Life sciences is a global industry furthered on by inventions in the areas of software and hardware. With the popularity of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML), life sciences benefits and derives benefits from a number of cross-discipline innovation. This gainfully lucrative industry reached $362 billion in 2019 where the US develops 40% of the pharmaceutical and medical device patents worldwide. In the last 20 years, the US has dominated over half of all private sector pharmaceutical sector R&D. 

Life sciences also is a hotspot for mergers and acquisitions activity where pharmaceutical companies have adopted portfolios of IT applications in different phases of modernization. Blockchain has helped wearable devices and mobile applications connect to a patient hub with all of their health records, allowing doctors to access a new level of visibility in real-time. Pharmaceutical companies are starting to outsource research programs to academic and private contract research organizations (CROs) to stay ahead of the competition.