The Indian information technology (IT) companies are looking to tap data digitizing opportunities in the life sciences sector. This is where several technology companies have started working in tandem with the life sciences companies.
“Life sciences industry has come a long way in digitizing at periphery and now is looking to adopt this in core areas of operations. These include areas spanning from genome sequencing to development of bionic limbs. There also could be a possibility of the leading global technology players like Google to enter wellness category, or Apple to deal with medical devices and Amazon to be engaged in e-pharmacy,” said Ram Meenakshisundaram, senior vice president, global delivery head, Cognizant Life Sciences.
“We are seeing life sciences industry to leverage technology and there are transformational initiatives to resolve the current problems impacting the sector”, said Meenakshisundaram at the recently concluded DIA event in Bengaluru.
“An agenda is needed by life sciences industry to use technology to innovate, transform and leap-frog to the next level of growth. This could be through cloud computing, investing into next generation infrastructure, mergers and acquisitions, adoption of intelligent automation and sourcing optimization for compliance and regulatory purposes,” he added.
Now technology plays a larger role than merely supporting the life sciences industry. Automation plays an important part and this is where Big Data platforms and pre-built instant IT solutions are beginning to be a major part. Such platform technologies are seen to be a paradigm shift in terms of cost and time saving.
“Science and technology are here to improve customer and employee experience. However India needs specific solutions because what works in China may not be suitable for our country. Therefore, we need to combine people, process and technology through a platform based model to measure the outcomes. It is critical to ensure that while the life sciences industry is modernized with technology, the processes need to be simplified,” he said.
Technology is the backbone to support agility and performance. Therefore, it is important to ensure that the ability to adopt an digital IT model seamlessly. The companies should also look at strengthening regulatory compliance and productivity in life sciences manufacturing through the strategic use of information technology, said Meenakshisundaram.