One of the few key industries that thoroughly examines technology before adopting it, and never rushes with haste, is Pharma. In recent years, immense efforts have been taken to discover and develop medicines that involve thorough clinical trials and research before introducing them to the market.
Imagine a huge pile of unorganized data accumulated in research centres collected during clinical trials. Until recently, the data was collected using traditional methods. It took several months or sometimes even years to examine the traditionally collected data, and caused serious repercussions to the clinical trial volunteers. After years of resistance to adopt new tech, the winds are finally changing in the face of promising new technologies. Pharma companies are now embracing cloud technology.
The pharma industry’s main concern was security for its research data, clinical trial data, and volunteer’s personal information. The data collected during trials fetch a hefty sum of money in the black market. Security was the main blocker for the entire industry to adopt cloud technology. Pharma industry takes it very seriously when it comes to a data breach, and cannot afford to lose crucial data to hackers.
Due to the improved layers of security in cloud-based platforms, the pharma industry is slowly embracing the technology. The industry has started to believe that streamlining the data can improve the cost-efficiency and optimize complex processes. This shift in attitude promises an exciting opportunity to research and development activities apropos of new medicines and guides patients to a healthy future.
Informed Decisions Through Technology
Collecting a huge amount of patient’s data and analyzing it in real-time requires advanced tools. Cloud technology offers readymade solutions when it comes to analyzing the data and providing solutions to the pharma industry. The data is extracted literally from everywhere that includes social media, apps, browsing history, and wearable devices. The data collected from these resources can be analyzed extensively and stored in a secure environment. Pharma industry can make informed decisions using the collected data to cater to the patient’s demand. We can expect a faster decision-making process, clear perspective, and effective medicines in the future.
Increased Cost Efficiency
Installing software and hardware for day-to-day operations can increase the cost. Implementing cloud technology in operations will reduce the excessive amounts spent on the installation of software and hardware. The pharma companies can dynamically scale up or scale down the resources based on the demand levels. This unique delivery model makes the cloud compelling for the future growth of the pharma industry. The benefits can be passed on to the patients who always complain about the higher prices involved in the pharma industry. Some studies suggest pharma companies are saving 10-20% of their budget after embracing the cloud technology.
High Security
Security was the main reason behind the reluctance of the pharma industry in embracing cloud technology. The attitude is now changed after introducing layers of security to guard the data. The pharma industry can now protect the research data, clinical trial data, and health records of volunteers effectively. The cloud technology guarantees multiple encryptions to protect crucial data and databases. It is almost impossible to breach the security, and the technology ensures a hassle-free environment for the users.
Better Analytics
Currently, the data can be collected literally from all the digital resources available. It is very important to collect data from all the resources to track and guide patients. Pharma industry must be preemptive and predict market demands effectively. Cloud analytics is a powerful tool that ensures that the data collected is analyzed effectively. It helps to track the patient’s footprint on the web and connect them to the pharma industry to meet their requirements.
Decentralization
Establishing data centres is a very costly and cumbersome task. It demands a huge amount of resources and infrastructure. With the cloud, pharma companies can access the data from remote locations and manage the data with ease.
With so many benefits in store, it is almost impossible to resist the cloud technology. Cloud is a perfect technology for all kinds of pharma companies. It promotes collaboration, encourages scaling, provides the required infrastructure, and facilitates data management.
