Life science companies are adopting and changing rapidly. Adoption of new business models, mergers and acquisitions and entrance into new markets are some key driving forces. Today, within Life Sciences, data is the king. For Life Science Organizations to be successful quick access to accurate information is critical. One of the key outlier’s to good information is clean, accurate and consolidated master data.
Many Life Science companies “talk the talk” regarding master data importance; however, very few have good master data governance and process. Companies who have completed multiple acquisitions are the most at risk. Customers (hospitals, GPO’s, Distributors etc.) are trimming costs and negotiating for better pricing. Life Science companies who provide “one face to the customer” have consolidated customer, product and contract data. More important, these Life Science companies have an incredible competitive edge. These companies can quickly adjust product portfolio’s on a contract and understand the margin. Additionally, companies with strong master data can enter “low health care cost countries” more competitively by quickly adjusting and analyzing product mix.
Compliance is a key attribute of excellent data quality and governance strategy. It is difficult and costly to maintain excellent data governance without good data governance process and data governance tools. An important part of the complying with the “new” IDMP regulations is automating the data governance process to increase compliance ability and lower cost of compliance. Excellent overall compliance helps eliminate potential regulatory issues and ultimately drives brand protection.
Life Science companies need to ask the question, “How efficient is our master data process, governance and overall data quality”?