Common Challenges in Life Sciences Companies
The past decade has marked exponential growth in deepening the capabilities across the life sciences industry value chain. A key challenge this sector faces is a strong collaboration between healthcare and life sciences organizations on solutions and products to help meet the demand-supply mismatch.
Life sciences industries need product-push models that can complement service-oriented models for delivering patients’ interests.
Outdated and Localized Systems
With the teams working globally, there is a strong need to use systems that are easy to access from anywhere, anytime. Moreover, life sciences companies experience a lack of enterprise business intelligence strategy and 360 view of processes due to multiple applications.
A virtual Oracle Life Sciences Cloud system can help store real-time updates in an organized manner.
Compliance, Finance, Governance
Government bodies typically enforce strict rules and regulations to deter animal cruelty. Therefore, all products and services manufactured need to comply with enforced regulations for smooth product placement in the market. Companies need an automated and fast-paced virtual system that keeps track of regulations for each product, ensuring they comply with the regulations. They also need to look after international taxation, freight and transfer pricing, compliance with local and international regulations, dis-jointed operational, workforce, and financial plan.
Rapidly Evolving Technology
Since digital transformation is leading to more personalized life sciences solutions, employees need more research and training to work efficiently. Multiple integrations often lead to huge maintenance overheads. A consolidated Oracle Life Sciences system can be deployed for training and assessing employees.
