2024 is underway, and as we view the life sciences industry, we are poised for transformative advancements driven by cutting-edge technologies with relentless innovation and informed by an increasingly global commitment to improving human health.

At Bracken, as in previous years, we have compiled several key insights from among our expert consultants, whose varied perspectives illuminate the trajectories in store for our industry in 2024 and beyond. From biotechnology breakthroughs to pharmaceutical advancements and the integration of artificial intelligence (AI), our experts offer a glimpse into the transformative trends shaping the future. 

AI and Machine Learning 

The integration of AI and machine learning into the life science industry has become a cornerstone for innovation. This will continue exponentially in 2024.  

The integration of AI and machine learning into the life science industry has become a cornerstone for innovation. This will continue exponentially in 2024.

• AI-driven drug discovery has taken center stage—expediting clinical trials and providing emerging solutions for more efficient and effective healthcare. Beyond streamlining drug discovery processes, these technologies have greatly impacted clinical trials and patient care by optimizing research efforts and improving patient outcomes.
• AI/ML platform adoption means continuous generation of predictive and prescriptive insights through processing vast amounts of disparate data sets. From sales data to clinical diagnosis and treatment behavior, AI’s capability to prescribe field force size, territories, and communication channel preferences is reshaping decision-making processes within the industry.
• While the regulatory landscape remains typically cautious, AI's role in the process is increasing. AI/ML is being used to develop tables, listings, and figures (TLF’s) from raw data sets and now moving to create the initial drafts of the clinical study report (CSR). Projecting forward, it is possible to envision a protocol being AI generated, finalized by humans, and then being programmed out by AI in the back end, ready for inclusion in the NDA package, which is also AI derived.

Digital Health/Patient Engagement 

Rapid adoption of telemedicine and digital health solutions will continue to redefine healthcare delivery in 2024.  

With projections indicating that by 2034 one in three households will be led by someone aged 65 or older, the growth in Medicare coverage and the cap on drug costs contribute to the evolving healthcare landscape.

• The focus on scalability and affordability in cell and gene therapies is driving wider adoption, supported by clearer regulatory pathways.
• Telehealth is becoming the new norm, even as we see the return of in-person visitation on a wider scale. Virtual visits, chat-based interactions, and remote patient monitoring offer cost-effective solutions and contribute to improved outcomes. Particularly in rural or distant locations, home health options are extending the global reach of healthcare.
• Increasing emphasis on patient-driven care. Increased focus on mapping influence networks and utilizing activation strategies reflects a shift toward patient-centric approaches, engaging with healthcare influencers and patient advocates.

Life Science Marketing 

In a dynamic and crowded landscape, trust is paramount for attracting and retaining valuable partnerships. Establishing a strong digital presence that demonstrates your credibility and fosters trust within the marketplace is essential to positioning oneself as a dependable industry leader.

In 2024, life science marketing is set to witness a surge in proving product efficacy and organizational credibility through the use of tangible narrative forms: customer testimonials, case studies, and podcasts.

Having a robust, responsive SEO and content strategy is no longer optional. Furthermore, it’s never been more important to keep both well-aligned with product/technology launches and overall market strategy, driving organizational development and brand success.

Clinical Trials, Technologies, and Therapies Advancements  

With the shift towards individualized healthcare and associated therapies, the life science industry is witnessing stricter and more advanced regulatory processes, with a focus on theranostics, biologics, and mRNA therapies over synthetic pharmaceuticals.

• The prevalence of electronic management in clinical studies reflects a response to the increasing number of mistakes and queries, leading to an overall rise in clinical development costs, expected to continue in 2024.
• CRISPR-Cas9 gene-editing technology, mRNA-based therapies, and genomics and proteomics advancements promise targeted treatments tailored to individuals' genetic profiles. Precision medicine applications leveraging genomic data are improving patient outcomes, marking a shift towards targeted therapies over systemic approaches. In a recent historic approval, Casgevy became the first FDA-approved CRISPR drug, intended to treat two inherited blood disorders: sickle-cell disease and transfusion-dependent beta-thalassemia. This treatment has both opened the door and widened the horizon for future targeted and individualized therapies—in 2024 and beyond.

Globalized Medicine & Cross-Niche Collaboration 

International collaboration in life sciences will be intensifying in 2024, as evidenced by the increased focus on drug repurposing as a cost-effective strategy for discovering new treatments.

• Face-to-face meetings are making a comeback to accelerate progress, with companies seeking direction and advice from experts on diverse aspects, from drug trial design to M&A support.
• Collaborations between biotech startups and established pharmaceutical companies are fostering innovation and accelerating the development of novel therapies. Again, the return to in-person conferences and events reflects the industry's recognition of the irreplaceable value of knowledge sharing and networking post-COVID.

Post-COVID Life 

As the momentum of increased telehealth options continues, with it we expect increased focus on mobile solutions for lab results. Sales of personal protective equipment (PPE) remain steady, indicating a sustained awareness of health precautions.

However, “post-COVID” may be misleading as a phrase. Challenges persist, with reports of young people suffering from serious post-COVID effects. Hope for novel or adapted treatment is on the horizon, driving research efforts to address the long-term impacts of the virus.

Social Impact 

In the political sphere, the upcoming United States presidential election is poised to influence long-term decisions within the industry as concerns the American market. Of particular notice, the Inflation Reduction Act is impacting the assets and medicines that pharmaceutical companies focus on.

Economically, there has been a recent shift, with inflation close to the Federal reserves target of 2%. However, the challenges of previously high inflation and interest rates are still affecting stakeholders, in turn emphasizing the need for access to timely healthcare information. Success in this environment requires a collaborative effort, with Medical Affairs and MSL becoming scientific partners in healthcare decisions.

Financially, key pharma leaders are continuing to carefully consider investments, impacting funding and finances across the industry. This underscores the importance of strategic decision-making in the current financial climate.

Navigating the Challenges—and Opportunities 

From this intricate web of predictions and insights for the life science industry in 2024, one truth stands clear: the ideal future depends on a delicate balance of innovation, collaboration, and a steadfast commitment to improving global health. With the global geo-political landscape shifting, this balance may be coming under pressure with changes in collaboration and commitment.

As we embrace 2024 with all its challenges, uncertainties, and compelling opportunities, we at Bracken continue in our passionate support of work that will shape the future of healthcare for generations to come.