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Life Sciences Is Rapidly Changing – Is Your Insurance Program Keeping Up?
October 22, 2019
Artificial intelligence (AI) in pharma, personalized medicine and connected devices are all part of the digital transformation fueling growth in the life sciences industry, which includes medical technology, pharmaceutical and digital health. The value of the Internet of Medical Things (IoMT) market is expected to rise to $158 billion in 2022.1 Boundaries between traditional disciplines are blurring as science, medicine and technology converge.
From wearables to implantables and from devices to apps, the demand for a patient-centered approach to medicine is leading to a networked ecosystem. Emerging startups are driving the development of next-generation therapies. Established tech giants are expanding into the digital healthcare space, leveraging Big Data and AI to inform healthcare analytics. It’s a time of rapidly evolving markets and business models that also brings new risks.
“Life sciences companies are doing some truly amazing work that has the potential to tame disease and improve well-being,” said Patty Nichols, Life Sciences Practice Lead at Travelers. “Given the pace of change in this industry, gaps can emerge in their insurance coverage that could put their business in danger. They need coverage that helps address risks that they might not even anticipate.”