How to enhance value creation by connecting your tech stack
General article
Harvesting the value of technology investments as a life sciences company is easier said than done. Actually, this is applicable across industries and is a very common challenge. We are often talking to companies which are trying to get more value out of their tech investments across the R&D area, Commercial area, and their Medical Affairs function. Currently, we are observing a rise in the prioritizing of initiatives aimed at streamlining processes and ways of working with supporting systems, often spanning across local and global contexts. Alongside this trend, there’s a notable increase in companies’ efforts to enhance the efficiency of their IT operations.
One thing the initiatives all share, despite the differences of the areas and their core activities, are that they have similar goals. The majority of the companies are:
Focusing on reducing complex manual interventions in their operations.
Seeking to generate more insights using the data they already have.
Make information readily available across teams.
Building the foundation for leveraging GenAI capabilities.
In order to achieve these goals and drive efficiency gains, we always recommend companies to start by documenting their different processes and map their tech stack in relation to their processes before going into solution mode. Weather we are talking about R&D functions, Commercial functions, or Medical Affairs one way to increase the value creation generated by different applications, tools or apps are by leveraging connectors. Connectors can dismantle information silos and integrate information sharing seamlessly across different teams within the respective departments. Now, let’s delve deeper into a couple specific use cases:
The R&D function
Consider a situation where a pharmaceutical company is preparing a dossier for submission to a health authority. The regulatory personnel responsible for this task work within their specific domain, where all relevant documents reside. However, there are instances when documents from other domains are necessary for the submission process. Here’s where the challenge arises: How can you move these documents between different domains while maintaining the integrity of having only one authoritative source?
Connectors ensures that when a document needs to be transferred from one domain to another, it remains linked to the original source. In other words, even though the document may physically move, its integrity as a single source is preserved. This approach allows for efficient data sharing while adhering to strict regulatory standards. Remember, effective data sharing not only improves collaboration but also enhances decision-making and patient safety within the pharmaceutical industry.
The commercial function
Looking at Commercial functions and how omnichannel capabilities best strive, there is a need for quality master data and structured data related to HCP´s touchpoints to create visibility on customer journeys and ultimately to produce powerful messages at the right time in the right channel. Connecting these interactions are key to become a successful omnichannel actor. Another relevant area is commercial compliance which is often seen as time consuming and as a very manual process. However, if events and expenses related to business development activities are integrated and seamlessly updated, they become easier to complete and to report to relevant parties.
The medical function
Lastly, try to image the following. A Medical Affairs team is tasked with compiling comprehensive scientific evidence to support the safety and efficacy of a newly developed drug. The team collaborates with various internal departments, including clinical research, regulatory affairs, and health economics, to gather data and generate insights. However, in the process of compiling the data, it becomes evident that certain critical pieces of information, such as clinical trial results or real-world patient outcomes, are housed within separate data silos managed by different departments. That’s where connectors can facilitate seamless transfer of relevant data between different domains within the organization, while maintaining the integrity of each source.
Conclusion
Standard connectors may have limitations in terms of customization and flexibility. SMEs with unique business processes or data requirements may find that standard connectors lack the granularity needed to meet their needs fully. Additionally, ongoing maintenance and updates are necessary to ensure compatibility with evolving IT systems and third-party platform features.
As technology continues to evolve, we believe that embracing out-of-the-box connectors will remain essential for unlocking the full potential of technology investments, for driving growth in the life sciences industry and to build a solid foundation for utilizing GenAI capabilities.
Want to know more?
If you’re interested in how we can support you, reach out to our experts today. We are happy to guide you on your journey.