5 Ways to Adopt a Proactive Approach to Shifting Biopharma Business Models
If the events of the past year have taught us anything, it’s that life science organizations—like most other businesses—need infrastructure that can adapt to unpredictable and disruptive risks. Those that adopt certain actionable strategies today are going to be better-suited to ensure disruption-free activity in the future. Here are five you can implement now to help your team prepare.
1) Make Smart Automation Core to Delivering Value
Cloud-based technology has already begun to fundamentally change the way data storage and scientific computing takes place in the R&D environment. As cloud capabilities improve over time, and the ability to securely capture and interpret scientific data increases, scientific research companies are going to become more efficient, compliant, and secure than ever before.
2) Leverage Interoperable Data to Drive New Value-Generating Insights
The rise of automation in this industry will enable a far greater degree of data interoperability and transparency. Scientific organizations will have to drive value with their ability to derive accurate insight from widely available data conveners. Disparities between the way research organizations make use of their tech platforms will always exist, but the rules of the game are likely to change when everyone at the table can see all of the pieces.
3) Let Platform Infrastructure Developers Take Center Stage
It’s clear that the future of biotech and pharmaceutical development will require massive changes to the data infrastructure that researchers use to drive progress and communicate with one another. Over the next two decades, health solutions may no longer be limited to medical devices and pharmaceuticals. Software applications and data-centric communication algorithms are going to become increasingly important when informing healthcare professionals about what actions to take. The availability of personalized therapies will transform the way research and development approach their core processes.
4) Focus on Highly Personalized Data-Powered Therapies
Until now, biopharmaceutical companies largely focused their efforts on developing one-size-fits-all therapies to treat chronic illnesses that impact large swaths of the population. However, the post-COVID healthcare world is likely to challenge this strategy in the long term, as more researchers focus on highly personalized therapies developed using highly efficient, data-centric methods. These methods may include using patient genomics to predict drug efficacy and gathering data on patients’ microbiome samples for less understood conditions like Alzheimer’s.
5) Commit to Ongoing Research and Empower Smaller-Volume Therapies
The wide availability of patient data will allow medical researchers to interpret patient data well after a drug hits the market. The raw data now available will enable the researcher to identify an opportunity to work with clinicians on developing new treatment pathways for a particular group of patients. Smaller-volume therapies will require new manufacturing capabilities, as well as cross-disciplinary cooperation empowered by remote collaboration tools – all of which require investment in new cloud-based data infrastructure.
Future Development Depends on Interoperable Data Accessibility
Taking the actionable steps above will drive up value in the biotech and pharmaceutical space exponentially. The availability of interoperable data is already showing itself to be a key value driver for enabling communication between researchers. As the industry leans on this technology more and more over time, integrating state-of-the-art solutions for collecting, handling, and communicating data will become a necessity for R&D organizations to remain competitive. Adapting to the “new normal” is going to mean empowering researchers to communicate effectively with patients, peers, and institutions remotely, leveraging real-time data in an efficient, organized way.
About RCH Solutions
RCH Solutions is a global provider of computational science expertise, helping Life Sciences and Healthcare firms of all sizes clear the path to discovery for nearly 30 years. If you’re interesting in learning how RCH can support your goals, get in touch with us here.
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