August 25, 2022 Blog
Welcome to yet another post from our weekly series, which is usually based on how cloud computing helps different verticals in meeting industry-specific challenges and emerging as the winner of the time. In our previous post, we covered cloud migrations for the Retail industry (LINK: How Does Cloud Migration help your Retail Business? Migrate to Cloud with LogicEra!) and discussed how Retail companies are leveraging the power of the cloud to improve channel operations, personalize the customer experience, gain better visibility into the supply chain, reduce costs, etc. In this post, we will discuss how cloud migration is helping Pharmaceutical businesses in improving data access & marketing operations, maximizing cost efficiency, increasing security, and much more.
Some of the most tremendous practical benefits that cloud bestows the pharmaceutical companies with are easy collaborations, collection & analysis of data from various sources, and expedition of clinical trials required for bringing drugs securely to market. All these benefits along with the generic benefits of cloud computing like improved agility, scalability, flexibility, etc. are coercing more and more pharmaceutical businesses to move to the cloud. According to the analytics survey conducted by HIMSS (Healthcare Information and Management Systems Society), over 83% of pharmaceutical companies are already using cloud technology.
That too even though they adopted cloud computing quite late like they have been doing with other technologies. So, you can imagine the speed they have been adopting the cloud. And why they have been adopting the cloud at such a faster rate is something we are going to discuss now in detail.
Here are the top 9 ways cloud migration is helping pharmaceutical businesses in reaping great benefits. So, let’s walk through them one by one.
A growing pharmaceutical company might need its clinical trials and workforces to become decentralized which in turn needs a decentralized IT infrastructure as well. However, it might not only cost them a big fortune to develop exclusive data centers but can also distract them from their core business goals. But then, as long as they have cloud computing by their side, they need not build additional data centers for improving web performance even for those users who are sitting in remote locations.
Different parties are involved in the research systems of pharma companies. The cloud enables pharma companies to connect with all these parties and collaborate with them more effectively. These functionalities have proved to be a great blessing for drug researchers and are indicative of how effectively cloud computing can revolutionize clinical trials.
Cloud enables the central distribution, management, and updating of software that helps pharmaceutical companies in taking advantage of cutting-edge features quicker as compared to the on-premises environment. It also eliminates the hassles of declining computer systems.
Security threats like hacking, identity theft, and data theft may cost the pharma companies huge capital as it may cause the loss of the equipment as well as the sensitive data with it. However, cloud computing can endow them with greater security even at such events. The parametric nature of the cloud allows only those to access the data who are authorized to access it, therefore protecting it from external theft.
Cloud computing is ideal for companies with fluctuating demands as it tailors its services based on the requirement. Scaling up and down the cloud capacity is quite easy and cost-effective. In the case of an on-premises IT infrastructure where either you lose business or invest hugely in accommodating the seasonal high traffic, 80% of your resources go unused on normal days.
There are so many ways cloud computing enhances performance and efficiency such as through system automation, real-time monitoring, instant data access, and so on. The automation of processes reduces redundancies and so improves performance. Not just that, real-time monitoring helps you make more informed decisions. Moreover, early access to a broad range of data helps businesses in gathering actionable insights relating to the performance systems and strategizing their plan. In short, cloud computing helps businesses in making the right decisions as well as the processes more robust.
Cloud-based infrastructure and software help pharma businesses in achieving significant reductions in costs. Since in the cloud you pay only for what you use, you can scale up or down your resources, and don’t need to pay hugely for installing hardware, you save huge capital. Not just that, in the cloud you pay very little for maintenance and support of your applications as the cloud demands fewer resources for development & testing. Moreover, cloud-based applications usually cost far less than traditional software.
With the cloud, all you need is a sound internet connection and you can access your business data even when you are on your move. This is all because of the streamlined and collaborative operations of cloud computing. It facilitates the smooth functioning of business plans and meetings across different geographies.
Cloud has reduced the cost of innovation to a great extent. It enables even pharma start-ups in building a product or service for their customers in a scalable and cost-effective manner.
Pharmaceutical companies, of course, are the major beneficiaries of cloud computing. Whether it is about enhancing customer engagement or generating innovative ideas for new drug development, the industry is resorting to cloud computing tools & technologies for streamlining their work. Revolutionized by the cloud, the pharma world can access data quickly & easily, and develop various innovative products including personalized medicine.
Of course, migrating to the cloud could be a worthwhile move but don’t forget it is not as easy as it sounds. You must first research well before you jump onto the cloud computing bandwagon. Make sure all your cloud implementations are backed with an effective cloud migration strategy. Just in case you require any supplemental support you can get a cloud consultant on board or hire a Managed Services Provider (MSP). There are several cloud migration solutions providers that provide cloud services for the Pharmaceutical industry as well. One of the most reputed cloud migration companies in the UK and UAE is LogicEra. The MSP helps you seamlessly and safely migrate your infrastructure to the cloud within the shortest possible time.