The Pharmaceutical Industry is home to some of the most far-reaching provisions for market research within a current business. However, from certain angles, the company appears to be going slowly; drug development can take several years, if not decades, and it typically takes 10–12 years between NME designation and introduction. In addition, negotiating the maze of federal laws and clinical studies is necessary to bring medicine to market.
The COVID-19 epidemic has brought forth new difficulties for this sector.
For example, what does it mean to launch a new product in a digital environment, wondered Johnson & Johnson’s Director of Market Research Joaquin Garcia-Lopez at a recent roundtable discussion. and how can we sufficiently support those efforts from a wisdom perspective?” He continued by pointing out that the normal stakeholders that market research teams resorted to for insights—patients, physicians, and healthcare systems—are less accessible now than they once were.Because of these facts, knowledge management is even more essential for teams conducting pharmaceutical market research.
Knowledge and insight management’s role in the pharmaceutical industry.
The length of time and investment in modern drug development means stakeholders risk duplicating market research, overlooking outlying data sets, or even losing information to staff turnover. Therefore, Knowledge and Insights Management must ensure that all data is centrally located and easily accessible to Subject Matter Experts. This saves a company time and money and contributes to a project’s overall success.
When new treatments and products are introduced, compliance with pharmacovigilance criteria may be manageable during early clinical trials but becomes difficult. This can lead to delays in reviews, approvals, and reporting, slowing down project execution and time-to-market, and a general need for more transparency regarding the real-time status of compliance.
A platform that combines straightforward collaboration with advanced categorization and compliance features is necessary to handle these insights and information successfully. In addition, the Insights department is responsible for ensuring that all market positioning and research operations are carried out without endangering respondents and that all compliance with legal requirements is recorded for auditing and reporting purposes.
How automated calibration works
An integrated calibration key is an intelligent way to digitalize calibrations.
A solution like this combines real calibrators, centralized calibration software, and industry expertise to provide an automatic and paperless flow of calibration data.
This entails switching from labor-intensive manual data entry to an automated system where everything is verified instantly and without room for human error by a single operator using a multipurpose device.
The advantages of digitalizing and automating calibration are multiple and include the following:
- Ensuring stoic safety and compliance by ensuring that instruments are operating within tolerances
- It takes less time for each calibration, increasing operational effectiveness.
- Smart calibrators can direct personnel to reduce calibration errors.
- Management can create more informed decisions based on existing data
- In a secure central repository, calibration data integrity is protected.
- Data can be seen quickly and efficiently for audit purposes.
LMS for Pharmaceutical Regulation and Compliance
LMS training can be applied in several different ways by pharmaceutical companies. Some of the most helpful training and evaluation modules that these organizations might use are as follows:
- new hire orientation with training materials and orientation tests
- Quarterly estimates for present employees
- Recertification or revisiting specific training modules to ensure employee compliance
- Agent and third-party training for any other organization that is a part of day-to-day processes
- Management training for supervisors within the organization
The Market Logic Difference
Market Logic has worked closely with several leading pharmaceutical industry clients to build a platform best suited for this industry’s unique knowledge and insights management requirements. To perform research projects effectively and in complete compliance with all applicable regulatory, legal, and other standards, we have created 14 base capabilities.
Market Logic has broadened our essential services to ensure you can rapidly find previous research while cooperating with and integrating outside vendors on new research initiatives. These new base offerings range from Customizable Compliance Exports to sophisticated Combination Approvals. As a result, your market research team may go seamlessly from medication development to market delivery with the help of the all-in-one platform created by Market Logic.
Wish to learn more? To explore how Market Logic is revolutionizing how pharmaceutical market research teams use their insights, request a free demo now.