The metaverse has become a buzzword over recent years, but for the life sciences, the hype contrasts with the reality of its limited applications to date. However, the fact that it is early days for the metaverse in pharma, biotech and medtech presents opportunities for those keen on being on the cutting edge.

A key question that needs to be addressed is what the metaverse is exactly, as the authors of a recent Accenture report found. When they asked 100 life sciences executives in eight countries about the state of the metaverse in their industry was that the concept itself is hazy.

Without a definition, there is no “framework by which to think about opportunities to create value, which is why we focused on it this year [in our annual report],” Kenneth Munie, managing director, Life Sciences Global Accenture strategy lead, and co-author of the report, told In Vivo.

Broadly, the metaverse is the convergence of interconnected technologies, enabled by faster connectivity, specifically 5G. These technologies include augmented reality (AR), virtual reality (VR), possibly blockchain as well as other interconnected devices. A defining feature is that data can be transferred between these digital sources and across the spectrum of stakeholders.

The gaming and social networking industries are perhaps farthest along in implementing metaverse technologies, creating 3D spaces for players, social network users, and workers to congregate using AR and VR and facilitating commerce with digital currencies. Other industries have also been exploiting the power of digital connectivity, with manufacturers employing tools like digital twins – virtual replicas of physical objects – to help train workers and design products.

Encouragingly, where the metaverse has been applied in pharma, biotech and medtech and health care, companies have been peeling back physical barriers to communication and information-sharing between patients and physicians, companies and researchers, and other health care professionals.

“As it is rolled out in the life sciences sector, we’re seeing more virtual collaboration where it may or may not have existed in the physical world, and simplified visualization of processes, including for production and supply chain management,” Accenture’s Munie said.

The report parses applications of the metaverse into four broad areas:

• WebMe and Web3, in which the internet is now becoming a layer of human experience and person-specific data moves seamlessly between platforms.
• The Programmable World, in which technologies like AR and 3D printing are threaded throughout the physical environment, transforming it into a smart, customizable and programmable space.
• The Unreal, which in the life sciences consists primarily of synthetic data, such as digital twins.
• Computing the Impossible, in which quantum computing is used to tackle previously insurmountable challenges.

Strong Sentiment About The Value Of The Metaverse

While the metaverse is only beginning to manifest in the life sciences, respondents to the Accenture survey felt strongly that it would play an important role in their companies’ future. Specifically, 90% said synthetic data would be critical for optimizing their operations, expediting drug development and reducing the cost of bringing drugs to market. A similar percentage said that augmented reality and 5G would bring the industry closer to just-in-time production and limit waste, and that these tools would lead to faster, more reliable and more distributed communication between devices and individuals and would also create important virtual spaces.  

Given the weight executives are giving to evolving metaverse applications, Accenture's Munie encouraged other companies to start experimenting within their business, taking a gradual approach to implementation and capitalizing on what has already has been tried.

“We already have individual use cases throughout R&D and the supply chain, and we know there are ways to apply the metaverse to help engage patients and physicians,” Munie said. 

He noted that since a foundational principle of the metaverse is interoperability between platforms, businesses should have a partnership-oriented mindset and cultivate collaborations with technology companies, research and academic institutions, and patient advocacy groups, "to really set the foundation for the metaverse,” he added.

Here is a snapshot of some companies highlighted in the Accenture report that have been successfully experimenting with the metaverse:  

Image source: Medable, Sanofi, Science37, Q Bio, Roche Diagnostics