Virtual technologies are now actively used in many industries to improve the reliability of data protection and minimize the associated costs. Pharmaceutical and biomedical companies have begun to rely on this technology model as well. So, how can Data Room be useful for these spheres?
Digitalization of the pharmaceutical industry
Digital transformation is a trend in which businesses are moving from traditional systems to digital alternatives in order to deliver significant productivity improvements and hack a path to new directions for creating business value. In recent years, digital transformation has been driven by explosive growth in cloud computing and virtual technologies, big data, and the advancement of mobile technology.
The pharmaceutical industry occupies a special place in the global economy for two reasons:
- First, it is distinguished by its innovativeness, knowledge-intensiveness, and high profitability of companies. Pharmaceutical companies are attractive to investors: private investments in industrial R&D and in the pharmaceutical and biotechnology sectors, in general, are among the highest among science-intensive industries.
- Second, pharmaceutical companies operate in a challenging environment with opposing factors and strong regulatory regimes. On the one hand, companies are aimed at minimizing the time to bring new products to the market, increasing the number of new developments, on the other hand, the industry has a noticeable reduction in the terms of commercialization of intellectual property, strengthening control by regulators and public organizations.
Digital Data Room: confidential predictive analytics for pharmaceutical data
Virtual Data Room is consent management software as a service (SaaS) designed for healthcare and pharmaceutical companies to control access, manage policies, and process data across disparate data stores. The software enables pharmaceutical and biotech companies to run machine learning pipelines in a safe and secure environment.
Data and digital technologies are top priorities for pharmaceutical firms. As a result, machine learning and artificial intelligence have become major topics of regulatory compliance. However, most of the effort continues to be directed towards drug discovery.
Pharmaceutical companies remain reluctant to implement Virtual Data Room solutions based on artificial intelligence for fear of compromising data security and privacy. While AI-based predictive tools have proven to be highly beneficial from medical data and research, and most importantly from secondary clinical trials, they require painstaking and costly work to achieve regulatory compliance. By creating a secure environment via the Data Room solution in which pharmaceutical companies can use these predictive tools that ensure privacy and comply with regulatory requirements, data owners can greatly benefit from their own data, located in disparate data stores.
Advantages of the Data Room software
If we talk about the advantages of Data Room features, then it is worth noting:
- Data storage. The software made it possible to solve the problems of storing electronic medical records of patients, test results, and other information. Such information requires special processing and storage, and not all equipment is suitable for this.
- Unlike traditional medical database hosting models, cloud computing provides the ability to shrink or expand storage.
- Years of experience using cloud systems have shown that they are as reliable and secure as traditional models. What’s more, the use of cloud technology can improve data security and data backup. Another advantage is the availability of services that use multiple backup sites that can maintain business continuity and perform disaster recovery;
- Cost optimization. Pharma and biomedical companies can save money on expensive equipment and systems. In addition, clinics are further reducing costs by leveraging the resources of a Data Room