Dr M Ali Hamza

The life sciences field, encompassing biotechnology, pharmaceuticals, agriculture, environmental sciences, and healthcare, plays a pivotal role in addressing humanity’s most pressing challenges. From combating global pandemics to ensuring food security, this domain profoundly influences quality of life and global sustainability.Likewise,the life sciences field holds immense potential for transforming Pakistan’s economy and addressing critical challenges.

The life sciences industry operates at the intersection of scientific discovery and market application. Despite groundbreaking research and innovations, many organizations face challenges in commercializing their products and services, securing investments, and navigating complex regulatory landscapes. Business research provides a structured approach to addressing these challenges by offering insights into market trends, consumer behaviour, supply chain optimization, and strategic planning.Countries like the United States, Germany, Switzerland, and Singapore have excelled in life sciences by integrating business research with scientific innovation. Their focus on academia-industry collaboration drives sustainable growth and global leadership in life sciences.However, in Pakistan the sector struggles to realize its full potential due to a lack of integration between scientific innovation and business acumen. Business research in life sciences is vital for bridging this gap by guiding commercialization strategies, market development, and efficient resource utilization.

In Pakistan, the importance of business research in life sciences is starkly underappreciated. While scientific research has seen some progress, universities and research institutions largely neglect the business dimensions of these advancements. Though few efforts are made to translate laboratory innovations into market-ready solutions, leaving innovative discoveries underutilized or abandoned. Regulatory hurdles, inadequate funding strategies, and a lack of collaboration with industry exacerbate the problem.

Moreover, the existing academic curriculum often fails to emphasize interdisciplinary studies, particularly the integration of business principles with scientific research. This creates a talent gap where graduates lack the skills to navigate the complex market and regulatory environments of the life sciences sector.

The scope of business research in life sciences is vast, encompassing multiple dimensions critical to industry growth and societal impact. For instance, understanding market demand and end-user is essential for life sciences products, which often cater to niche or highly specialized segments. Consumer insights is central for product design, communication strategies, and post-market surveillance.It is market research that analyses trends, customer needs, and competitive landscapes, guiding companies in developing and positioning their offerings effectively.

The business research in life sciences can also assist in bringing efficiency for supply chain management and resource utilization that are crucial in life sciences, where production costs can be high, and timelines are critical. Business research can identify bottlenecks and suggests process optimizations to enhance operational efficiency.

Human capital is a critical resource, therefore business research in life sciences field can identify skill gaps, understand workforce trends, and develop targeted training programs through data-driven insights. Furthermore, research data can help create rational and pragmatic understanding to shape curricula of higher education institutions, that prepare graduates for real-world challenges, ensuring the life sciences sector has skilled, adaptable professionals to drive innovation and growth. Alas! Pakistan lacks this data severely.

The strategic alliance and partnership between academia, industry, and government are a hallmark of the life sciences sector. Business research can contribute in evaluating potential partners, models of collaboration, and shared value creation strategies.

In this context, the Business School of University of Veterinary and Animal Sciences, Lahore took an initiative to host the first-ever business research conference focused on the life sciences field, is both timely and groundbreaking. The first Business Research International Conference in Life Sciences (BRICL) 2024 can serves as a platform to explore the critical intersections of science, business, and societal impact. The engagement of international scholars from New Zeeland, Australia, UK, Germany, France, UAE, China, Saudi Arabia, and Malaysia will definitely bring in the bank of knowledge needed for the country. Indeed, the organizers of BRICL 2024 are sensitive to the matter and future oriented.

The conference is expected to have far-reaching implications for the life sciences sector. The success of this conference could lead to an annual tradition, further solidifying UVAS Business School as a leader in this interdisciplinary domain, and would invite other institutions to follow.

To unlock the business potential of life sciences in Pakistan, institutions must prioritize business research. Collaborative initiatives, such as establishing innovation hubs, fostering industry-academia partnerships, and hosting dedicated business conferences, that can ignite change. Without addressing these shortcomings, Pakistan risks falling behind in a field critical for its economic and social development. This is only possible brick-by-brick, and BRICL might turn out to be the foundation brick. Wish them all the beginner’s luck.