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Emerging Technologies Ushering Life Sciences Industry Into Metaverse: Report

According to the report, life sciences leaders, 91 per cent of medical technology executives and 85 per cent of biopharma executives expect the metaverse to have a positive impact on their organisations

A report titled 'Life Sciences Technology Vision 2022'  prepared by Accenture has revealed the technology trends that will transform how biopharmaceutical and medical technology companies solve manufacturing and device problems, improve equity in clinical trial participation and build more resilient supply chains to provide patients and healthcare professionals with more personalized experiences.

According to the report, life sciences leaders, 91 per cent of medical technology executives and 85 per cent of biopharma executives expect the metaverse to have a positive impact on their organisations and nearly half of the biopharma executives surveyed believe the metaverse will have a breakthrough or transformational impact on their organisations.

The metaverse is an evolving and expanding continuum on multiple dimensions be it digital or physical both comprise technologies that include extended reality, blockchain, artificial intelligence, digital twins, non-fungible tokens, and smart devices, the report stated.

“As a spectrum of digitally enhanced worlds, realities and business models emerge, the metaverse is poised to revolutionize the future of life sciences industry. Driving the next wave of digital transformation, the metaverse can help companies provide more personalised experiences for both patients and healthcare professionals across the value chain such as sales, manufacturing, supply chain, and training among others. For future growth and competitiveness, life sciences companies in India need to act now and build their capabilities for a new digital future enabled by the metaverse,” said Sameer Amte, lead for life sciences at Accenture in India.

The report further says that nine-tenths of biopharma (92 per cent) and MedTech (91 per cent) executives report that their organisation is dependent on AI technologies to function effectively and nearly all the surveyed biopharma (94 per cent) and MedTech (96 per cent) executives agree that their organisation is pivoting in response to the unprecedented computational power that is becoming available. 



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