The pandemic has changed lives for everyone and access to healthcare couldn’t have been more critical than it is from the year 2020. Lockdowns worldwide have encouraged companies to reorganize their supply chains and encouraged consumers to use digital healthcare solutions. Even though the industry has encountered many challenges, it also opened opportunities for innovation and new technology entrants. At Sonicorn we are exploring the following emerging trends impacting life science companies in the way they function, operate, manufacture and distribute products, conduct innovations, and research, and meet consumer expectations:

• Contract manufacturing agreements, leveraging partners for manufacturing, newer partnerships in supply chains, collaborations between competitors are the core trends of focus – organizations need to re-evaluate their supply chains comprehensively in order to make their business models effective and strategize better.

• Nothing is more important for healthcare companies than to meet the people’s healthcare needs and that fact by itself is making the adoption of digital innovations and breakthroughs a must thing to achieve. Digitization will try to change the medical care scene rapidly – The rise of connected care through technology-based health monitoring devices like wearable, home devices, healthcare apps, and sensor-based technologies will be a common thing.

• The incumbents of the industry will have to understand the new roles of human resources and analyze how these roles are evolving. Technologies supporting work from anywhere connect and create a network of new entrants, new talent – enhance the industry capabilities to levels unimagined ever.

• As innovations are playing a primary role in the industry at present and are likely to stay under the limelight in the coming years, the stakeholder will be expected to fund the companies that promise digital health innovations.

• The pandemic has brought in more awareness about drug’s effectiveness or medical devices’ performance parameters in the consumer mind and they do more analysis before buying a medical thing than ever before. Companies will have to provide more product information and also encourage value-pricing of the products in order to gain customer confidence as well as of key stakeholders by providing them evidence-based information.