The pharmaceutical industry has experienced major growth recently – thanks to mobile technology. As the world population continues to age, there is further demand for drugs and treatments that provide a healthier future for Baby Boomers and seniors. However, these industries continue to struggle with challenges. Pharmaceutical consultants work with companies to tackle these growing concerns.
Mobile devices are an effective solution that consultants suggest pharmaceutical companies use to overcome the following issues and obstacles:
o Marketing/sales challenges – In 2000, pharmaceutical companies spent $15 billion in product marketing. It remains a continuous battle and companies fight for physicians’ attention. They also contend with shrinking windows of exclusivity and competition remains aggressive.
o Regulatory issues- Companies struggle with government regulations while trying to increase profits. Compliance remains a challenge for these companies. Strict guidelines for patient confidentiality, record keeping and lab operations pose a burden for many pharmaceutical companies. Even with the recent addition of 21 CFT Part 11 (which allows electronic data capture), companies still face compliance and regulatory challenges. Even if companies unintentionally face non-compliance, delays and profit loss result.
o Fiscal obstacles – Pharmaceutical companies spent $54 on research alone in 2000. There is a big financial race to discover critical drugs and get them on the market much faster. Development costs for drugs are $900 million per new drug. Not to mention the time it takes to approve a drug (from synthesis to approval) – 15 years.
Mobile technology is at the forefront when it comes to major advancements for pharmaceutical companies. Compared to other high-tech saturating the world right now, mobile solutions offer positive benefits for these companies.
Mobile applications also solve many issues within the pharmaceutical industry: streamlines clinical research and trials, improves patient monitoring and empowers sales teams.
Mobile devices help struggling pharmaceutical companies in the following ways:
o Pharmaceutical companies send information directly to physicians via mobile devices such as i-Phones, Blackberries, etc.
o Internal business operations also flow smoothly with the aid of mobile applications.
o Sales reps quickly access marketing details/information on their handheld devices. This makes their detail visits far more effective and saves them time during their busy day.
o R&D process is more cost-effective and runs efficiently. Mobile solutions allow data to be collected faster during clinical phases. As a result, protocol violations are reduced. Critical, life-saving drugs are quickly launched on the market and the overall R&D process is streamlined.
o Personnel and researchers easily access protocols, guidelines and training materials which helps avoid violations in the future. Overall, mobile devices save time and unnecessary costs for biotech researchers and company personnel.
As mobile technology evolves, pharmaceutical industries continue to improve and evolve as well. As mobile companies introduce tech-savvy software for handheld devices, the jobs of sales reps and researchers will be made easier.
Mobile technology opens up huge opportunities and advancements for companies and physicians including: e-prescriptions, e-diaries and e-practice. Pharmaceutical companies save thousands of dollars each year and achieve their ultimate goal – to discover critical, life-saving drugs and puts these drugs quickly on the market.
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