The pharmaceutical industry is one of the most innovative and knowledge-intensive industries in the global economy. The growth rate of the global pharmaceutical market is twice that of the global economy as a whole, and the size of the global Pharma and Health Care market is projected to reach $ 1576.43 billion by 2027. Analyzing the numbers, it seems impossible to maintain these indicators without the use of top-notch technologies, including cloud solutions.
What Is Cloud computing?
Simply put, cloud computing is the delivery of computing services over the Internet (“the cloud”) to offer faster innovation, flexible resources, and reduced costs for scaling. Among computing services, there are usually servers, storage, databases, networking, software, analytics, and intelligence. This strategy implies a pay-as-you-go cost model that charges based on usage.
Organizations of every type, size, and industry are using the cloud for a wide variety of use cases. The major reasons include lower operating costs, running infrastructure more efficiently, and scaling as business needs change. To get an in-depth picture of cloud computing in pharma, let’s consider the major benefits that pharmaceutical companies get from leveraging the cloud.
Data Storage & Data Analytics
The volume of medical data is steadily growing; storing, analyzing and protecting big data are becoming more complicated. To ease it up, you can always contact InData Labs for Big data application development. They will help you to handle the increased requirements for storage volume, exchange of information, data analytics, and IT infrastructure in general.
Pharmacloud software helps to cope with this task. Converting patient data to digital format and then storing and analyzing it in the cloud is becoming common practice. In addition, cloud computing provides advanced tools for analyzing databases regardless of their volume. As a result, we observe a higher level of data analytics and, respectively, higher quality of services that medical companies can guarantee to their patients.
Efficient Collaboration and Clinical Trials
A large number of participants are involved in the development and promotion of pharmaceutical products on the market. In the pharmaceutical market, companies usually collaborate to discover and develop new drugs. In such cases, clouds become the cornerstone for efficient collaboration.
Cloud software allows companies to organize their interaction with partners, keep common data secured, and jointly carry out large research projects. It is also reducing the complexity and time consumption because clinical research can be conducted without extra costs on developing exclusive data centres. For example, Pfizer stores confidential medical information of partner laboratories in the cloud, which helps to conduct hundreds of drug trials every year.
Improved Flexibility & Scalability
This technology also provides pharma companies with on-demand scalability and timely agility they need to balance the varying needs of the market. Clouds streamline clinical trials and reduce costs, meanwhile allowing to grow as business needs expand.
In the case of smaller businesses, cloud computing helps them reduce project investment, increase the chances of faster-establishing partnerships and gain a firm ground in the competitive market. As for experienced members in the pharma market, a sharp increase in sales or expansion into new markets is usually the major impetus for embedding the cloud. The global healthcare and pharma sector is constantly changing, and in such times, fast scaling up or down is crucial for companies that want to keep up with the market changes.
Reduced Costs and Time
The Covid-19 pandemic has brought cloud services to the forefront when it demonstrated the need to develop new drugs more efficiently. Forced to produce drugs in a shorter time with less money spent, Pharma companies are now increasingly harnessing cloud computing.
First, time reduction is achieved by embracing a pay-per-use model. Such a model eliminates the costs of powering servers with unutilized capacity due to variable workloads. In addition, Pharma companies avoid spending excessive amounts of money to buy or build and maintain sophisticated IT infrastructures. While costs are reduced through cloud computing, process efficiencies are increased, as decision-makers get a clear perspective to make informed decisions.
Quality Patient Experience
Today, the growing popularity of medical products among consumers depends directly on the availability of related information services. Mobile devices worn by patients are becoming a source of important information for statistics. They transfer all the necessary data so that doctors quickly make diagnoses, and pharmaceutical manufacturers can improve their products. In this way, thanks to cloud systems and applications, information on health and body condition can be instantly accessed by both healthcare workers and patients themselves.
The Takeaway
Cloud computing has made leaps and bounds in recent years and presents a variety of opportunities to boost pharma companies. The latest examples demonstrate the cloud’s impact on companies’ faster decision-making, enhanced patient engagement, and market access processes. Although drug development is a time-consuming and costly process, cloud-based infrastructure streamlines business processes to help scientists concentrate on this task, vitally crucial today.