European Pharmaceutical Manufacturer, UK: Cognizant's SVP and Global Markets Leader, Life Sciences, Discusses How Digital Systems Need to Evolve for Life Sciences to Flourish

“Convincing leaders on the value of digital — not just data, but cloud, mobile and social media — can often be an initial hurdle to adoption," says Bhaskar Sambasivan. “However, in the life sciences sector, many business leaders (64%) do recognise the importance of the digital transformation journey. The biggest prize for them is the potential impact it could have on margins.”

Excerpts:

“To see these far-reaching benefits, companies will need to collect and examine data across several different processes, such as drug R&D and manufacturing, supply chain and patient care, as well as a whole range of other sources, including sensors, wearables and apps, that will unleash even more process data. For many, this calls for strengthening master data management architectures and strategies, and having the right people to support them.

They will need a platform — layers of software that gather and connect multiple data sources, and synthesise the information to create meaning from them. To unlock true business value though, this platform must become an open data exchange.

It requires new relationships in the life sciences eco-system, so that data can be marshalled across the industry value-chain — from scientists, clinicians and regulators, through to pharmacists and patients — so that a whole host of industry stakeholders have the capability to index data, experiment and collaborate to improve drugs, treatments and outcomes, all the while complying with the data regulations in force.

To make the digital switch, companies will need to choose a C-suite executive that can lead the digital initiative and ensure real and lasting change is being made.

Businesses must create new digital eco-systems, share data where they can internally and externally, and co-invest in market developments with stakeholders. Only then will they drive true innovation and value across their own business, as well as the broader life sciences industry.”

Click here to read more.