Creating an enterprise-wide view of compliance risk
Life sciences companies cannot reduce risk and optimize compliance unless they understand their entire regulatory landscape. Technology can provide this visibility by unlocking disparate data stores, facilitating analysis, and consolidating insights gained throughout the product development process.
At the same time, these organizations must re-examine established business processes and make changes where necessary to fully leverage new technology investments. Too often, these processes are insufficient to support new development and compliance models.
“As data and events grow, traditional models cannot scale,” says George Pushchinsky, product owner for the ConvergeHEALTH Safety Life Sciences practice at Deloitte. ”What companies need to do is leverage more AI, machine learning, and other automation technologies. They need to automate the more standard and repeatable parts of the process and reallocate their resources to focus on advanced analysis and insight-driven activities.”
These changes represent a fundamental but necessary shift in how life sciences companies operate. They are necessary to shift resources toward the value-added activities that will reduce risk and increase competitiveness over the long-term.