Current State of BioTech & MedTech — 2020
According to a recent report, Artificial Intelligence or A.I. within the Medicine Market (BioTech & MedTech) will surpass $18.12 Billion by 2025. This is being underestimated based on my discussions today with industry investors Gwen Cheni, Mark Hamade, Arjun Rao, Radhika Iyengar-Emens, MBA, & Ned Saleh, PhD. Each continued to emphasize that this sudden acceleration we’re seeing globally surrounding these industries is in part thanks to the convergence of several underlying advanced technologies (Blockchain, Machine Learning, Edge Computing, etc.) all contributing to a forced, and much needed change for these industries.
As our conversation deepened we began unpacking the opportunities areas & trends within these industries to keep watch on:
- Data. A major opportunity beyond improving the data gathered — as we know data while great, is also perishable and without industry lead standards is can be useless to most. Other opportunities around data include privacy, security, storing, and processing (i.e. levering Edge computing as millions of devices continue to come online).
- Robotics. We’ve spoken about this topic recently as well, but when applied to these industries, it’s more relevant than ever. That includes continuing to decrease costs and increase precision, efficiencies, and including in the chain of the process — a robot can be 24/7.
- Blockchain. The system of record and trust.
- 3D Printing. In our discussion, Radhika touches on this subject specifically around the instantaneous and personalization of drugs/prescriptions.
- Personalization. The medical industry is still “one-size-fits-all”, but we’re not all the same, as Radhika points out. There’s a need (and it’s happening now) for a more personalized touch when it comes to prescriptions, treatments, etc. all on-demand & instant.
- Decentralized Hardware. More sensors, securely, and intelligence. Ned brings up a lot of great points around why this is important for both industries and the security along with the processing of data generated.
- A.I & Edge. Looking at how we can use intelligence leveraging the Edge, analytics, computing, and again security.
- Identity. Decentralized Identity or DID is a must going forward for these industries and will power new self-sovereignty along with records for consumers and practitioners.
- Plus A.I., Telemedicine, CRISPR, Genomics, Longevity, and more.
While the opportunity is plenty in the BioTech & MedTech industries, there are still roadblocks that exist that you need to be aware of when looking closer. First, regulations, when there has been some process, today this area is still dragging and slow to move. Second, access to capital and capital intensive businesses. Businesses being build in these industries generally require increased amounts of capital to protect IP/patents, handle research & development efforts, trails, etc — all of which take time and money.
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That all being said and more in the full episode, this is a great time to jump in and begin educating yourself on what’s to come. In doing so, keep in mind, that the global A.I. market will provide an impact of $20.0+ billion by 2025 and that more than 35% of enterprise value will be directly or indirectly attributable to general-purpose AI solutions by 2027. Get ready.
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Current State of BioTech & MedTech — 2020 was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.