Taren Grom, Editor
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As we head into the second half of the year (as hard to believe as that is) this is a great time to hit pause and evaluate what’s coming down the pike.
In this issue, in particular, we are looking at a couple of areas that will have a lasting impact on the industry. First, this month’s cover story addresses the area of augmented reality (AR) and virtual reality (VR). Over the past couple of years, pharmaceutical companies and their service partners have been dabbling in the AR/VR field, mainly in the areas of enhancing their trade show or convention offerings by providing educational materials in an immersive, innovative environment. While often lumped together, the two technologies offer different user experiences: AR superimposes virtual objects into real-world surroundings and VR surrounds a user in an artificial world.
The applicability of AR/VR is quite broad and their use — from everything from manufacturing to sales and marketing to clinical research — is expected to increase as companies gain more expertise with the technology and develop integrated business case strategies.
In 2017, the augmented reality and virtual reality industry was valued at $14.1 billion, according to Statista. Research conducted by Colby Gallagher, who has a passion for immersive technologies, including AR and VR, compiled growth predictions from more than 20 sources and found that the CAGR of the AR/VR industry is expected to be in the range of 40% to 80% or $34 billion all the way up to $547 billion. Another general trend is that AR is going to be way bigger than VR, with most predictions using an approximate ratio of 4:1 (AR:VR). He adds that the market is dependant on the growth of complementary technologies such as 5G, not to mention the breakthroughs in hardware required to make AR glasses (as a daily driver) a reality.
Like our experts in this month’s cover story, I expect to see an uptick in the technology’s applicability as well. Just in the last couple of years, more and more exhibitors at conferences such as DIA, CNS Summit, ASCO, and others have been showcasing the technology to immerse potential clients in creative and educational surroundings.
Technology is also the common running theme across this month’s Clinical Trial Solutions showcases. Technologies that are disrupting the status quo and that address risk-based monitoring, data ownership, imaging, the patient experience, patient recruitment, AI, and more will no doubt also be key themes at this year’s annual DIA meeting in San Diego. PharmaVOICE is excited to once again be part of this annual gathering of thought leaders and experts who are shaping the future of drug development. If you are attending this year’s annual conference from June 24-June 26, we encourage you to stop by the PharmaVOICE booth No. 1844 to say hello and share what’s new at your organization.
We look forward to an exciting second half of the year in which we will continue to explore how technology will continue to shape and reshape the industry.
Taren Grom, Editor
Their Word …
Pharma companies are considering how agile project management processes can be applied to pharmaceutical R&D.
From manufacturing to sales and marketing, augmented reality is becoming pharma’s go-to tool, and virtual reality is slowly emerging.
Technology is key to improving clinical trial processes, but more needs to be done to address recruitment and retention of patients.
Celebrates 15 Years of Inspiration
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Tune in on August 1 when the full list of commanders & chiefs, entrepreneurs, change agents, innovators, creatives, technologists, and
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The forum for the industry executive
Volume 19 • Number 6
Publisher Lisa Banket
Editor Taren Grom
Creative Director Marah Walsh
Director of Sales
National Account Manager
Webcast Network Producer
by PharmaLinx LLC, Titusville, NJ
Printed in the U.S.A.
Volume Nineteen, Number Six
PharmaVoice (ISSN: 1932961X) is published monthly except joint issues in July/Aug. and Nov./Dec., by PharmaLinx LLC, P.O. Box 327, Titusville, NJ 08560. Periodicals postage paid at Titusville, NJ 08560 and additional mailing offices.
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