It's Time For The Life Sciences Industry To Embrace Quality 4.0

Oxana PickeralForbes Councils Member

Forbes Technology Council

The life sciences industry is facing unprecedented levels of change and transformation. On the bright side, the global biotechnology market surpassed $1 trillion in 2021 and is expected to grow 13.9% annually from 2022 to 2030. The troubling news is that quality and compliance events continue to plague the industry, with 25% to 30% of pharmaceutical manufacturing costs drained by quality issues.

More than 300 drugs and medical devices have been recalled in the past two years. That's a large cost for the companies doing the recalls, but the cost of poor quality is more than recalled products. There's also the cost to patients as well as the danger posed to their health and safety. That's the paramount reason why the life sciences industry must focus on quality; patients depend on it for safe and effective medical products at the right time. Another major cost to the industry is reputational risk. Life sciences companies limit their ability to deliver their innovations and achieve market growth—and improved clinical outcomes—if patients don't trust their products.

Rise Of Quality 4.0

We can address these challenges by embracing Quality 4.0. It's an approach that blends

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