How can data and technological innovations like AI transform organizations & the pharma industry? Find out in this StefTalk.
“Data is the new oil;” but what exactly does that phrase mean? Further, how do we leverage the power of technology to produce and analyze data for the pharma industry?
COVID-19 has impacted every component of the pharma industry: Research and Discovery, Clinical R&D, Quality & Regulatory, Manufacturing and Supply Chain. Amidst all of this uncertainty, pharma companies have additional pressure to conduct faster clinical trials and work on finding either a vaccination or cure for COVID-19. Additionally, they face these challenges:
· Rising customer expectations
The commercial environment is getting harder to navigate. Consumers are demanding real-world outcomes data, and new therapies that are clinically and economically better than current alternatives.
· Cultural sclerosis
New ways of doing business are hindering prevailing management culture.
· Delay in R&D
Because of travel restrictions, supply chain impact and the focus on COVID-19, research and development cannot be conducted as it normally was before the crisis.
· Impact to the supply chain and manufacturing
The lockdown in several countries has negatively affected manufacturing, decreasing the availability of raw material.
To out-maneuver the pandemic, it’s time for pharma companies to the insights data has to offer.
For Pharma and Bio-Pharma, data enables crucial developments. With rapid advancements in scientific and disruptive technologies, pharma and biopharma companies are experiencing a deluge of information and data across the enterprise. The data is expected to grow exponentially and traditional data management and analytics techniques will not be able to handle and process this voluminous data. Data, of course, is crucial for pharma at each and every function as the insightful and informed decisions derived from data across functions can enable new discoveries, optimize trials, and expedite regulatory approvals, among other benefits. Further, it is necessary for more internal and external collaboration with partners and patients for data and insights. So, how can data and technological innovations like AI transform organizations and the industry?