Some of the best opportunities during the face of innovation come from the most stagnate places. It’s why industry disruptions are one of the most alluring stories that capture our attention. It’s unexpected. It’s not supposed to happen. We’ve seen this with companies like Airbnb, Uber, LegalZoom, all disrupting age-old markets defined by culture and time. One of these industries yet to be fully disrupted is health. Pharmaceuticals face an overwhelming pressure to meet the demand of medicinal needs while keeping costs low.
When it comes to progress with developmental processes, it’s no secret that software development and AI are moving at an incredible speed, much faster than the traditional R&D that pharmaceuticals have spent generations to establish. In what major way? It’s the cost and investment it takes to do the same task.
Software Development is designed not only for research, but also for efficiency and cost-cutting measures. It also allows us to analyze and interpret big data. While companies traditionally have data regarding consumer choices and information, many don’t know how to match relevant information and to harvest it for data-driven decision making. With Machine Learning (ML) and other AI abilities, pharmaceuticals can accurately process results and information on drug testings and research.
The biggest opportunity for Pharmaceuticals will be the partnership and/or outsourcing of R&D to outside firms using technology.
Specialized and Accumulated Knowledge
When pharmaceuticals partner with tech solutions, they get access to information with other companies and firms all over the world. In fact, these partners can shed light on what others have found and what works. With their information, they can save pharmaceuticals’ time and money.
Quicker to Realization
Because of drug regulations, it can take years for research to develop into a drug on the market. That can cost millions of dollars, increasing the overall risk of return. When using a partner, this time can be cut significantly. A partner can expand research at a global level, use its vast amount of information, and develop it faster.
Long-term Healthy Growth
When a pharmaceutical builds a partnership with a tech company that can provide effective development, they build a relationship that will continue to provide successful products.
Utilization of Big Data
Research and development have a lot to do with the information and observances collected. AI and software technologies can save time by finding the right information and translating it to practical measures.
Infusing R&D with Software Development is vital. With pressure to get drugs to the market, while keeping the prices low is nearly impossible when R&D costs continue to rise.
Ways Tech Partnerships will Improve R&D
- Better communication with different teams
- Opportunities discovered by AI
- More efficient processes
- Cut costs by cutting time spent
- Cut costs by utilizing big data
- Access to more information
- Automating certain tasks
- Faster R&D, means more profit, which means more drugs can be developed
Signe Reidla is the Managing Director and Founder of Execruit. When you need to find the right executive talent or strategic consulting for your company, Execruit will provide you with the tools to grow your business. Click at https://execruits.com for more information.