Industry Transformation: Industry Disruption

14 March 2017

Industry Transformation: Industry Disruption

March 14, 2017

Disruptive technologies are transforming the industry and presenting companies with real opportunities to do business, from molecule to market, more efficiently, cost-effectively, and faster. Elvis Paćelat, VP of Compliance Solutions at Amplexor provides his definition of disruptive innovation and his insights on how to fuel the disruption needed to move the industry forward in the latest edition of PharmaVOICE.

Defining Disruption

In the context of the life sciences industry, we define disruptive innovation as taking a quite different approach, methodology, process, or solution which enables a company to move more nimbly, enabled by increased simplicity, convenience, accessibility and affordability so they can move more swiftly and make finite resources go further.

Fueling Innovation

As someone once famously said, if you keep doing things the same way, you shouldn’t be surprised if you get the same results. We believe that by applying the ‘more-of-same’ approach – i.e. the same ways of doing things, the same solutions, and working with the same technology vendors (for example, big names who are typically less innovative than emerging agile vendors), life sciences firms will continue to suffer the same restrictions they always have.

As the pressure mounts to reinvent what they do and the way they operate, firms need to be willing to place their trust in newcomer/challenger suppliers that can bring fresh ideas and more agile approaches to bear. Just as big pharma companies may find it harder to move as swiftly as CROs and small biotech companies, so large established technology vendors and service organisations are often slower to adapt and provide the new approaches and solutions required to meet today’s and tomorrow’s needs.

Disrupting the Status Quo

The life sciences industry cannot hope to achieve the agility and disruptive ability seen in other markets as long as it is mired in information complexity and held back by a lack of visibility across product lifecycles and critical processes.

Obviously this is a highly regulated industry, and there is no getting around all of the necessary rigour and vigilance. So organizations need to find a way to work this to their advantage – i.e. by treating data management as a source of advanced insight and efficiency, and timely advantage.

For too long, data has been locked into dedicated systems, used for a single purpose. This has limited its usefulness, and created extra work for already over-stretched teams - in finding or re-entering the data they need for each new task.

Ultimately, a company’s readiness to innovate and respond to new opportunities or demands is directly dependent on its ability to manage data more efficiently and effectively, collaborate more dynamically, and extract and act on insight quickly more swiftly - and confidently.

PharmaVOICE digital edition