Did You Know?
Recent studies indicate that mergers in the Pharmaceutical Industry significantly diminish productivity levels, especially in R&D. As with any merger, management and employees are plagued with personal uncertainty, but more importantly, with an inability to make swift decisions pertaining to joining pipelines, consolidating vendors and physical assets. During mergers, R&D talent also tends to slow down the combined entity, not to mention innovation as a whole.
Out-spending and out-innovating one's competition even in the absence of a merger is also no longer a viable option in today's economic reality. Resources have become limited, whether they are tangible financial resources or intangible intellectual capital.
The answer to success in the Pharmaceutical space may lie in the art of collaboration. Collaborating will mean pooling internal and external resources to capitalize on relationships established and nurtured over the years with agencies, CROs, vendors and peers. Collaboration will also mean competitors combining resources to fund only the most promising drug candidates, reducing costs associated with introducing, marketing and maintaining duplicate products.
A paradigm shift is quietly taking place, in which conscious partnering and collaboration will reduce wasteful overlap. However, as with any new business model, a collaborative business model will only be achievable when supported by the right IT infrastructure and necessary tools facilitating and standardizing information exchange.
The eCTD will be in the forefront of this shift, not just to exchange information with health authorities but also to port information between collaborating parties.
Even in the era of mergers, the eCTD had tremendous time, cost and life cycle maintenance implications when some merging parties painfully found out that having to switch a proven, established eCTD solution to a new one, not sophisticated enough to absorb the full migration created nightmares. The reliability and underlying architecture of an eCTD solution will become even more important for Pharmaceutical companies as they collobarate with others in exchanging information.
It is more vital than ever for companies in the Life Sciences space to make sure their eCTD solution is provided by a forward looking global partner who has already pioneered standards, proven its reliability in large production environments and possesses the resources to continue migrating data from other solutions.
For more information on using the eCTD as a means of collaboration for a sustainable R&D model, please contact Yaprak Eisinger, Managing Director North America, at LORENZ Life Sciences Group, email@example.com or at 1-866-9LORENZ.