For Life Sciences businesses, the need for technology changes as they progress through their life-cycle. Whilst in the beginning, most critical business processes can be done manually, however as firms move through the regulatory approval process, technology becomes increasingly important.
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For Life Sciences businesses, the need for technology changes as they progress through their life-cycle. Whilst in the beginning, most critical business processes can be done manually, however as firms move through the regulatory approval process, technology becomes increasingly important.
Given the rapid growth that is inherent in the industry, Life Sciences companies should be prepared for the different stages of their approval journey and what technology needs will be required for each stage.
During the discovery and research and development phase, Life Sciences businesses are primarily concerned with documenting and analyzing data that can be used to support their visions. To do this, companies need a secure platform for storing and sharing research data; ideally one with a comprehensive suite of collaboration tools. They may also require technologies such as analytics software or virtual laboratories in order to analyze the data from experiments properly.
As companies move through the preclinical research phase, they need to keep track of their progress and compliance with applicable regulations. This means that companies should have a secure IT infrastructure in place for managing data, as well as software for tracking the progress of their experiments. Access to a wide range of laboratory automation devices can also be beneficial during this stage, as they can increase the speed and accuracy of experiments.
Once companies have moved on to clinical trials, technology needs become even more pressing. During this phase, there is a need for specialized software solutions that are designed specifically for managing clinical data and managing patient recruitment. Companies should also invest in Electronic Data Capture (EDC) systems, which can help streamline the process of collecting and analyzing data from clinical trials.
Finally, once companies have gone through the regulatory approval process, they need to maintain a high level of compliance with all applicable regulations. This means that companies should invest in technologies such as enterprise resource planning (ERP) systems, which can help them automate and track their business processes. They will also need technologies such as document management systems to store and share regulatory documents with relevant bodies.
When it comes to the manufacturing phase, Life Sciences businesses need technology that is designed specifically for the industry. This could include software solutions and equipment for quality assurance, as well as robotics and automation technologies for streamlining production processes.
If life sciences companies are working with a contract manufacturer, they will also need the ability to track and manage the data associated with their products across different production sites. This could mean investing in technologies such as asset tracking systems or cloud-based manufacturing control systems.
For companies that are looking to commercialize their products, technology needs become even more complex. Companies need access to software and hardware solutions for managing data from post-market research and tracking customer feedback. They may also require technologies such as predictive analytics software in order to make informed decisions about product pricing and marketing strategies.
Overall, the regulatory approval process in the Life Sciences industry involves a variety of technology needs. Companies should be prepared to invest in solutions that are tailored to each stage of the approval journey, from Discovery/R&D all the way through Commercialization/Post-Market Research. Understanding and investing in the right technologies can help life sciences organizations streamline their processes, increase efficiency, and stay compliant with regulatory requirements.
Brandon Cumby, CPA, is a seasoned Consulting Practice Director at Zanovoy, with a remarkable track record of driving Business Transformation and Solution Architecture Delivery. With a strong foundation in finance and accounting, Brandon has become a NetSuite Certified ERP Consultant and Administrator, bringing a wealth of expertise to the table.
