In the ever-evolving pharmaceutical industry, it’s all about who can bring their products to the market the fastest. And with the industry expected to grow at a compound annual rate of 13.74 percent from 2020 to 2027, unforeseen challenges are bound to arise. Considering the oversaturated market, development of new diseases, changes in consumer expectations, ever-changing regulations, and burden of outdated technology, organisations must overcome a lot to survive. And they must survive while becoming even faster and more efficient than ever before.
On top of the need to develop their products more quickly, pharma companies must also adapt to address consumers’ changing expectations. Consumers have come to expect more quality medicines, quick development and deliverance to the market, and easily accessible digital solutions. This shift in the public opinion of the industry reflects a need for pharma companies to maintain flexibility in their solutions in order to improve the performance of their products, as well as get them to those in need.
Advances in technology have been instrumental in allowing pharma companies to streamline their processes. As these technologies continue to improve, it’s clear that pharma companies must embrace them in order to stay ahead of the curve. Digital transformation comes with important benefits that can enhance your organisation’s processes and therefore accelerate your speed to market. Here are three ways using modern technologies like the Now Platform can benefit your organisation.
Coordinate All Aspects of Production
The more complex new medicines become, the more complicated the research and development process also becomes. To keep up with this, organisations must be able to streamline their processes so that they can deliver their products to the market in the short timeframe required. Digitalisation allows organisations to do just that. With built-in capabilities centered around coordinating procedures across various pharma functions and external parties, digital platforms make sharing and reusing critical data more effortless and efficient than ever before.
Smooth and quick collaboration is essential to not only reduce your time to market, but also to decrease costs and deliver better results. Without it, your processes could suffer, leaving your organisation to face a number of roadblocks, including late feedback, insufficient and late data collection, and limited analytic capabilities. Digital transformation allows for more seamless and comprehensive collaboration by seamlessly integrating all aspects of production under one platform. As a result, you can shorten the R&D development cycle significantly.
Streamline Data Transfer with Automation
Digital transformation also provides the ability to automate many of your manual processes. Automation can similarly boost communication between collaborators by allowing for easy data sharing between stages of development, as well as from diverse sources. Not only can this help companies be more cost-effective and quick, but it can also help them ensure compliance with new regulations.
Transferring processes from one step of development to another is no easy feat, especially if teams use systems that are not easily integrated together. Because integration can be so difficult, many pharma companies end up relying on manual processes like spreadsheets and PDFs. However, manual tracking means important information and processes could be mishandled, misrepresented and misunderstood, or even lost.
The use of one digital platform like the Now Platform combats this by providing a strong foundation for integration. This means companies can use automation to transfer data quickly without jumping through the hoops of several different systems or losing it in the process of trying to track it manually.
Unlock Analytic Insights with Machine Learning
Machine learning could be the key to driving profit and success in your pharma company. In fact, McKinsey estimates that applying strategies like machine learning could generate up to $100 billion in value across the US healthcare system alone. Imagine what it could do globally! By taking advantage of machine learning methods, companies can optimise innovation, improve the efficiency of research and trials, provide more individualised approaches, and even predict the success of study outcomes.
There are no limits to machine learning, and its capabilities will only continue to improve as technology becomes more advanced. The Now Platform’s current machine learning technologies use homogenised data structures and the detection of anomalies to predict the success of study outcomes. The use of automated processes like this means your organisation can spend less time on time-consuming efforts such as data collection and analysis within clinical trials and more time developing drugs to get them to the public as soon as possible.
Choose the Now Platform and See Continuous Innovation
Implementing a one-platform digital solution like the Now Platform means you will see continuous improvement in your R&D development process. Not only will this help your team be more productive and collaborative, but it will also help you achieve your end goal: to provide your products to those in need when they need them.
The Now Platform offers individualised solutions to pharma companies by providing a complete research ecosystem. The platform also allows for the following capabilities, which are key to facilitating faster business outcomes:
- Digital workflows that connect systems, apps, and data
- Machine learning technology that allows for insights and analysis throughout the development stage
- Storage of EHR, which can only be accessed by authorised personnel
- No-code/low-code capabilities that allow for the creation of other digital solutions, including app creation
With compliant solutions, the Now Platform enables organisations to streamline their business processes and therefore accelerate their speed to market. Pharma companies don’t need to hold onto traditional solutions—they can drive innovation and adapt to digital transformation by implementing one comprehensive platform.
Crossfuze and ServiceNow deliver tailored transformational solutions for optimised digital processes. For organisations seeking Pharma 4.0 operations, we deliver business critical consultancy to create compliant, customised solutions that streamline processes and accelerate speed to market. Reach out to us at LetsTalk@Crossfuze.com to learn more about digital transformation that lasts.