Over the past year, enterprises have had to overcome a series of macroeconomic and geopolitical challenges. The potential uncertainties with the implementation of the Inflation Regulation Act (IRA) and the rise in federal interest rates to curb inflation, compounded by an ongoing war resulting in the shifting of clinical trials from Russia and Ukraine, have forced enterprises to rethink their strategies. Further, the advent of generative, AI such as ChatGPT, will enable the biopharma and MedTech firms to repackage their offerings and provide cutting-edge technology and cost optimization.

To effectively serve evolving enterprise needs, service providers have invested in increasing the breadth and depth of their functionalities/offerings across the life sciences operations value chain. They have invested in a host of avenues, such as Decentralized Clinical Trials (DCT), with many Information Technology / Business Process Outsourcing (IT/BPOs) companies partnering with DCT providers. Further investments include analytics-driven tools for razor-sharp Healthcare Professional (HCP) profiling and targeting and the use of automation tools in areas such as Adverse Events (AE) intakes to rapidly evolve with the market needs.