The benefits of using cloud technology in the pharma industry
The usage of cloud technology in the pharma industry is not an entirely new development. In fact, it has been part of a growing list of digital trends that pharmaceutical companies have been slowly but surely adopting over the last few years. In an attempt to stay current and relevant, not to mention get an edge over their competition, many businesses have decided to abandon more traditional ways of storing data and implement this new solution.
The pharmaceutical sector has historically been known to be slow in embracing new technologies. This comes down not only to the unwillingness of executives but to the amount of work necessary to transfer an entire organization over to a new kind of tech. Nowadays, however, pharmaceutical businesses are compelled to look for solutions that might streamline their complicated processes and cut costs. Otherwise, they risk being left in the dust by their competitors. With its many advantages and lack of a sizable initial expenditure, cloud computing is a very alluring choice.
Although it is understandable that some might look at cloud technology with scepticism and distrust, there is a lot to be excited about. In this article, we have decided to list all of the main benefits that the proper utilization of cloud technology can bring to the pharmaceutical industry. By the end of it, you should hopefully have a good idea of why it might be wise to make the switch if you have not already done so.
1. Secure and streamlined collaboration
Cloud technology in the pharma industry offers a high level of security. This includes physical security measures, multi-factor authentication, and encryption. Only authorized individuals are able to access sensitive data, such as patient health records and clinical trial data, thanks to these security procedures. Although traditional ways of storing data can also offer these types of measures, the cloud makes the entire process a lot simpler since you do not have to encrypt data across multiple physical machines.
Next, cloud-based tools and platforms enable real-time collaboration and information sharing across individuals, teams, and organizations. As a result, the pharmaceutical business can make decisions and share data in less time. Gone are the days when a constant back-and-forth of file sending and waiting for responses was required. With the cloud, large amounts of data can be shared between hundreds of machines for little additional cost, both in terms of time and money. This is especially important because it enables businesses from all over the world to collaborate, which fits in well with the global nature of pharma.
2. Accelerated drug discovery process
Cloud technology in the pharma industry can also greatly speed up drug discovery. This is quite beneficial as the process is known to take many years sometimes, depending on factors like funding, resources, and importance (recall how quickly COVID vaccines were developed and tested).
Researchers will have access to incredible processing and storage capacities through cloud-based, high-performance computing, which can help coordinate resources and guide initial surveys. Data from labs, photographs, and statistical analyses may all be sent instantly thanks to cloud-based infrastructure. High-performance computing will also cut down the time needed to develop new drugs by providing more power needed for advanced simulations and analyses.
Something the cloud really excels at is allowing researchers easy access to large data sets including those from genomics, proteomics, and clinical trials. Its robust analytics tools make it simpler to see patterns in data sets as well, which can be quite potent when combined with AI technology and machine learning. Introducing them should not be an issue, either, as scaling your research and related operations becomes much easier with cloud-based computing.
Cloud technology in the pharma industry can reduce costs associated with IT infrastructure, data storage, as well as drug development.
Utilizing a pay-per-use model is one way that it accomplishes this. Businesses may now access the technology they require on a per-needs basis, paying just for what they use, rather than having to make a large upfront investment in costly hardware and software. This is crucial for the pharmaceutical sector since it frequently needs to store and analyze massive amounts of data, but does not then need to hold on to all of that storage space.
In the case of conventional IT systems, businesses would be required to support and maintain their own IT infrastructure, which can be costly and time-consuming. However, with the cloud, a large portion of the upkeep and support is performed by the service provider, freeing up internal personnel to concentrate on key business operations. Additionally, by utilizing the efficient data analysis and simulation capabilities provided by the cloud, you may hasten the discovery of novel treatments and lower the expenses involved in bringing them to market.
It becomes clear that, compared to conventional IT models, moving your IT-dependent services to the cloud involves a far less overall initial expenditure. You might have even experienced firsthand how expensive it is to maintain and operate old IT systems if your business is still largely dependent on them. By utilizing the facilities of your cloud computing service provider, you may make instant savings without having to spend a significant amount of money buying equipment and new systems.
No matter which way you look at it, having all of a company’s data in one secure yet easy-to-access place just beats having it scattered around a dozen different locations. Access to crucial information becomes a lot easier, freeing up time and resources for other important operations.
Another aspect in which this is reflected is full digitalization. Unfortunately, some pharma businesses still depend on paper for information storage. Apart from being ecologically questionable, it delays the businesses’ modernization and creates the risk of being left in the dust by an ever-developing world. What is more, it is becoming increasingly dubious from a legal point of view to depend so much on outdated forms of data storage and management, both in terms of compliance with regulations as well as potential legal disputes that can arise from misplacing crucial information.
Smart utilization of cloud technology in the pharma industry provides a solution to most if not all of these issues.
5. Improved serialization and supply chain operations
There is perhaps no part of a pharmaceutical company’s operations more dependent on efficient data storage and management than its serialization systems and supply chain. Without a reliable way to store and access crucial data about a medicine throughout the entire process from manufacturing to transport and storage, all other recently impactful technology such as AI or real-time monitoring runs the risk of falling by the wayside.
Cloud technology provides an incredible opportunity for securing the data necessary for your serialization systems and supply chain to function optimally. It even enables the usage of tech like the Internet of Things (IoT), which can greatly streamline these aspects of your business.
Using the cloud to future-proof your company
After reading about these incredible benefits, you should be aware of the value that cloud technology in the pharma industry could bring. Businesses that fail to adapt to the ever-evolving landscape of new digital trends will not be able to keep up with those that see valuable opportunities and take them.
That said, implementing cloud computing or fully transferring your operations to the cloud is neither easy nor simple (unless you get lucky). At Nubinno, we provide assistance to pharmaceutical companies looking to improve their operations, with a focus on serialization, supply chain optimization, and track & trace. Feel free to get in touch with us for further assistance or any other questions.