Data is a pharmaceutical company’s biggest asset. A recent report by Ovum has highlighted that IT spending in the small pharma/biotech sector will total $10.5bn in 2017. Investing in technology which allows firms to collect, manage and analyze vast amounts of data from numerous sources is an investment that can only pay off.
We live in a digital world, and this ripple effect extends to all areas of life, laboratories are no exception. We are a society obsessed with simplicity and instant access on demand to what we want, when we want it. The same goes for data in labs. In order to increase research and development (R&D) productivity, data must be easy to access and analyze. Data is a laboratory’s most precious commodity and its value increases as it is added to, and shared, amongst scientists. It is only through this collaboration that real innovation happens and we charter previously unknown waters.
Collaboration is being made easier by embracing today’s technology. Adopting solutions such as electronic notebooks means all observations are in one place, with their context intact. The data is also of a much higher quality as it has a clear audit trail. In order to accelerate this scientific innovation, technology must be invested in to ensure a strong data and workflow management platform is in place. With this foundation, the research carried out will enable new discoveries to propel the pharmaceutical and biotechnology sector forward.