LONDON, Sept. 21, 2016 /PRNewswire/ -- The Time is Ripe for a Technology Revamp in Clinical Trials
The drastic increase in the number of clinical trials performed worldwide is leading to a sharp rise in R&D expenditure incurred by life sciences companies. To overcome this challenge, companies are targeting clinical trials to achieve higher efficiencies, which will bring new drugs faster to market and reduce R&D cost burden. The solution lies in the technology revamp of future clinical trials, which is driven by implementation of effective business analytics solutions, the commoditization of hardware components, and the rise of Internet technologies offering big data analytics.
The conduct of clinical trials in the current scenario is complex, with multiple stakeholders, both internal and external. Globally, clinical trials are conducted with varying degrees of IT maturity, and this is the right time to improve the efficiency of drug lifecycle and optimise trial processes. Life sciences companies are increasingly looking at business analytics (BA) solutions to address the growing complexity and the diverse nature of clinical trials. The BA solutions in the market encompass a broad array of hardware and software components from IT vendors of different sizes. While smaller vendors offer specific tools that cater to a distinct segment of BA, such as text mining, other vendors offer end-to-end solutions - from hardware components to data visualization. Frost & Sullivan's research notes that the advancements in technology, combined with the commoditisation of hardware components, will enable organisations to better plan, forecast, and conduct trials across different geographies. Moreover, organisations that implement effective BA solutions will minimise waste and time-to-market by means of proactive management and operation of trials. This will allow them to enjoy the competitive advantage over those who do not have the benefits of BA solutions. The consistent and pervasive use of BA tools in everyday tasks is the foundation for achieving the maximum return on investments made on BA technologies.
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