3 life science trends and the importance of proper system support
With increased competition, changing regulations and new expectations, the requirements in the life science industry are increasing and companies must find new ways to differentiate themselves and remain competitive. The following describes some trends affecting the industry at large and how we think that the ERP system can support this transformation.
1. Digitalization
Digitalization in the life science industry has progressed rapidly in recent years, a contributing factor being the pandemic, which increased the pace at which the industry implemented digital technology. All of a sudden, they had to change their way of working, find new channels and quickly work together to develop a vaccine.
We are seeing digital tools, such as mobile apps, wearables and electronic medical records, becoming more common. This has several advantages; apart from making it easier to communicate and collaborate more effectively, with the help of digital tools, you can also make better data-based decisions. They also make it possible to adapt treatments and medication according to individual needs. Another positive effect is that communication with other players in the industry, such as doctors, researchers and authorities, becomes easier and more efficient. With the help of the technology, the industry can quickly and smoothly share information and collaborate on research.
2. Artificial intelligence
Artificial intelligence (AI) is a trend that has the potential to revolutionize and provide great opportunities. AI is increasingly used to analyze data and optimize business processes. AI can be integrated in ERP systems to automate information, increase data availability and enhance efficiency by improving research processes, diagnostics and treatments. This is done by analyzing large volumes of data from clinical trials, electronic medical records and other medical information.
3. Automation
Automation is important and particularly useful when it comes to manufacturing pharmaceuticals and medical devices. Automation can increase efficiency and improve quality while reducing the risk of errors.
In the production process, for example, robots can be used to perform tasks such as filling capsules, attaching labels to bottles or handling samples in laboratories. This reduces the risk of human errors and improves accuracy. It is even possible to automate quality assurance and automatically inspect products to make sure that they meet quality standards and regulatory requirements.
Another field of application is collection of data from the production process. Such data can be used to monitor the production process and optimize it to increase efficiency and quality. Automated systems can also be used for inventory management and for making sure that the products are delivered on time.
Automation can also be used to monitor patient data and improve the diagnostic process and to automate many laboratory processes, thereby reducing the risk of human error and accelerating research and development.
What role does the ERP play?
In order to keep up with the digital development, proper system support is required. The ERP system plays an important role; in addition to digitizing processes, contributing to increased security and reducing paperwork, it provides a better overview of the processes. The ERP system makes it easier to monitor and analyze data, thus contributing to increased efficiency and providing a better decision-making basis.
Exemples where ERP supports the Life Science industry
- Regulatory and quality requirements: The ERP system can handle the documentation and regulatory requirements necessary in the life science industry. It can also help comply with international standards and quality requirements such as ISO 13485 or Good Manufacturing Practice (GMP).
- Product management: An ERP system can manage the entire product life cycle, from research and development to production, distribution and sales. It can also manage product documentation, such as product descriptions and instructions for use.
- Clinical research: An ERP system can help manage clinical trials, including planning, execution and reporting. It can also manage clinical trial documentation, including regulatory applications and approvals.
- Financial management: An ERP system can help manage the company's finances, including financial reporting, budgeting and invoicing. It can also be integrated with other financial systems, such as accounting or bank management.
- Supply chain management: An ERP system can manage the company's entire supply chain, from the procurement of raw materials to the distribution and delivery of finished products. It can also be integrated with other systems, such as inventory management, to streamline the company’s logistics.
- Document management: An ERP system can manage all documents critical in the life science industry, including product descriptions, patent applications, clinical trial reports and regulatory documents.