The life sciences industry is in a tricky position. While on the one hand it is grappling with challenges like cost-reduction, improving services, and being patient-centric; on the other, it has to comply with a host of regulations like PPACA. Perhaps the only thing which can bring this industry out of this sticky situation is leveraging the huge volume of accumulated data to its advantage.
Contrary to popular belief, data is much more than just a collection of mundane information. When analyzed and deciphered in a focused manner, this data can enable problem-solving in a much quicker and easier way. As a leading provider of life sciences analytics, we bring you the top three reasons why the life sciences industry should adopt analytics-
1. Regulatory Compliance
The regulatory framework under which the pharma and life sciences industry works are undergoing tectonic changes. The basic premise of all these regulations is to shift the industry from being input-oriented and focus more on the outcomes. For instance, more importance is now given to the results a drug demonstrates in real-time, rather than just concentrating on its clinical trials.
Often regulations vary from country to country, making it challenging for companies to meet the requirements. And, with the cost of non-compliance being rather huge, major players in the industry are looking for sophisticated and foolproof solutions to make compliance easier.
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2. Need for Digitization and Boosting Profit Margins
Digitization of the work process is one of the most practical ways of optimizing the costs and bringing down the turnaround time. Adoption of cloud-based solutions makes it rather easy to comply with the regulations and seamlessly integrate processes like R&D, marketing, sales, customer service, etc. Also as patients are resorting to the digital medium to make health-related decisions, it is only sensible for those in this industry to adopt digitization at the earliest.
Several players in the life sciences sector realize that the only way in which they can keep their profit margins high is by focusing on underserved regions like South America and APAC. To make an aggressive start in these markets, it is imperative that the right data is considered. Analytics, in fact, plays a critical role in the consolidation of the work process strategy – which will eventually lead to boosting profit margins.
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3. Improved R&D Activities
Stringent regulations have resulted in less number of drugs getting approval from the authorities and increased investment in the R&D activities. For better research, it is crucial that the right data input is collected and gains fruitful and practical results. Thus, the goal is to achieve better R&D projects, improve the quality of drugs, along with enough scope for raising profit margins.
Source the Quantzig Advantage
Though still in a nascent stage, analytics can facilitate not only compliance with regulations but also provide deep insights about the data collected by stakeholders. These inputs play a decisive role in taking some hard business decisions and strategy building. The competitive intelligence provided by analytics is unmatched and can be leveraged for the betterment of the drugs and improving the lives of the patients across the globe.