STAMFORD, Conn.–(BUSINESS WIRE)–The COVID-19 pandemic has accelerated the digital transformation of U.S. life sciences companies, particularly in the medical technology sector, according to a new report released today by Information Services Group (ISG) (Nasdaq: III), a world-leading technology research and consulting firm.
The ISG Provider Lens™ Life Sciences Digital Services Report 2021 for the United States reveals that medical technology companies are turning to digital transformation providers to support their digitization of product development, engineering, production and logistics.
MedTech providers find themselves at the intersection of multiple influences, the report says. These include significant advancements in device, wearable, AI and automation capabilities; sudden increase in demand from the life science industry and patient populations; new opportunities in IoT and the need for skilled resources.
“The pandemic has accelerated the digital transformation of the MedTech industry, changing its approach to business and the way healthcare systems interact with medical device companies,” said Jenn Stein, Partner, ISG Life Sciences in the Americas.
Stein noted that the industry has the opportunity to generate new sources of growth and improve patient care through digital solutions, but it has a long way to go. “Through the use of digital technologies, MedTech companies can increase supply chain visibility, reduce maintenance and R&D costs, and deliver greater customer satisfaction and a better patient experience,” he said. she declared.
The medical device industry, in which the United States has a competitive advantage, seeks vendor support in product lifecycle management, engineering services, logistics and distribution, and maintenance and the repair, according to the report.
The report also notes that life sciences companies are increasingly being scrutinized, both by regulators and consumer watchdog groups, to ensure patient safety and monitor quality and compliance. Pharmacovigilance and regulatory affairs functions in industry have traditionally been reluctant to outsource, the report says, but the increased volume of data and growing regulatory demands are causing them to rethink that stance. Life sciences companies seek vendors that can leverage AI, natural language processing, machine learning and automation to deliver the insights, analytics and reports needed for regulatory compliance and patient safety.
The report reveals that the COVID-19 pandemic has been a catalyst for record increases in employment and venture capital funding in the U.S. life sciences industry. Driven by these trends, the demand and prices for facilities, talent, technological innovations and other resources are steadily increasing.
The ISG Provider Lens™ Life Sciences Digital Services 2021 report for the United States assesses the capabilities of 19 providers in two quadrants: MedTech Digital Transformation Services and Pharmacovigilance and Regulatory Affairs Digital Transformation Services.
The report identifies Cognizant, TCS and Wipro as leaders in both quadrants and Accenture, Atos, Capgemini, HCL, IQVIA, LTTS and PPD as leaders in one quadrant.
Additionally, Harmon and HCL were named Rising Stars—companies with “promising portfolios” and “high future potential” as defined by ISG—in one quadrant.
A customized version of the report is available from LTTS.
The ISG Provider Lens™ Life Sciences Digital Services Report 2021 for the United States is available for subscribers or for one-time purchase on this webpage.
About ISG Provider Lens™ Research
The ISG Provider Lens™ Quadrant research series is the only service provider assessment of its kind to combine data-driven empirical research and market analysis with the real-world experience and insights of the global advisory team. from ISG. Companies will find a wealth of detailed data and market analysis to help them select appropriate sourcing partners, while ISG advisors will use the reports to validate their own market knowledge and make recommendations to client companies. from ISG. The search currently covers providers offering their services worldwide, across Europe, as well as in the US, Canada, Brazil, UK, France, Benelux, Germany, Switzerland , Nordics, Australia and Singapore/Malaysia, with additional markets to be added. in the future. For more information on the ISG Provider Lens research, please visit this webpage.
A complementary research series, the ISG Provider Lens Archetype Reports, offers a one-of-a-kind assessment of providers from the perspective of specific buyer types.
ISG (Information Services Group) (Nasdaq: III) is a global leader in technology research and consulting. A trusted business partner to more than 800 customers, including more than 75 of the world’s 100 largest enterprises, ISG is committed to helping enterprises, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The company specializes in digital transformation services, including automation, cloud, and data analytics; procurement advice; governance and risk management managed services; network operator services; design of strategy and operations; change management; business intelligence and technology research and analysis. Founded in 2006 and headquartered in Stamford, Connecticut, ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries – a global team known for its innovative thinking, market influence, deep expertise in industry and technology and its world-class expertise. research and analysis capabilities based on the most comprehensive market data in the industry. For more information, visit www.isg-one.com.