5 challenges in the bio/pharmaceutical industry – and how to solve them

Abbie Glossop Date published: Aug 14, 22

What are the main challenges in the pharmaceutical industry? And what are the main biotechnology challenges? This blog reveals 5 of the biggest challenges this industry faces. We also explore how these issues could be solved.

1. Ongoing disruption and digital transformation

While we may be out of the woods when it comes to Covid-19, disruption is never completely over – for any industry. Now, the challenge for bio and pharma companies is how to prevent further disruption and become resilient and adaptable. To meet this challenge, the industry will need to focus on digital resiliency and growth.

Digital innovation has numerous benefits. It can help organisations handle disruption to their supply chains. It is seen by 77% of biopharma companies as a competitive differentiator. And, as well as addressing business needs, technology such as AI, cloud computing, AR/VR and the Internet of Things can create value for patients and other stakeholders.

In the face of ongoing challenges where disruption is felt throughout the entire ecosystem, constant innovation and digital resiliency will help the pharmaceutical industry to navigate uncertainty and maximise new opportunities.

2. Supply chains

During the pandemic, there was intense pressure on supply chains. Going forward, pharmaceutical companies must ensure their supply chains can withstand disruption, whenever it may occur. This includes being open to change, rather than – for example – being resistant to digital innovation like many biopharma companies once were.

It is predicted that, by 2023, 75% of biopharma manufacturers will invest in intelligent supply chain solutions that help them to be more resilient against disruptions like Covid-19. These solutions employ technology such as AI, advanced analytics and innovative surveillance to monitor supply chains, predict obstacles such as bottlenecks, and prevent issues such as supply shortages.

3. Speed to market

One of the biggest challenges for the pharmaceutical industry is how to when taking a new product to market, while still maintaining a focus on quality, precision and excellence. The problem is that this pressure to quickly develop new drugs conflicts with the disruptions and delays that the industry faces, such as along their supply chains.

Biopharma companies will need to prevent any delays and disruptions if they are to achieve speed to market. One way that companies can do this is by using digital tools to make their processes more efficient.  

For example, pharmaceutical and biotech companies are often stalled by chaotic and overly complex document review processes. From drafting INDs and MAAs to writing study reports and other scientific documents, clunky writing processes can waste time and energy, and even the quality of the document. Document collaboration software can simplify the medical writing process and reduce review cycles by 65%.

4. Cybersecurity threats

Cybersecurity threats are all but a given in our modern digital world, especially now that so many of us are embracing a hybrid working model. From ransomware and phishing attempts to insider threats and organisation-wide attacks, the risk of cyber-attacks is high. It can lead to disruptions, financial loss, and a damaged reputation.

In 2018, the biopharma industry was targeted the most by hackers. And in 2020 alone, cyberattacks cost pharmaceutical companies $5 million. It goes without saying, then, that effectively managing cybersecurity risks is a must.

One way that the industry can do this is to create a culture of safety. For example, by training employees to educate them about cybersecurity risks and how they can do their bit to prevent them. It’s also important to ensure that your systems are safe and secure in order to protect your sensitive data.

5. Changing workforce

Following the pandemic, all industries have been forced to rethink their relationship with their employees. Many industries now have turned to digital collaboration and hybrid working. In the pharmaceutical industry for example, there is the rise in remote clinical trials.

The challenge now faced by the pharmaceutical industry is twofold. First, there is a potential shortage of skilled labour within biopharma. Second, there is the pressure to optimise workforces to ensure efficiency.

Whilst automation can alleviate the shortage of labour for a time, more funding in STEM education is required to solve the problem long-term. When it comes to ensuring an efficient hybrid workforce, or efficiency when working with external parties, it’s essential to have digital tools that do not disrupt the flow of work. For example, employees should be able to access resources and the documents they need from different locations, time zones and devices in an easy and secure way.

Conclusion

The pharmaceutical and biotechnology industries are undoubtedly facing huge challenges in the aftermath of Covid-19: ongoing change and digital innovation, supply chain disruption, cybersecurity threats, a changing workforce, and, of course, the need to achieve speed to market.

At Ideagen, we have helped 85% of the top 25 global pharma companies, 4/5 of the top CROs, and 4/5 of the top medical device companies to accelerate their digital transformation and face some of these challenges head on.

Find out more about the document collaboration technology that we offer to support the pharmaceutical industry with the challenges it faces.