Strict regulations, tight budgets and changing compliance needs are forcing pharma companies to employ new technology.
Many are turning to cloud technology because it provides true scalability and helps free up time and resources that can be refocused on mission-critical or strategic projects. The resulting productivity, alongside the operational savings from getting rid of the maintenance of obsolete hardware and legacy infrastructure, can all be put back into R&D efforts.
According to EvaluatePharma, a research group that provides consensus forecasts and analyses of the life science industry, the average time to get a drug to market is 12 years and the top 20 pharma companies invested 20.9% of top line revenues into R&D in 2017. This amounted to $97.2 billion in 2017.
With such long timeframes and heavy investment, cloud technology can be the ideal solution, helping pharma companies streamline data processing in the R&D phase, and replace the information silos caused by legacy systems.
It’s increasingly important for pharma companies to be able to work with a variety of external organizations (biotech firms, science laboratories, and academic departments) and internal functions (offices, sites, facilities) partners. Cloud computing enables pharma companies to integrate and standardize data as well as exercise greater control over scalability. As a result, projects can quickly be scaled up or down, and be run from teams all over the world.
Don’t be held back by legacy R&D tech – read more here.