Big Data, digital technology, data analytics, patient centricity, and access to previously unseen data are themes in the responses PharmaVoice received from 100 rising life sciences industry stars and luminaries from companies such as Merck, Celgene, Pfizer, Takeda, and GSK, who were asked to identify the biggest trends in innovation and value in the industry.
Whether they were commenting on research and development of new drugs, the impact of wearable technology to gather clinical trial information or the correct application of analytics to big data to gather meaningful business insights, the need to quickly and easily access data was described as critical.
I also found it interesting that collaboration was mentioned by a number of emerging industry leaders as a key to the future success of pharmaceuticals. Sharing data in all areas of life sciences – research and development, sales and marketing, manufacturing and distribution – will lead to innovations that give companies a competitive edge.
In fact, one person commented, “No single company will be able to adapt and keep up with the accelerating pace of change in this space. The ability to partner with an ever wider and more diverse set of players, including startups, technology platforms, and content creators, both quickly and effectively will become a key competitive advantage…”
The transition from large, self-contained organizations that control all aspects of a product’s development, manufacture and marketing to collaborative organizations comprised of partners who bring a different expertise and focus to the effort is creating more nimble, more adaptable life sciences companies.
This digital transformation of life sciences does not come without challenges, however. Pharmaceutical and biomedical device companies face increasing financial pressures as the cost of drug development rises at the same time that insurers insist on value – a combination of efficacy and price. Add patient centricity to the mix, and life sciences leaders are looking for ways to be profitable and create affordable products that meet patients’ specific or personalized needs.
The volume, complexity and disparate sources of data available to drive innovation create the need for platforms that can collect and integrate data to make it easily accessible to all facets of the organization. More importantly for life sciences is the need for solutions that can ensure accurate information to meet regulatory requirements as well as research, development, manufacturing, marketing, sales and distribution needs in this specific industry.
Liaison’s ALLOY™ Platform for Healthcare is specifically designed for this industry – addressing the regulatory, financial, and operational needs that differ from other industries. In addition to the technology to connect multiple sources of information, Liaison’s expert management of the platform frees in-house resources to focus on other issues that enhance innovation, profitability, and quality of treatments developed.
The importance of data and analytics for business insights will be an ever present factor in the future of life sciences. Woven throughout all of the quotes in the PharmaVoice article were statements that the ability to access and analyze data properly will continue to grow in importance as both a competitive marketplace differentiator and as an essential component of sustainable success.
Do you agree with the insights provided by the industry’s rising stars? Is your organization ready to tackle the digital transformation of the life sciences industry?