One of the biggest challenges Life Sciences organizations face in their digital transformation strategy is how to shrink the Product Lifecycle. The product lifecycle is extremely complex and time-intensive, consisting of numerous stages and processes. The challenge is that each stage can take months or sometimes years to complete.
The clinical trial process can take a couple of years. The regulatory submission and manufacturing scale-up can take another two or three years. That's on top of another three or four years of research and development. A drug can take anywhere from about six to fourteen years to put on the market. At that point, considering the patent life, a company might end up with two years of exclusive rights to sell the product in the commercial space. In many cases, that might be very tight and not enough to actually cover the cost.
The ability to shrink those timelines within the product lifecycle is necessary. By connecting the various stages together, eliminating excess time between stages, combating silos, and gaining a better handle on the process from beginning to end, an organization can shave weeks, months, sometimes even years from the process. In whatever means an organization is able to shrink this process immediately translates to faster time to market, which means the drug and the treatment gets into patient's hands faster and offers longer exclusivity and patent life for the company sponsoring the drug.
As part of Appian's Industry Outlook Podcast, I recently sat down to discuss topics around accelerating the product lifecycle including:
- The systems that support the Product Lifecycle
- Challenges of digitally transforming the Product Lifecycle
- Advancements in pharmaceutical drug development and commercialization processes
Listen below to part 2 of this 3-part series.
[podcast id="12218497"]
If you missed part 1, be sure to listen and learn more about my predictions on the innovation and technologies shaping the industry for the rest of 2017 and beyond. Listen here
Evjatar Cohen
VP, Global Pharma & Life Sciences
