More than half (54%) of professionals working for drug development companies or manufacturers say industry regulations are undermining their Digital Transformation ambitions, according to new research. Pharmaceutical manufacturers (57%) are the most likely to suffer this impact, while just under half (49%) of respondents from biopharma and biotechnology companies said regulations were undermining their transformation aspirations.
However, 46% said that regulations do not undermine their Digital Transformation initiatives, which shows that attitudes are mixed.
These are among the key findings of a study commissioned by Aspen Technology, which surveyed 400 global professionals with expertise in drug development or manufacturing to gauge where the market is heading over the next few years.
To overcome the challenges discussed and meet market demands, pharma businesses are prioritising initiatives that focus on ‘operational agility and efficiency.’ However, just 44% listed this among their top three strategic goals for their organisation’s Digital Transformation journey.
“Regulation may be slowing the march to digitalisation for some pharma companies, but the most innovative and forward-looking are proactively engaging with regulatory agencies,” said Raman Bhatnagar, Vice President and General Manager at Aspen Technology. “They are also boldly moving forward and using advanced technologies that drive a raft of benefits for their businesses and the wider community.”
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