I recently joined OpenText™ as the global industry strategist for life sciences and for my first blog post, I want to share insight into some of the challenges the Life Sciences industry faces as a result of evolving market dynamics, increased regulation, economic factors and the growing digitalization of patient care.
According to Deloitte’s life sciences sector outlook for 2019, some of these headwinds include continued pricing pressures, uncertain trade policies and declining R&D returns. Organizations are under pressure to balance innovation with cost-cutting measures while ensuring that products are meeting patients’ needs.
A common theme for all Life Science organizations is the growing volume and varieties of data now available – such as scientific research, clinical trials data patient profiling and regulatory compliance. As a result, one of the biggest challenges Life Sciences organizations face is gaining true visibility across the whole lifecycle, from clinical trial through to commercialization. How do they get a singular view and a singular source of the truth around that patient journey?
At OpenText™ Enterprise World 2019 in Toronto on July 9-11, we will have a specific track dedicated to addressing the challenges, and presenting the opportunities, currently facing the life science industry in this new digital world, where data and information is the new currency of business. This dedicated Life Sciences track will help attendees to address this – and other big trends currently impacting the sector.
Achieving a singular view – whether in drug development or patient care – is made more difficult by the inherently siloed nature of organizations in the sector. There are strict boundaries between the medical side and the commercial side of any organization because of stringent regulations under the US Food and Drug Administration (FDA), the European Medicines Agency (EMA) and laws such as HIPAA, GDRP and PIPEDA. Additionally. the creation of information silos is compounded by the number of mergers and acquisitions in the Life Sciences sector.
Yet any executive in a Life Sciences organization needs to have access to the most reliable and up-to-date information available when it comes to making business decisions. They need to ensure the data is secure, compliant and actionable. If a regulatory body requests an audit tomorrow, would they be ready with the whole process validated?
For Life Sciences organizations to succeed, they need to take advantage of all the data and information at their disposal. Used in conjunction with transformative technologies such as AI, the Internet of Medical Things (IoMT), cloud platforms and blockchain, this data has the potential to revolutionize patient care and boost the productivity and ROI of clinical trials.
A technology and information platform for the future
Historically, the Life Sciences sector has been slow to invest in new technology, due in part to over-promised magic bullets consistently under-delivering. But the last five years have brought a transition, with technologies like AI, robotics and machine learning capable of delivering on those promises, and providing the sector with real-world and life-changing advantages
One of the biggest challenges facing IT leaders in Life Sciences is how to securely collect, keep and manage patient confidential information, whilst ensuring they have enough insight into the patient journey and lifecycle of a clinical trial, coupled with maintaining the integrity of the data and complying with often evolving regulations.
At Enterprise World in Toronto, we will be showcasing how our Enterprise Information Management (EIM) platform can enable the Life Science sector to benefit from a modern Life Sciences technology platform which can:
- Streamline regulatory compliance with global control of Life Sciences content
- Accelerate time-to-market by reducing complexities and streamlining processes
- Provide actionable insights from data with AI-powered Life Sciences analytics
- Break down information silos and collaborate and unify processes that extend across domains, divisions and external partners
We will be running over 200 breakout sessions at Enterprise World this July in Toronto. Visit our website for information on the specific Life Sciences sessions.
Join us at Enterprise World in Toronto and find out more about how Enterprise Information Management (EIM) can help Life Sciences organizations to tackle these challenges and super-charge the power of their information for competitive advantage.
I look forward to meeting you at Enterprise World in Toronto. If you want to connect with me, please feel free to email me.