The life sciences industry is under greater competitive pressure than ever. When new drug therapies hit the market, the window for competing products to follow shortened from eight years to four. Not only that, but pharmaceutical launches are underperforming across the board with almost half failing to meet expectations. The industry needs to contain costs and improve timelines for turnaround while enhancing the quality of products. However, they’ll need to undergo a technology transformation to do so.
Addressing Tons of Data
The life sciences industry has access to terabytes worth of data at every stage of product development, but data by itself isn’t useful. The industry needs to find a way to extract useful insights from the mind-boggling amount of data in a timely and cost-effective manner. This means standardizing data formats, instituting rules on how and where data is cataloged and stored, eliminating duplicates, and implementing AI to expedite the information extraction process.
Combining Data Silos
Research visibility is an ongoing problem for the life sciences industry. Clinical trials could save researchers millions if not billions of dollars by simply having access to the information earlier on in the process. For example, many drug therapies have effects on multiple parts of the human body—not just the intended target. Researchers working on an adjacent project could use that data to guide their own research to avoid repeating steps or making costly errors.
Convincing Wary Industry Insiders
The life sciences industry is notorious for taking longer to adopt change and for logical reasons. Primarily, their failures affect human lives and that isn’t something businesses are willing to accept as collateral. However, extreme risk aversion can become a hazard itself when it impedes progress on new drug therapies and products.
As the industry currently exists, life sciences professionals are underutilizing data and the cost of that limitation is astronomical. The industry needs to find a way to balance the risks associated with innovation against the rewards. MMA Florida understands this challenging issue. Contact us to learn how we can help your business manage its risks.