According to a recent report published by Research Reports World, the revenue of Cloud Computing in Pharma Industry was $3173 million in 2019 and will reach $7021 million in 2025 at a CAGR of 14.15 per cent during 2020-2025. With COVID-19 pandemic driving innovation, the industry is already making headway in developing vaccines, repurposing drugs and new drug discoveries to restrain the reach of the infection.
Huge amount of money is invested in R&D with cloud becoming a key tool to streamline all IT expenses by reducing costs and improving efficiency. “Cloud Computing is all set to revolutionise the pharma companies by enabling faster innovation towards developing personalised medicines”, says Kanav Kahol, CEO, DIVOC Health & Pink Tech Design.
Helps in Enhancing Excellence and Patient Experience
Automation of business processes can be easily enabled with cloud computing, thereby reducing redundancies and improving performance. Real time monitoring with cloud computing provides actionable insights on performance, thus supporting better business decisions.
At the same time, industry experts believe that cloud can also be leveraged for pharma marketing operations as well. Early adopters of cloud in the pharma sector are also witnessing its advantages, such as lower infrastructure costs, efficient management of workloads and operations, improved business agility and overall performance.
Maximize Cost Efficiency
Implementing cloud computing into pharma marketing operations is much more affordable than traditional methods. The reason behind this is that there is no need to spend excessive amounts of money and time on infrastructure, software and hardware. The cloud is already out there, ready and waiting for data. While costs are reduced through cloud computing, process efficiencies are also increased.
Cloud computing has the ability to create an open channel of communication which will result in faster decision making and more streamlined patient engagement and market access processes. Also, this level of awareness in real time makes marketing operations much more efficient and gives decision makers a clear perspective to make informed decisions.
Improves Communication
The pharmaceutical industry is extremely complex and requires a ton of pre-communication before any decision can be made. Before patients, healthcare providers, hospitals or third party companies in pharma spend any amount of money for anything, they are going to need to know for sure that their problems will be solved with what they are buying. This can be achieved by having an effective customer service system.
Through the cloud, BPaaS (Business Process as a Service) customer service system makes sure that communication is continuously flowing. Industry experts also believe that having an effective BPaaS service system can be a major game changer for pharma marketing operations.
Speeds up the Drug Discovery Process
The research and development of a single drug can span over many years and Cloud based high performance computing will help researchers access virtually unlimited storage and computing resources that can help organise resources and guide initial surveys.
Data, including lab, imagery and statistical analysis data can all be delivered at speed with the help of cloud based infrastructure. This saves valuable time during the early research and development stages. This technology, combined with the power of Artificial Intelligence (AI) and Machine Learning (ML) opens up a wave of opportunities for pharmaceutical companies to speed up commercial results and save costs. These productivity savings, coupled with the operational savings can all be put back into the R&D efforts.
Thus, cloud computing in the pharmaceutical helps speed up the drug discovery process.
Enables Seamless Collaboration
The COVID-19 pandemic has made everyone realise the importance of the globalization of healthcare. Pharma companies often collaborate and work with a range of partners including biotech firms and research forms located anywhere in the world. This is where cloud computing comes into the picture as it brings scope to integrate and standardize these information flows to create a truly efficient, streamlined collaboration platform.
This technology also provides pharma companies with greater control over their scalability potential. Moreover, pharmaceutical companies often collaborate with other companies to discover and develop new drugs. In such cases, the cloud can help companies come together to share a common platform while keeping their independent data safe and secured.
Conclusion
There is no doubt that Cloud Computing is more than just a storage solution. With security, privacy and compliance aspects being critical in the pharma industry, it can be a trusted problem solver. Cloud Computing services can be strategically incorporated in pharma companies to enhance its stability, empower co-operation and collaboration, consolidate IT resources and support in the functions of backup, archive and disaster recovery. All these aspects are crucial for the pharmaceutical industry. Also, while pharma sector is among the major beneficiaries of cloud services, it is important for these organisations to configure a robust cloud strategy with rigorous implementation and ongoing management, thereby ensuring continued business success.
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