| | December 20206CIOReviewTechnological advancements have been occurring across industries, a trend that has been true in biotechnology. Biotechnology is the backbone of various industries, and it makes a significant contribution to the modernization of the country. Its use of high-tech applications is increasingly playing a role in enhancing competitiveness, raising economic growth, and improving the welfare of people. Biotechnology has become the driving force of innovation today. Here are some of the trends in biotechnology that the world should expect to see in 2020.Biotechnology companies collaborate with stakeholders earlier in the research and development (R&D) cycle and access the best research and development. Networked R&D comprises pharmaceuticals and technology with increased patient engagement to treat and prevent several illnesses. In 2020, R&D will have new horizons that is networked, built around academic and other partnerships. R&D activities are extensively distributed, with firms coordinating and integrating at the center.The emergence of advanced computing technology like machine learning and artificial intelligence allows companies to expand the scope of their research and enhance efficiency in the manufacturing process, which lowers the time it takes for biotech firms to bring products to market. The evolution of cloud computing technology has eliminated a barrier for innovations in biotech. The ability to run applications via the cloud enables firms to store and analyze data without buying expensive computer hardware. The reduced cost of genetic sequencing allows for much more extensive screening of trial participants and targeting of interventions. This has the development of personalized treatment plans and targeted therapies, which are effective than less-specific treatment because they focus on a patient's genetic and molecular makeup.Under value-based pricing agreements, buyers and sellers link payments to a specific value achieved as opposed to a volume of sales. These agreements are to align the incentives between the manufacturers and purchasers of an offering--they often require a pricing model different from traditional contracts, and they need clear language to explain terms and conditions. Value-based contracts recognize that both parties are taking a financial risk.Let us know your thoughts.EditorialThe Modernization of the Biotech SpaceCopyright © 2020 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.CIOReviewEmail:sales@cioreview.comeditor@cioreview.commarketing@cioreview.com December - 24, 2020, Vol 09, Issue - 113 (ISSN 2644-237X) Published by ValleyMedia, Inc.To subscribe to CIOReviewVisit www.cioreview.com CIOReviewEditorial StaffAaron PierceCarolynn WaltersShirley FaithRussell ThomasVisualizersIssac GeorgeJaxon Jase*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffJustin Smith Managing Editoreditor@cioreview.comManaging EditorJustin SmithSalesStephen Thomasstephen.thomas@cioreview.com Dean Winchester
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