The life science industry is an umbrella term used for companies, businesses, and researcher institutions, who are developing products and equipment that help improve and prolong organism life. This includes those in pharmaceuticals, biotechnology, medical, and digital health. If something is scientific or science-related, you can assume it is a subcategory in the life science industry. This industry is important for our own lives, as well as the health of our environment.
Our suppliers have been focusing in on this expanding industry, especially in the pharmaceutical and medical practices.
With advancements and the expansion of the life science industry, comes contemporary trends. Experts have been looking into more information on genetics and how traits are inherited through genetic coding. Cobots, like those from ABB and Schunk, help push development boundaries in this field. We see changes in drug research with technology created to assess the treatment of patients even further than before. No one looks forward to getting an MRI, but the life science industry has been improving the integration of devices like this and various others.
Recent events have made online visits with healthcare professionals a necessity. Doctors can continue their medical efforts virtually and are able to provide their patients with medications through online databases. There are so many branches that stem from this industry, and it seems that every day a new one appears.
The rising trend is good for consumers. Laws are being passed to decrease the prices of products, specifically in the pharmaceutical industry. Companies are starting to invest more in the marketing of their products to prove their effectiveness to their consumers. We could see prices for medications lower and provide more information to the key stakeholders.
We spend a total of $428 billion (about $1,300 per person in the US) on medicine a year (Linchpin, 2021). This can be added to the extensive list of reasons why the life science industry is so important to keep up with. We also need to keep an eye on the nutraceutical industry since you can find natural supplements in most grocery and drug stores. This has caused concern amongst health professionals because a lot more scientific evidence is needed on these natural additives, and the evidence-based information is not forthcoming.
We continue to see the innovation in life science every day, especially when it comes to economy and job growth. You can find some of the top pharmaceutical companies in New Jersey, one of the six regions covered by PennAir.
PennAir provides an extensive range of products that come from trusted and industry-leading brands, so you can focus on what matters most – producing medical technology, treatment methods, and medicines to ensure a healthier future for everyone.
© 2021 PennAir
Article written by Rachel Lau, Marketing Specialist
Business Development Specialist
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