From the emergence of telephones and automobiles to smartphones and commercial flights, there have been many breakthroughs throughout history that changed the way we live, work, and perceive things. Now, the Cloud is doing the same.
Cloud Computing has proven to be one of the most valuable and disruptive technologies of our time. More and more businesses see the Cloud as the innovation enabler as it is making profound changes in how businesses operate, empowering them to develop new business models. And, it is also gaining a foothold in the field of Life Sciences.
The size of pharmaceutical Cloud Computing is expected to rise at a CAGR of 20.9% between 2018 and 2022, based on the research conducted by Global Data. And, COVID-19 is not slowing things down. It is speeding things up, bringing cloud services to the forefront, especially in Life Sciences. The market is expected to reach $798.84 billion in 2025 at a CAGR of 14%, according to ReportLinker.
But, let’s first understand why moving to the cloud is the right thing to do.
What Are the Reasons for Moving to the Cloud?
Every time you check your bank balance on your phone, you are using Cloud Computing. When you change your Facebook status, you also use the Cloud. Many businesses are already relying on Cloud Computing, and many more are moving to the Cloud. Why is this so?
Cloud Computing provides regular updates — Organizations don’t have to invest much of their time maintaining systems themselves as the suppliers do this.
Cloud Computing is flexible — Businesses can quickly scale up their cloud capacity, or scale down, which gives them an advantage over their competitors.
Cloud Computing decreases costs — It significantly cuts the hardware cost, allowing organizations to pay as they go, taking advantage of the subscription-based model.
The Cloud improves collaboration — Cloud-based workflow allows teams to make updates in real time and have a clear picture of their collaboration.
Cloud Computing enhances security — Since data is stored in the Cloud, organizations can access it no matter what happens to their hardware.
Cloud services save much time — The process of moving data to the Cloud is streamlined and straightforward, thus saving both time and effort.
Cloud Computing streamlines content management — The Cloud allows organizations to keep all of their data in one centralized place — one version of the truth for everyone.
The Cloud lets you work anytime and from anywhere — Provided that they have an Internet connection, organizations can now work anywhere at any time, making the home office an increasingly accessible idea.
Why Are Life Sciences Organizations Moving to the Cloud? Why now?
While accelerated time to market and data storage seem to be the biggest drivers for other industries, research-driven industries like Life Sciences see innovation and leveraging expertise as the biggest benefits of Cloud Computing. Actually, the ultimate value the Cloud brings is innovation.
Cloud Computing goes far beyond utility computing. The Cloud has the ability to:
Through computing activities aimed at executing crucial processes that would deliver industry-specific solutions, Cloud Computing can be leveraged in the Life Sciences industry to perform simulation and modeling, medical imaging and screening, and computational biology. Also, it can be used to analyze safety data, supply chain data, outcomes data, monitor patients in real time, provide outstanding healthcare services, trace and track products.
Speed up Processes
Cloud Computing brings agility to the process of experimentation, which perfectly fits the needs of Life Sciences. By enabling companies to easily scale up their informatics, analytics, and infrastructure capabilities when the need arises, Cloud Computing allows companies to move from an idea to the process of experimentation and then to large deployments much more quickly and efficiently.
Unlock the Value of Data
The Cloud unlocks the true power of data organizations didn’t know even existed. Based on one recent study, 62 % of Life Sciences executives believe there is a large chunk of data they are not using effectively. Also, since it is predicted that genomics research will generate up to 40 exabytes by 2025 and that scientists spend up to 40% of their time searching for, cleansing, and aggregating data, the Cloud may be a driving force that will help get drugs to market faster and cheaper.
Cloud providers have started to power R & D studies by offering data exchanges with clinical data, imaging data, and real-world evidence. Over the next decade, this can bring new opportunities for secure and large-scale data transfers across organizations. Ultimately, this kind of digital health will enable real-time medical interventions that could save so many lives.
Also, the capability to scale up and scale down could enable researchers to process petabytes of data at a given time while only paying for additional capacity when needed. Plus, the Cloud offers dense archive storage for a long-term period.
Bring Collaboration to a Whole New Level
The Cloud enables a simple and effective collaboration within the organization and with a network of partners. This brings immense value to Life Sciences as more and more organizations see the huge impact they make when working together on delivering groundbreaking solutions. It allows workers to share information reliably and rapidly, thus supplying the right users with the right tools and information. Greater visibility means enhanced collaboration, which leads to streamlined work and a healthier bottom line.
Create a More Meaningful and Connected Patient Support
Pharmaceutical companies are already leveraging the power of the Cloud to guide patients through treatments and improve day-to-day care management by providing medication reminders, better symptom monitoring, and nursing support in real time. Also, through Cloud Computing, hospitals can improve the care they deliver — doctors could access patients’ data instantly and from anywhere, analyze it and come up with the best treatment together.
Build New Business Models
Finally, the Cloud enables the development of new, more efficient Life Sciences business models. By breaking down the silos of locked data, process standardization, and enhanced team collaboration, Cloud Computing helps organizations expand their R & D ecosystems and leverage the partnerships with other organizations to bring stellar discoveries in therapy innovation and drug production. It will change the ways companies operate while stimulating more open innovation and delivering greater effectiveness.
A Path to Success
There is not only one approach that fits all organizations on their journey to success. But there are steps organizations should take to balance their speed and value on this reinvention journey:
Innovation — Organizations need to leverage cloud technologies to enable faster development of their services and products.
Building ecosystems — By building partnerships, organizations can navigate their digital transformation more easily, as this allows them to integrate and share data more securely.
The reinvention of supply chain —More streamlined collaboration powered by the Cloud creates better connectivity and brings a wealth of insights crucial for better decision-making.
Choosing the right partner — Organizations need to rely on the right digitalization partner with digital capabilities that will help them move to the Cloud and accelerate new treatments and services.
Reach for the Cloud(s)
At HTEC, we build enterprise cloud solutions that power seamless connections and make teamwork easy. By harnessing the power of the Cloud, we help organizations speed up a time to market, boost their efficiency and increase their ROI.
With Covid-19 as a wake-up call, businesses are now given an opportunity to embrace the power and the wisdom of the Cloud in Life Sciences. We are fully dedicated to building solutions that could help these organizations spark innovation in research and development and create new business models.
The companies that dare to embark on this venture will lead the revolution in Life Sciences, and we are here to help them on that journey.
To learn more about how we help companies leverage the power of the Cloud, read about our enterprise cloud solutions.
To get a glimpse of how we help streamline connections between caregivers and patients, read more about our MedTech and HealthTech solutions.
To find out more about how our extensive experience with the Cloud helps us build lab and science advanced solutions, go to our LabTech and ScienceTech page.
Curious to find out more? Reach out to us.