Reflecting on 2023

Mike Hennessy Jr.
President and CEO
MJH Life Sciences

It feels like just yesterday that everyone was saying that they couldn’t believe it was already 2023—and now it’s time to get ready for 2024. The last few of years, of course, have been a rollercoaster ride. The COVID-19 pandemic in particular, along with global inflation and economic challenges, among other events, have impacted the life sciences industry—and society as a whole. During that time period, pharma attracted perhaps unprecedented attention and interest, which brought with it both strong boosts in investment and new levels of scrutiny.

In 2023, we saw a continuation of “the return to normal” in many regards, or at least what normal was pre-2020. Unfortunately, this has also translated to lingering volatility in capital market investments in some cases—the biotech sector being one, as emerging and startup developers search for funding. COVID ripples remain as well with elements such as the supply chain that continue to stress the industry.

But there were also plenty of positives in pharma this year. For one, notable technological advances emerged that hold the potential to transform R&D and healthcare practice. Efforts around applying artificial intelligence are starting to reap tangible gains across the product lifecycle, as tech companies and pharma manufacturers step up their collaboration.

It seems like all industry stakeholders—from companies to regulators—now have AI-focused initiatives. While a disciplined approach—separating the hype from the substance—will continue to be critical, there are several examples of life sciences organizations using these new data tools and advances in exciting and promising ways. In 2023, we’ve covered companies applying AI in several areas, ranging from drug discovery to sales and marketing. With all the swirling interest and investment, it doesn’t appear that the AI train will slow down any time soon in healthcare.

As always, thank you for reading. Here’s to a fruitful 2024!