How to accelerate your life sciences business with every agreement
In life sciences, blockbuster products are few and far between. As a result, accelerating value, from R and amp;D to commercialization, is critical to enhancing profits. One solution: Fully digitizing all paper processes. Shorter cycle times, reduced development costs, and greater customer satisfaction all await.
The cost of waiting to fully digitize agreements Time is critical in life sciences, especially for clinical operations, where delays mean that patients in need must wait longer for new treatments—or that novel treatments never make it out of early stage R and amp;D, due to poor patient recruitment and a failure to meet study enrollment targets. How bad is it? Researchers cite that only three percent* of cancer patients enroll in clinical trials. As a result, half of all trials fail due to under-enrollment. In some cases, this issue cascades to an even greater set of problems, like decreased funding and significant setbacks across the development and commercialization process.
Delaying digital transformation doesn’t just lengthen a product’s time to market and reduce its chances of regulatory approval. It can also rack up serious costs. According to Cognizant*, life sciences executives believe that investing in digital initiatives like process automation will be pivotal for the future of their companies. In fact, by the end of 2018, they estimate that digitization will save them nearly three percent—an average of $874 million per company. Core processes in life sciences are necessarily intricate and expensive, but the management of them need not be. Read on to uncover processes ripe for digitization, so you can win back time without compromising quality