life sciences market outlook 2019.

08/07/2019 08:39

Singapore’s life sciences sector is not only one of the fastest-growing sector in the world; it is also regarded as the regional hub for markets in Southeast Asia.

With a commitment to sustainable biomanufacturing practices and home to a highly-skilled and talented workforce, Singapore is the ideal destination for global healthcare companies seeking to set up regional commercial offices, biomanufacturing plants, research and development centres and innovation hubs.

data-driven healthcare ecosystem

The process of collecting and using information is not a new concept to healthcare companies. Researchers have been collecting data through clinical studies for years and healthcare professionals are constantly tracking their patients’ progress during consultations.

Moving forward, we expect data to have a more important role in improving the overall quality of healthcare. When healthcare companies collect more data, they can yield a more granular diagnosis and create new opportunities for more precise treatments.

There will be a growing demand for technologists such as data scientists and data analysts to help researchers and developers build better and more accurate tools for early detection and intervention.

healthcare education will drive HCP conversations

MSLs (Medical Science Liaisons) are the new sales representatives and represent a sort of techno-commercial role. Instead of focussing on meeting commercial targets, they engage with HCPs (healthcare professionals) at a more technical level, discussing the chemical composition of the drugs or how the medical device works and explaining why the product is better than that of rivals.

These roles are highly valued by both clinics and healthcare professionals. HCPs now have the opportunity to upskill and educate themselves on the latest medical advancements so that they can propose the best treatment to their patients. We expect a spike in talent demand for MSLs across pharmaceuticals (including biopharma), diagnostics and medical devices.

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