An increasing number of hospitals and medical institutes are relying on cloud computing for most of their data management processes. In fact, the whole healthcare industry is benefitting from cloud application development in one way or another. However, the adoption of cloud technology has been relatively slow in the pharmaceutical industry. A majority of pharma companies are using the cloud at the most fundamental levels while others are yet to adopt this technology.
Nevertheless, when used in their core operations, cloud technology can radically transform the data handling capabilities of pharmaceutical companies. This blog post highlights the key benefits that pharma companies can achieve by implementing cloud technology in their core processes.
Effective Data Management
Pharmaceutical companies generate and process a huge amount of data on a daily basis. This data is normally generated through all sorts of clinical tests, product research, and market research. As a matter of fact, the clinical tests alone cost pharmaceutical companies a whopping sum of money every year. Cloud computing provides an opportunity to significantly reduce these costs and yield accurate results in almost half the time. Nevertheless, a majority of pharma companies are not fully utilizing their cloud resources for data management.
Cloud computing provides pharmacists real-time access to trial data which is generated simultaneously as the clinical tests are performed. It enables them to timely detect underperforming sites and flag potential data quality issues. It also enables pharma companies to upgrade their Clinical Trial Management Systems (CTMS) for improved accuracy and faster data processing.
In addition, a cloud-based CTMS system significantly reduces unnecessary expenses involved in conducting clinical trials. It eliminates the requirements for purchasing servers, installing applications, validating documents, and managing in-house data. In this way, it also enables pharma companies to meticulously complete clinical trials in weeks that would normally take months.
Easy Access To Information
Pharma companies, like all companies that rely on data and computation, require easy data retrieval and accessibility for seamless operations. However, for many of these companies, the data is not readily available across departments which causes uneven delays. In the absence of an effective data storage mechanism, the information is not readily available to employees across all departments. According to a survey conducted by Igloo, 43% of the respondents from SMEs claimed to have avoided sharing a document with a colleague because it was too hard to find.
Pharma companies and hospital networks require instant access to information in compliance with the Drug Supply Chain Security Act (DSCSA). Moving to cloud-based solutions can enable these companies to streamline their data management processes and gain instant access to critical documents and research data.
The pharma industry generates data in terabytes and petabytes every minute across multiple departments. The data contains invaluable information from R&D, clinical trials, and patients’ surveys. However, analyzing this data and extracting useful information is a challenging task for pharmaceutical companies.
Cloud computing enables pharma managers to store large datasets on a global network that is accessible worldwide across multiple devices. Multi-device support provides an effective exchange medium for data from clinical research. This, in turn, enables pharma companies to function more efficiently with easy data accessibility.
Time and Cost Savings
Implementing cloud technology in marketing and CRM operations of a pharmaceutical company can significantly reduce expenses as compared to traditional methods. Cloud eliminates the need for spending excessive amounts of money on software and hardware infrastructure. The data is readily available on the cloud in a secure storage facility. Besides, it mitigates uneven delays, saves time, and yields faster decision-making.
For many years, security has been a major problem in cloud-based systems. It was one of the main reasons why most pharma companies refrained from adopting cloud technology. However, with recent technological advancements, cloud security has improved considerably. As of today, the cloud is the most secure platform for data storage with multiple layers of security and encryption. Consequently, pharma companies can rest assured that their data is safe and is easily accessible across a wide range of devices.
Use Oodles’ Expertise To Build Secure Cloud Applications
We, at Oodles, provide 360-degree cloud application development services for effective data management and processing. Our AWS cloud application development services ensure that your business achieves greater flexibility, agility, and efficiency at reduced costs.