The coronavirus outbreak has shown the importance of implementing technology in the life sciences sector.
FREMONT, CA: The life sciences sector has been in the spotlight in recent months. From big pharma to biotech, the whole sector has been pulling together to battle the novel coronavirus. And it is done so in adverse circumstances, with lockdowns and social distancing to deliver solutions in unbelievably short timeframes. At the same time, life sciences companies are actively involved in clinical trials of potentially life-saving therapeutics, vaccines, and medical devices. To cope with this, businesses are developing recovery strategies that are founded on digital technologies. This digital transformation's primary objectives include virtualizing operations, enhancing business continuity and productivity, and creating an engaging customer experience. Read on to know more about the role technology plays in the life sciences sector for coping with the change driven by the COVID-19 pandemic.
As the volume of business data multiplies, an effective route to recovery starts with robust data governance. A data governance program helps sharpen analytics outcomes by identifying, cleansing, and normalizing data assets. It can document data flows to ensure that data is available in a standardized, consistent format across the organization. A data acquisition strategy employs consistent processes to collect, filter, and clean data as needed in life sciences. Standardized data is vital to performing real-time analysis that can identify and solve problems rapidly.
Another significant change will be a major expansion in the role of telemedicine. Shortly, there will be more remote patient engagement using digital home diagnostics and videoconferencing consultations with their doctors. Doing so may spare patients difficult journeys and enable doctors to spend more focused time with them. This will also expand to areas like clinical trials. As clinical trials are high-touch activities, patients have to visit trial sites, doctors should be there to treat them, and trial monitors visit to evaluate the site's performance. Looking forward, much of this will be done remotely, with site monitors analyzing site performance data remotely using AI.
Life science firms are also prepared to manage the complex revenue recognition rules and correctly align revenue with expenses. As the COVID-19 crisis continues to unfold, life sciences firms will face new revenue recognition decisions as revenue sources and payment rules change. Like supply chain disruptions, other factors may need that businesses modify terms of existing contracts or rethink the timing of revenue recognition. Tools like integrated business planning (IBP) help businesses improve forecasting and understand the interplay of operations and productivity across functions.