Techindia Helps Pharma Companies to Restructure Their Operations and Increase Effeciency

Techindia Helps Pharma Companies to Restructure Their Operations and Increase Effeciency

Techindia Helps Pharma Companies to Restructure Their Operations and Increase Efficiency

The continuous evolution of disruptive technologies, shifting regulatory needs, and increasing competition, are shoving pharma companies to go back to the drawing board to ponder paths to better operational efficiency. On top of that, with piling revenue pressure and the relentless desire to boost productivity, it’s understandable why pharma companies are turning every stone to unlock innovative new ways to cut costs and accelerate operations. Techindia has tons of experience helping pharma players do just that, and here’s how the company supports the pharma industry in that regard. 

Offshore R&D outsourcing to increase cost-efficiency 

Research is the driving factor for new drug discovery, no doubt. However, R&D can be so costly that it gravely impacts the bottom line for pharma companies, yet it is a vital component of operations that cannot be avoided

In the US alone, R&D spending shattered records in 2019, realizing upwards of 186 billion poured into pharmaceutical industry research. What’s more, this expenditure is predicted to hit $230 billion within the next four years. 

As you can see pharma companies are spending a fortune on R&D but outsourcing clinical trials and research to Techindia enables them to: 

• Save big on traditional R&D expenses
• Reduce drug development time
• Increase time-to-market and brand reputation

India has amassed a reputation for cheaper R&D infrastructure compared to the West for example, and the same goes for labor costs which are as high as in some regions. The result is that companies can ship their research and development needs overseas, which alleviates cost burdens on the pharma company’s workflow. 

Not to mention, this frees up human resources which pharma companies can direct into other core operations to further streamline efficiency. 

Alleviating sleep lab setup costs for small and new pharma companies

Sleep labs are expensive to put up and run. For small pharmaceutical companies starting out, the initial setup cost can be extremely high and unfeasible. Especially so if the business now has to hire in-house sleep physicians and scorers on a permanent payroll for intermittent duties 

Besides costs, the other limiting factor for inexperienced pharma companies is the lack of skilled labor to fill in specialists’ positions. For small pharma companies that do run an in-house sleep lab, workflows can get stretched thin during periods of increased demand, with research showing some sleep labs have to contend with a patient-to-specialist ratio as high as 6:1 

Techindia enables small-scale pharma companies to restructure their sleep monitoring and scoring services, and improve efficiency and productivity by accessing: 

• An experienced sleep scoring team with 5 million sleep hours across US and Asia
• The latest sleep study technology without having to purchase expensive equipment and software
• Deeper, more accurate, and customized reports 

All of which may initially have been out of reach for small-scale pharma companies.

Remote patient monitoring to shift toward a more personalized approach 

Recent global pandemics have caused massive disruptions in the pharmaceutical industry, leading pharma companies to look toward more innovative digital avenues and solutions. 

For example, business couldn’t proceed as usual, during the COVID-19 when there were so many measures in place to reduce the risk of disease transmission. Yet, the need to access subject data faster grew ever more important with this disruption. 

Techindia’s remote patient monitoring services help pharma businesses of all sizes to cope with the interruption, enabling clinicians to move toward a more virtual yet efficient workflow.  

Before, the responsibilities of capturing and managing patient data streams solely rested on on-site clinical staff. Now, Techindia and its expansive ecosystem of medical-grade sensors can help lighten the load, enabling the collection and processing of various subject data so staff can shift their focus to other critical functions. 

Meanwhile, clinicians can access important data as needed through special dashboards and software suites, customized to meet the unique needs of the pharma company in question. This ensures highly bespoke and efficient clinical care services. 

Improved decision making, leading to optimal operational processes

Many pharma companies limp by their day-to-day on insufficient data, leading to similarly inefficient research and drug development processes. In fact, it is the case today that up to 80% of data in the pharmaceutical industry is unstructured, which means most of its data exists in: 

• Video
• Images 
• Text 
• Audio

Due to this, up to 78% of data doesn’t get analyzed mostly because it takes an insane amount of effort to wade through all data that pharma companies collect. Valuable insights, therefore, slip through the cracks with businesses not knowing any better. 

But there’s a better way. Techindia offers a depth of information analytics, which gives pharma companies more visibility over all their data. Now, businesses in the pharmaceutical industry can make informed decisions driven by facts, rather than relying on guesswork and speculation. 

In turn, pharma companies can unlock new insights to ensure innovativeness and speed of drug discovery, and better customer experiences. With improved customer satisfaction, companies can bolster their reputation in the market which can be a catalyst for sales.

Centralized ECG reporting for better accuracy and profitability 

Authorities can pull drugs from the market due to several cardiac safety concerns. Other times, such issues can lead to a decline in regulatory approval, relabeling, and postponing product launches, among others. 

When any of the above scenarios occur, it comes at considerable expense to the pharma company. Yet, it is the unfortunate state of affairs today that most businesses rely on a decentralized model, where ECG data collections occur across several sources via local ECG machines.

However, this can breed inconsistency due to: 

• Differences in instrument versions and accuracy ranges
• Varying clinical personnel skillsets performing interpretations  
• Differences in the use of calculation algorithms

When pharma companies outsource ECG reporting to a cardiac rhythm interpretation services provider like Techindia, they can now avoid all the above thanks to a centralized ECG data model. There’s now better consistency and accuracy in results, with studies also showing that pharma companies can cut costs by 40% or more when they centralize ECG trial data. 

Better efficiency equals better longevity

Efficiency is important in any business no doubt, but it’s even more important in the pharmaceutical industry which was hit especially hard by the pandemic. When pharma businesses improve their workflow efficiently, productivity tends to head up as well, and so do profit margins. Moreover, it helps companies gain a competitive advantage while ensuring regulatory compliance isn’t a headache. To learn more about how Techindia can help your pharma business become more efficient and profitable, give us a call today.