When we compare life sciences and healthcare to other industries, the strategy in the former is much more fragmented. This has meant significant challenges in life sciences. The pricing practices are also relatively unbalanced while the product cycle is quite long as well.
All of the above are major reasons why innovation is crucial for those in the life sciences industry. Innovation will not just give such businesses an edge over their competitors. It will also ensure that they have that essential competency to improve their clients’ lives and extend them as much as possible.
With this in mind, let’s have a look at what challenges this industry had to face this year.
A Long Product Cycle
The product cycle in the life sciences industry is long but the planning might…