Information Services Group, a global AI-centered technology research and advisory firm, has officially announced the launch of a research study, which is going to assess all those service providers who presently offer industry-specific expertise, strategic advice, and technology support to life sciences companies across the world.
According to certain reports, the stated study will cover both digital service providers and contract research organizations (CROs) that provide support for clinical development, patient management, as well as the manufacturing supply chain.
More on the same would reveal how information procured from such an exercise should be able to help enterprise buyers in evaluating their current vendor relationships, potential new engagements, and available offerings. Not just that, ISG advisors will also use the information to recommend providers for the firm’s buy-side clients.
Once the study is concluded, the results from it will be published in a comprehensive ISG Provider Lens™ report, called Life Sciences Digital Services, scheduled to be released in June 2025.
To understand the significance of such a development, though, we must acknowledge how the global life sciences industry is undergoing significant digital transformation at the moment. This transformation is largely driven by the urgent need to advance research and navigate regulatory complexities, causing advanced technologies such as AI, ML and automation to play a prominent role.
Having said so, issues with low-quality, outdated and incomplete data continue to challenge seamless process integration.
In a bid to address that, the researching team at ISG will work alongside a slew of advisors to produce eight quadrants, five of which examine the capabilities of service providers, and three of which examine the capabilities of CROs.
Talk about the five service provider-related quadrants on a deeper level, they begin from the topic of clinical development, where the study will evaluate technology providers for patient recruitment, data collection, monitoring, analysis, and regulatory compliance.
These providers include the ones who integrate innovations such as AI, big data analytics, mobile health applications and electronic health records to aid in patient identification and safety monitoring, improve treatment efficacy, while simultaneously ensuring compliance with regulations and reporting requirements.
The next focal point in line is predicated upon patient engagement. This will entail a comprehensive assessment of providers specializing in life science customer services, utilizing digital tools such as mobile applications, wearable devices, telehealth platforms, and online portals, to facilitate seamless communication between patients and healthcare providers.
Moving on to the quadrant of manufacturing supply chain, it covers all the providers adopting digital technologies such as IoT, AI, blockchain and advanced analytics to enhance efficiency, visibility and agility across the entire supply chain.
The stated aspect happens to be crucial because advancements in supply chain management can streamline operations, reduce lead times, minimize errors, and cultivate a more resilient ecosystem.
Another detail worth a mention here is rooted in the survey’s attention towards pharmacovigilance and regulatory affairs — digital evolution. This translates to how the effort will look to evaluate providers who support patient safety monitoring, adherence to regulatory requirements, and reporting of information through diverse processes and technologies like AI, natural language processing, and machine learning.
Joining that would be the quadrant of commercial operations — digital evolution, a space where ISG will evaluate providers who are driving the digital evolution of life sciences commercial operations, including data analytics, customer engagement, supply chain optimization and personalized medicine.
As for the CRO-related quadrants, they involve an intention to cover all those CROs that help life sciences companies execute clinical trials across all phases.
Furthermore, the survey will try and unpack CROs preaching design strategies that emphasize personalized outreach, education, and support to improve recruitment efficiency and clinical trial experiences.
Rounding up highlights would be the planned assessment of CROs that help companies ensure drug safety as they navigate adverse event reporting and regulatory frameworks.
“Leaders in life sciences are faced with navigating a fluctuating landscape where the costs of innovation have surged, often exponentially,” said Iain Fisher, director, ISG Provider Lens Research. “However, there is a growing need for these companies to adopt innovation at scale, especially to maximize the efficiency of business models newly empowered by AI.”
