Ever Growing Industry
Sounds more like a reiteration, life sciences is all sciences that have to do with all- plants, animals and human beings. It covers all aspects like biotechnology, biochemical, biomedical, food processing, life systems, etc. With an estimated value of $1.5 Trillion by 2022, life sciences and chemical industries are also driven by digital transformations in their growth and expansion strategy. This industry, no doubt, is challenged to continuously innovate but by design requires to follow closely controlled processes for adherence to the strictest quality parameters.
Life Sciences – Trends and Demands
With the global health spending expected to rise at a compound annual growth rate (CAGR) of 5.4% over the period from 2018 to 2022 and with the rigorous ask from the industry given the impact on civilisation, the following aspects play a critical role –
- With the glocalization of almost all industry segments and given the critical nature of the life sciences industry, there is a need for the regulatory framework to be latest and trendy. The landscape of global and national regulatory requirement keeps shifting to keep pace with the demands of the industry and the industry needs to keep pace with the changing regulation.
- Data being the currency in the modern digital age, it is even more pertinent in the Life Sciences industry with the evolution in life sciences and utilising the empirical evidence to address the real life problems.
- Increased compliance and regulation coupled with increased customer expectations has resulted in the rising customer expectations compelling better operational control and efficiency through improved inventory management and optimised lead times.
- Regulations and compliance w.r.t. environmental and safety regulations require tracking and establishing provenance of goods and materials through their lifecycle.
- Operational efficiency requires better management of complex supply chain management and well connected, well managed production control processes that are by far time consuming.
- Life sciences requires high level of quality control and to achieve the required quality levels, it is important to ensure operational control and compliance to stipulated process.
Life to Life Sciences
- Production Control ensures end to end integration especially from a financial perspective thereby making it a “smart enterprise”. This makes sure effective quality checks and integrated batch management are in place building the value chain.
- The increasing consumer, regulatory & competitive demands in the context of skyrocketing costs is only possible with the right integrated IT infrastructure.
- In the world of bogus products and spurious content, tracking of finished goods and tracing the batches to delivery including Internet of Things for temperature control and its onward integration to production control and analytics.
- Environmental and human risk minimisation is a key parameter to be addressed in life sciences industry and to achieve the same, technologies enabled by Internet of Things pay a vital role.
- Integration with core business solutions and sound data analytics play a critical and pivotal role over and above an integrated technology to measure each of the aspects of life sciences industry
- Compliance to regulatory framework require information capture, review and analytics at various processes. In order to ensure certainty of results with relevant cost investments, there is a need for time-tested solutions providing value driven output.