Problem statement for the industry
Pharma companies are pursuing the ultimate moonshot goal of changing the way medicines are developed so the right treatment can be delivered to the right patient at the right time. Thus, enabling the delivery of highly personalized healthcare, which effects the Pharma, Life Science and Healthcare verticals.
Secure and compliant Infrastructure is one of the fundamental requirements for Pharma and life Sciences companies in the cloud. These industries require scalable compute and storage capabilities to run advanced algorithms and processes to tabulate drug and reagent performance, to increase the overall drug efficacy. The Infrastructure must be GxP and HITRUST certified to ensure developed drugs can pass regulatory approvals. This is required for the delivery of highly personalized healthcare, improving the quality of evidence collected from Real-World Data and enhancing the Pharmacovigilance (Drug Safety) aspect of drug development and research.
According to a recent Accenture analysis, two out of three life sciences organizations struggle to achieve optimal return from their investments in cloud computing. This is unfortunate, considering that the cloud is clearly emerging as a game changer in pharma, biotech, medtech and other companies in this space. In pharma alone, the cloud computing market is expected to reach $12.1 billion in 2022, up from $4.7 billion in 2017.
As the threat and cost of ransomware attacks in life sciences rises, organizations face intense pressure to embed new controls that protect the integrity of their data, including patient data from clinical trials, electronic health records, physicians notes, etc.
Pharma and life sciences companies are placing big bets on digital innovation. Research by Gartner shows 85% to 90% of these companies expect digital transformation to advance performance, while 75% design digital technology platform teams with revenue-generating programs in mind.
The business case for moving healthcare operations to the cloud is compelling. As artificial intelligence, machine learning, robotic process automation, and other innovations take hold in healthcare, the cloud offers virtually unlimited capacity to leverage these resource-intensive applications.
Creating end-to-end visibility in supply chain management and maintaining prescription drug traceability and integrity holds utmost importance in the pharmaceutical industry, which is currently accelerated by the mandatory compliance of the Drug Supply Chain Security Act (DSCSA).
Leading pharmaceutical companies and life sciences organizations around the globe are moving fast to revolutionize the way they do business. With dramatically increased spending and investment in digital transformation initiatives, these firms are focused on accelerating business growth and efficiency while minimizing costs.
Through and beyond the global pandemic, ensuring regulatory compliance and data security is critical for leaders across the accelerating healthcare and life sciences industries. Organizations dealing with a patient’s personal health information must meet the required regulations for protecting and securing the information to avoid data breaches. Working with a HITRUST certified vendor can assure partners and patients that their data is maintained with the highest level of security.
In a collaboration using a neutral zone, organizations do not have access to each other’s data, but will instead have access to insights gathered by pooling their data together with other organizations for analysis by artificial intelligence technology.
