Guy Galboiz Shares his Outlook for the Biotechnology Industry in 20214 min read
Change is the one thing that remains constant in this world. With advancements in knowledge and new technological breakthroughs happening on a daily basis, we experience changes in every aspect of everyday existence. There is no industry that hasn’t been affected by these changes, but one industry that has experienced a lot of it is that of biotechnology. According to Guy Galboiz, tech improvements, constant research and scientific industries have brought about constant changes in the biotechnology space. In the last century, babies born prematurely didn’t have a fighting chance, but due to new advancements in machines and knowledge, babies as young as 24 weeks have survived in neonatal intensive care units i.e. NICUs.
Biotechnology is a field that takes into account all research institutions, businesses and organizations that focus on the improvement in the quality of life of every organism. Guy Galboiz says that when it comes to human health, it means understanding diseases because this can allow mankind to benefit from the research and studies and be able to fight health pandemics. He has shared his outlook for the biotechnology industry this year, which has been significantly altered due to the COVID-19 pandemic that hit last year. Let’s check it out:
- Advancement in genetics for producing personalized medicines
As the research industry has become more expansive, field experts and scientists have discovered conditions that are inherited by people because of genetics. Guy Galboiz suggests that this can have major implications when it comes to healthcare because treatment can be customized and more personalized based on human DNA, along with some other genome characteristics. This can pave the way for more personalized medications and treatments, including procedural healthcare requirements.
- Collaboration of life sciences companies
Companies that are studying and researching life sciences are constantly evolving and developing. The collaborative nature of this space also means that a lot of the discoveries that are made are dependent on present and past learnings. As per Guy Galboiz, biotech companies are probably going to join forces and collaborate with life sciences and other healthcare companies in order to find better treatments and solutions for numerous health conditions.
To illustrate, this was first seen back in 2019 when a partnership was made between TeslaGen, Twist Bioscience, Arzeda and Labcyte for creating their own cutting edge assembly pattern for DNA. Their goal was to develop food products, such as sweeteners and other flavorings. Thanks to their discoveries, harvesting or mining DNA supplies is no longer necessary because they can now be made in laboratories. Likewise, another example that Guy Galboiz highlighted was that of Pfizer Inc. and BioNTech working together for developing the COVID-19 vaccine.
- Improvements and developments in drug research
The field of biotechnology will see continued development and improvement in drug research. Thanks to the advent of smart technology, there will be improvement in performing diagnosis and prescribing treatment using medications. Telehealth is an excellent example in this scenario, as it leverages technology for bridging the space and time gap, so patients don’t have to leave the comforts of their home for getting a checkup.
Guy Galboiz states that the integration of assessment devices will also see a boost, which includes different methods like in-patient monitoring, lab equipment and MRI scans for delivering better patient care. Due to this multi-method approach, doctors will be able to combine all the data and deliver a more accurate diagnosis and treatment path for every patient. Due to these high-tech mechanisms for assessment, doctors can now rely on more objective data.
- An increase in the volume of research
Due to the advancements that are taking place in the field of biotechnology, a number of researchers can now focus on various life sciences fields that can be immensely helpful in improving the quality of life, such as genetics, immunotherapy and precision surgery. For instance, there has been some progress made when it comes to precision surgery. Guy Galboiz highlights that a number of studies have been made on robotics for improving surgical procedures and their corresponding outcomes. Artificial intelligence tools can now be leveraged by surgeons for performing more accurate and less invasive surgical procedures on their patients. In addition, AI also provides doctors with better insights regarding their chosen method of treatment.
- Increase in digital assessment, diagnosis and patient treatment
For the last few decades, there has been a digital evolution experienced by businesses across all industries. These digital solutions have successfully provided consumers with better access and have helped corporations in enhancing their marketing strategies. Biotechnology’s digitalization is also expected to increase this year, as per Guy Galboiz and this is because of the possibility of remote or online assessment, diagnosis as well as treatment of patients around the globe.
The COVID-19 pandemic initially forced healthcare practitioners and physicians to shift online, but now many are expected to continue this practice even after the pandemic. This is due to the fact that companies are now providing wireless device assistants and other tools that can make virtual diagnostics quite possible. Telepractice has now become a rapidly growing trend in the world of biotechnology.
- Value-based pricing of biotechnology products
There was a time when biotechnology products were extremely expensive, which meant that they were out of the reach of most people. However, Guy Galboiz believes this pricing trend is changing and will continue to do so this year. There are already more protocols, regulations and laws in place that have been passed down solely for the purpose of driving down the price of these biotechnology products in nutraceutical and pharmaceutical laboratories.
As a matter of fact, more and more companies are now opting for real live demos to highlight their drug’s efficiency. The purpose of doing so is to provide consumers with a first-hand glimpse of the actual and real value of these biotech products. This can end up reducing the cost of the medicine and also provide evidence of the value of the product to the consumers, which can work wonders.