The Future of the Life Sciences Industry: How to Succeed in a Changing World
The Life Sciences industry encompasses pharmaceuticals, biotechnology, medical devices, food processing, and biomedical technologies. This industry focuses on researching, developing, producing, and commercializing technologies and products that improve and prolong human lives. This includes the development of new drugs, devices, and therapies to bring to market. It's essential for companies in this industry to innovate and adopt new technologies to increase efficiency and meet growing consumer demand.
The Future is Digital
The COVID-19 pandemic caused a disruption that forced many companies within the life sciences industry to adopt new technology sooner than anticipated. Due to recent supply chain disruptions, inflation, and the pandemic, B2B buyers and sellers increasingly interact through digital platforms. This trend is enabling life sciences companies to expand international sales and exports to drive up profitability.
Because new technology also plays a significant role in product development, life sciences organizations that modernize their core technology gain a competitive advantage and yield better business outcomes. Additionally, organizations that are up to date with the latest technological developments are better equipped to engage with customers effectively, streamline internal processes, and have access to more useful data that facilitates better decision-making.
Turn Common Problems Into Great Opportunities
Data
Even with the abundance of data accumulated by life sciences organizations, it can be challenging to derive meaningful intelligence and create detailed reports to present to stakeholders. Companies need tools to aggregate data from various sources and standardize it into a format that is easier to analyze so they can gain insights from it. This wealth of data is critical to the industry's success and makes it possible to:
- Identify which business opportunities to pursue
- Improve processes
- Achieve better efficiency
- Develop and market the latest medical treatments and innovations
- Improve existing products and services
- Provide a seamless experience for customers and patients.
The Oracle EPM Cloud is a valuable solution that connects processes and allows for cross-functionality across multiple business channels, even non-Oracle applications. It's an essential tool for planning and organizing product demand, accessing critical data, and implementing more effective planning and forecasting to increase revenue. Solutions like Oracle CPQ can support B2B-focused companies that provide innovative but complex products and service offerings.
Patients
The industry's changing landscape is driven mainly by evolving patient expectations. With instant access to a wealth of information, patients are more educated and involved in their healthcare than ever before. Patients now expect to have visibility into their patient records and services.
Technology is creating more avenues for consumers to manage their own health records, keep up to date with treatment and services, and stay connected with healthcare providers in a more meaningful way. Oracle CX makes it possible to improve the customer experience with personalized and customizable service solutions that include web-based customer service options, training, and access to a centralized knowledge base or patient portal. Oracle CX also empowers patients to manage appointments online and receive reminders, with 24/7 access to AI-enabled digital assistance.
In a recent press release, Oracle Helps Healthcare Organizations Create Patient-Centered Supply Chains, Oracle says that Oracle Supply Chain and Manufacturing (SCM) "supports the unique needs of healthcare organizations and can help them improve patient care by optimizing planning, automating processes, and enhancing visibility across the supply chain."
Regulatory Approval
Risk management, gaining regulatory approval, and data analysis are critical challenges for the life sciences industry to ensure continuing compliance. The increased regulatory requirements in recent years are another reason organizations must evolve with new technology to meet these growing challenges. Technological accelerators like the cloud are the natural solutions for compliance teams that have to continuously monitor, manage, and mitigate risk.
Life sciences companies including pharmaceuticals and Medical Devices now require detailed reporting of various payments and benefits provided to healthcare professionals. Accelalpha's Sunshine Reporting is a solution that helps life sciences organizations to track and report on aggregate healthcare professional (HCP) spending.
Sunshine Reporting is a unique offering that solves compliance requirements for life sciences companies, enabling full regulatory compliance. It unifies data from clinical trials, streamlines and automates safety case management, strengthens business operations, and tracks and reports on HCP spending from a single source of truth.
M&As
An increasing number of organizations are going through mergers and acquisitions and inheriting multiple computer systems and applications. Untangling the thread of the different technology used by the merging companies is a challenge compounded by the fact that many of these same organizations are still reliant upon on-premises legacy systems. While consolidating these applications with the rest of the organization's existing technology is a challenge, it is also an excellent opportunity to standardize processes, conduct a digital transformation, or migrate to the cloud.
Accelalpha can evaluate your organization's application environment and guide you through your cloud migration options so you can eliminate the technical debt inherited during a merger or acquisition.
Our Team
Accelalpha's team of industry-leading consultants has expertise gained from Oracle cloud application implementations at over 60 life sciences customers across Pharma, Medical Device, and Biotech. With such breadth and depth of experience, one factor has become clear: Life Sciences companies must adopt new technologies and embrace the cloud to remain efficient and meet consumer demand.
Schedule a consultation with one of our knowledgeable consultants to learn more about how Oracle applications can help you address whatever challenges your organization is facing. They will also answer any questions you may have about your current application footprint, and guide your organization toward a more profitable and efficient future.
Sources:
Data Science & Analytics in the Life Sciences Industry | USDM
The technology imperative for life sciences companies | McKinsey
Emerging Technology Trends in the Life Sciences Industry | Box Blog
How Data Analytics Is Transforming The Life Sciences Industry (forbes.com)