facing difficulties in limiting supply chain risks throughout their global supply chain.

How did SpendEdge Help the Client:

  • Step 1: Developed a three-step methodology to strategically address increasing complexity of the global supply chain

Our supply chain analytics experts followed a structured approach to develop a precise risk assessment framework.

  • Step 2: Developed a systematic risk prioritization strategy

The implementation of a supply chain risk management program can be challenging for well-established firms in the biotech industry. A robust risk prioritization matrix outlined a systematic approach, which helped the biologic drugs manufacturer to identify the best risk mitigating strategy.

  • Step 3: Built sustainable partnerships

Achieving supply chain excellence required the biologic drugs manufacturer to invest in understanding each boundary between internal and external parties within their supply chain in terms of the expectations for unswervingly delivering quality excellence.

Key questions answered in this supply chain risk analysis study include:

Risk Analysis

Benefits of the Risk Analysis Engagement:

Our supply chain risk analysis solution helped the biologic drugs manufacturing firm to minimize the risk of a catastrophic supply chain failure by identifying the appropriate risk mitigating strategy. It also enabled them to build sustainable external partnerships with key players in the biotech industry.

Supply chain risk analysis offers valuable information to evaluate, manage, and communicate the associated risks related to a specific product. A holistic risk analysis approach can help in establishing a well-defined plan to minimize the risk of quality non-conformances and agree on an approach for communicating and mitigating risks across the global supply chain.

Why incorporate risk analysis?

The rapid growth of global supply chains in the biotech industry has mandated risk analysis as an essential factor to ensure consumer safety and regulatory compliance. The implementation of the three-step approach will enable companies operating in the biotech industry to  develop risk mitigating strategies, ensure the long-term success of their products, and enhance patient safety.

Our Findings:

With the onset of globalization across emerging economies, managing supply chain risks have become critical and more complex than ever before. Globally, the biotech industry has been both a blessing and a bane to an extent. The increase in market opportunities results in greater risk factors that could potentially impact the survivability of your organization. This makes it necessary for firms to increase their visibility into not only their own processes but also those across their global supply chain.

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IR31

Supply Chain Risk Analysis to Increase Risk Management Maturity by Addressing Risks Proactively – A SpendEdge Case Study for a Biotech Company

Engagement Overview:

The client wanted to enhance production and delivery capabilities across their supply network. To proactively address risks in their supply chain, a biotech company approached SpendEdge to devise a comprehensive approach to risk management throughout their global supply chains. The three-step methodology included – identification, analysis, and risk management.

A detailed quantitative analysis of supply chain risks was carried out to identify, assess, and prioritize each risk factor based on their impact. Supply chain risk analysis enabled the client to integrate risk prioritization as a core strategy in their current risk management system. Following this, the biotech company redesigned their risk management system to request proposal leverage and include proactive risk mitigation strategies.

About the Client:

A multinational biotech company specializing in the manufacturing of biopharmaceuticals. The client is a leading player in the biotech industry with several well-established subsidiaries operating in over 30 developed economies.

Business Challenge:

The biotech industry player was facing difficulties in enhancing their risk management capabilities.

How did SpendEdge Help the Client:

  • Step 1: Developed a three-step methodology to strategically address the burgeoning nature of supply chain risks

Our supply chain analytics experts followed a structured approach to develop a precise risk assessment framework.

  • Step 2: Enhanced risk identification capabilities

Overcoming the rigidity caused by an inflexible supply chain and regulatory requirements, which required the incorporation of significant changes in risk identification, analysis, and risk management.

  • Step 3: Devised a unique risk mitigation procedure to reduce supply-side risks

The risk management strategies had to be redefined owing to the dynamic nature of supply chain risks and their significant impact on supply chain visibility, efficiency, and operations. Proactive risk management also requires a combination of measures – including changes to the organizational structure, risk management strategies, and the use of advanced supply chain risk analysis.

Benefits of the Engagement:

Our supply chain risk analysis solution helped the biotech firm to diversify their sourcing strategies and minimize the risk of catastrophic supply chain failure. It also enabled them to establish backup arrangements by qualifying additional suppliers.

Supply chain risk analysis offers greater visibility of supply chain processes by establishing a cohesive relationship between all tiers of the supply chain. A holistic risk analysis approach can help account for changes in process design, organizational operations, and data governance to address market trends including specialization, globalization, and regional demands.

Why incorporate risk analysis?

To deal with the shortcomings of traditional supply chain management systems, companies are now recognizing the need to incorporate risk analysis to identify and assess supply-side risks. Moreover, with sophisticated technologies now being available easily at the desktop level, supply chain risk managers are now in an ideal position to bring in a cultural transformation towards adopting and implementing risk analysis as an integral part of business operations.

Key questions answered in this supply chain risk analysis study include:

risk analysisOur Findings:

A supply chain risk analysis model that aims to determine current real-world practices in supply chain risks implies a radical takeoff from conventional risk models. It expects organizations to redefine their risk management strategies and adopt a continuous risk assessment approach to detect supply-side risks, classify risks, and prioritize them to drive business value.

Discovering and employing a precise risk management strategy is the next big step towards accomplishing organizational goals. Moreover, supply chain risk analysis is a process, which not only emphasizes on the shortcomings in various segments of the supply network but also between the supply chain and the end-users. However, with supply chain risks becoming more complex and risk occurrence proving to be costlier, the importance of risk analysis will continue to increase.

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IR23

Transforming the Order-To-Cash Process for a Nucleic Acid Labeling Company – A Supply Chain Management Solution

Client: A nucleic acid labeling company, Size: >$5 billion in revenue, Area of engagement: Supply chain management

Overview of the Nucleic Acid Labeling Market

Nucleic acid labeling techniques have a wide range of applications in life sciences and biotech industries and are mainly used to identify proteins, DNA, and RNA. Currently, multiple labels are available in the market for specific applications. A proper labeling technique is the key to identify specific molecules. However, amid such trends, offering better products and services while being cost-effective and increased focus on establishing systems for ensuring quality and reducing risk becomes a major concern for nucleic acid labeling companies.

“To overcome such challenges, nucleic acid labeling companies must understand the supply chain octopus.”

The astonishing number of incidents that have rocked the business world, such as data breaches, supply chain disruptions, and fraud have often been linked to poor third-party risk management. Organizations are continually faced with challenges in managing a vast network of suppliers, including conducting due-diligence assessments, monitoring supplier performance and stability, and making sure that risks to the organization’s sustainability are kept in check. request proposal Additionally, organizations need to ensure that their suppliers are compliant with regulations and standards, as well as corporate guidelines.

The Business Challenge and Journey

Client background: An industry leader in the development and commercialization of nucleic acid labeling with more than 1500 employees in 18 different countries around the world. 

  • Client issue: The client’s order-to-cash (O2C) process for their supply chain was posing challenges due to their decentralized business units, global reach, cash flow challenges, and inconsistent O2C processes. In addition, they were experiencing high levels of customer dissatisfaction due to non-availability of critical products. Supply chain costs were also increasing due to duplication of effort by various teams, frequent delays in supplying spare parts, higher logistic charges, and expediting fees.
  • Client journey: The client integrated the inventory management systems of various business units to provide visibility regarding the availability of labeling materials at all locations. They also collected and analyzed historical data, monitored inventory, analyzed manufacturing and procurement lead times to gain a deeper understanding of the usage pattern and the proper classification of the inventory.

Research methodology: The supply chain management specialists at SpendEdge conducted a comprehensive research and carried out discussions with prominent stakeholders in the biotech industry space to help the client transform their order-to-cash process.

Key questions answered in this supply chain management engagement

The Results

The client developed an implementation plan, which reduced their global inventory by over 20%. This helped them increase productivity by over 35%.

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IR29

Category Market Intelligence Assists a Renowned Biosimilar Drugs Manufacturer to Understand the Competitive Scenario and Effectively Strategize their Decision-making Process

Overview of the Biotech Industry

The global investment in biotechnology has increased consistently, owing to the growing demand for medical applications that offer cost-effective care for the aging global population. To establish their presence in this competitive environment, prominent biotech companies are planning to invest heavily in advanced medicines such as biosimilar drugs to combat chronic diseases such as cancer and diabetes. The cost of biosimilars is 10-30% lesser than their parent products; thus, compelling businesses to invest highly in research and development to diversify their business models and offer reliable and cost-effective services to the customers.

Although biosimilar drugs are gaining traction among the end-user segments, several factors may hinder the growth of the industry. They include:

  • Rising regulatory concerns: In recent years, biotech companies have been compelled to comply with the regulatory guidelines set forth by the Food and Drug Administration. With the fluctuating changes in regulatory requirements, it becomes necessary for the biotech companies to stay relevant and keep-up-to-date with the legislative changes and ensure that they meet all the requirements.
  • Contract manufacturing: With the demand outpacing the production capabilities, several biotech companies have started outsourcing their production capabilities to reduce capital and outlay costs. However, companies face several uncertainties when it comes to meeting the quality standards while ensuring consistency in their product offerings.
  • Innovations: The intense competition in the biotech industry is augmenting the need to stay relevant and keep pace with the latest developments. Moreover, developing products is an expensive and time-consuming affair and requires high investments.

With the increasing competition in the biotech industry, biotech companies are facing the need to invest highly in their technical capabilities to reduce the risks associated with the supply and further ensure quality in their product offerings. To tackle challenges and bridge the demand-supply gap, biosimilar drugs manufacturers should also understand who their target audiences are and their preferences toward the products.request free proposal

The Business Challenge and the Solution Offered

A renowned biosimilar drugs manufacturer wanted to understand the current market scenario and analyze the latest trends and developments in the market. The biosimilar drugs manufacturer wanted to gain timely and relevant insights into the competitors, their product offerings, and devise an effective market plan to meet the growing preferences of the customers. With the help of an effective market intelligence solution, the biosimilar drugs manufacturer wanted to gain information on the cost and the market dynamics including raw material prices, indirect spend, and logistics expenses.

To identify the early warning signs of potential problems and mitigate potential risks in the supply chain, the procurement experts at SpendEdge carried out an extensive research. The methodology focused on interviews and discussions with prominent stakeholders in the biosimilar drugs manufacturing space. The experts also compiled information across various secondary sources to gain robust and predictive procurement intelligence.

The market intelligence solution offered by SpendEdge offered insightful ways for the biosimilar drugs manufacturer to assess the current market dynamics, drivers, and challenges. The firm was able to create a SWOT analysis to identify the barriers, opportunities, and market trends and devise effective procurement best practices to mitigate these potential risks.

Fundamental questions answered in this market intelligence study for biosimilar drugs include:

SP00

The Results

The engagement offered by SpendEdge helped the biosimilar drugs manufacturer gain a deep-dive knowledge on the supplier pricing, the cost structure, and the technology landscape. The category market intelligence engagement also helped biotech products manufacturer achieve operational efficiency while addressing the supplier diversity for the products offered.

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ir11

Biotechnology Trends: What are the Major Trends in Biotechnology This Year

With each passing year, biotechnology is catapulting into a highly developed and innovative industry.  This year, the biotech industry will reach the early stages of what has been popularly termed as a ‘renaissance in healthcare.’ Breakthroughs in science are making highly personalized medicine a reality, and new approaches that harness the immune system to fight serious diseases are being regularly developed. As a matter of fact, what has been a part of science fiction in the past is now slowly becoming the new biotechnology trends. This speaks volumes about how far the biotech industry has progressed. Success in today’s biotech marketplace requires companies to continually reassess strategic directions, anticipate, and absorb change and move Contact USwith deliberate speed. Here is a look at the top trends in biotechnology to look out for in 2018:

Key Biotechnology Trends

#1 Biotechnology trends: Personalization of medicines

The biotech industry has been through two eras of target customers – firstly doctors as target customers and the second being insurance companies as the target customers. The industry is now on its way to enter the third era- the consumer era. What is influencing such trends in biotechnology? One of the main reasons for this change is the rise in the number of people showing interest in the drug industry due to the growing focus on individual medicines. For instance, today some cancer treatments use drugs that are specifically made for each patient. Therefore, personalization is one of the most popular biotechnology trends to watch out for this year. Gaining a greater understanding of the human genome and our own biology will bring more opportunities to create individual treatments in future.

#2 Biotechnology trends: Silicon biologyRequest Demo

All technologies and products evolve back and forth from a vertical, integrated structure to a horizontal, modularized structure. Currently, the biotech pharma environment is highly integrated, although parts are increasingly modular. However, there are very few technology suppliers with almost the same market power as integrated pharma and biotech companies. Eventually, organizational and technological forces will push towards horizontal and modular structures due to niche competitors attacking distinct industry segments. Modularization is one of the most promising trends in biotechnology. Though biology is currently thought of as too complex for silicon-type modeling, mass amounts of data combined with an exponential increase in computational power could work in favor of the industry.

#3 Biotechnology trends: Recruitment for specialized skill-sets

Rising demand for specialized and skilled workforce is one of the popular biotechnology trends. Therefore, there is a rerequest proposalcruitment boom in the biotech sector, and this is going to be a continuing trend in biotechnology throughout 2018. People are now moving from established companies to better opportunities that look promising in new biotech ventures. This will result in increased fluidity between small biotech companies and big pharmaceutical companies. 

#4 Biotechnology trends: Safeguarding quality

One of the concrete trends in biotechnology that was prevalent in 2017 and is expected to make its way through 2018 is the fact that biotech ventures are looking to control early development to avoid sub-optimal products on the market. There has been a boom in funding in this sector over the last two years. This has filled the drug pipeline and brought a significant number of drugs to the public, but many of them are sub-optimal. This year, there will be more of a discerning eye from pharma companies to ensure only top-level drugs are brought to market.

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IR3

Supply Market Intelligence Helps a Biotech Industry Client Drive Higher Efficiency and Savings

Overview of the Biotech Industry

The biotech industry is a highly unpredictable and a volatile sector due to the scientific intensive operations of companies that reside within this space. The biotech industry serves markets likes agricultural, medical, environmental, and industrial. Biotech firms are among the most research-intensive organizations across the globe. Companies operating in this space are focusing on the development of novel techniques and their implementation by collaborating with the other participants. For instance, some companies have started formulating superior grades of biofuels to guard harvests against insects and pests across the agriculture sector.

The rise in demand for therapeutic and diagnostic solutions on principles of sequencing, red biotechnology, DNA and recombinant technology is anticipated to fuel the growth of the biotech industry. Also, increasing prevalence of diseases such as cancer, hepatitis B, and other orphan disorders are expected to drive the demand in this space.

Let’s take a look at a few factors influencing the growth prospects of the biotech industry in the coming years. These factors include:

  • Product Development: The competition in the biotech industry shows no signs of slowing down anytime soon. Therefore, staying ahead of the pack requires strategic thinking, with an increased focus on establishing systems for ensuring quality and reducing risk. For some companies, it’s an immense step, but it’s one that will pay off in the long run.
  • Contract Manufacturing: Biotech industry firms use contract manufacturers to bring their products to market. This is because outsourcing elements of the production process decreases capital and costs, consequently helping companies increase their focus on core strengths like product design. Nevertheless, working with contract manufacturers introduces large uncertainties to the business, particularly where quality assurance is concerned.

These factors are compelling firms across the biotech industry to leverage the use of supply market intelligence studies. The supply market intelligence studies help companies develop superior product and service offerings while reducing their procurement spends. request free proposalThese solutions also firms gain an in-depth understanding of the latest developments, trends, risks, and recommendations on formulating procurement best practices to help them cement their place across the biotech space.

The Business Challenge and Journey

The client, a leading firm operating in the biotech industry wanted to improvise on their efficiency and productivity of their procurement function while enabling a stable pre-purchase approval system to achieve informed purchases. With the help of a supply market intelligence study, the client also wanted to migrate from their current manual and decentralized procurement processes to a robust, automated and centralized procurement solution which helps them in realizing higher productivity and savings.

The supply market intelligence experts at SpendEdge tailored a wide-ranging research methodology to help the client gain a single view of the enterprise-wide procurement spend and achieve higher efficiency. The research methodology included primary research coupled with qualitative and quantitative data collection procedures. The experts also gathered information from a wide array of secondary sources such as paid, company presentations, industry forums, and industry database within the biotech space.

With the help of the supply market intelligence engagement, the client gained insights into a faster payment cycle, thereby, helping them capture early payment discounts and realize higher savings. The client was also able to enhance integration with suppliers through portal connectivity and manage indirect spend across the supply chain. The engagement also helped the client rank their action plans, think strategically, devise best practices, and implement new sourcing strategies across business units.

Fundamental questions answered in this supply market intelligence engagement

The Results

During the course of this supply market intelligence, the biotech industry client gained visibility into the corporate spend across suppliers and categories. This helped them enhance productivity and achieve tighter control and compliance.

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