I recently had the opportunity to sit on a panel with executives from KPMG and Microsoft at the KPMG Innovation Day event in New Jersey. There we discussed the risks and challenges of the current life sciences market and how best to combat these issues going forward. We engaged in a discussion about the pace of innovation and how life sciences companies struggle or succeed in capturing value from innovation, especially in the areas of new technology and information systems.
One key takeaway I gathered from this discussion was the need to engage and team up with technology companies, as well as the increasingly important role of Clinical Research Organizations (CROs) in reducing risk to bring drugs to market.
The ability to reduce risk in the early stages of research and development (R&D) is crucial to a successful and efficient drug development process. CROs and other life sciences organizations must focus on new, digital approaches to R&D that streamline business processes and mitigate risk.
A recent Gartner report, surveying CIOs in life science organizations, found that digitalization not only helps to mitigate risk but also enables innovation in research. This is why CIOs are investing in digital technology in 2018 and beyond.
When asked which technology will drive differentiation...24 % of life science CIOs chose digitalization/digital marketing compared to 14 % of their cross-industry peers.
Gartner identifies a top five set of technologies that play an essential role in the future of the life sciences industry, especially for R&D:
Vice President of Global Life Sciences
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