How Life Sciences CROs Are Changing To Strategic Partners : The Covid-19 Effect

AT A GLANCE

The biotechnology and life sciences industry is at a cusp of major changes due to COVID-19. There is a lot of fluidity built up due to the pandemic and a huge dependency on government rules, FDA regulations, intricate drug production, and overall research and development at this time.

These firms are looking for CROs who can take the role of strategic partners that can manage their life sciences research & development. The preference of CROs has already shifted from traditional to technologically adaption that can handle the rapid pace needed due to the existing COVID-19 emergency.

The call for innovation and increased collaboration amongst the CROs have led to the onset of a new, evolved era of project management that is more comprehensive improving customer engagement and experience.


The Role of a Contract Research Organization

Project management is considered to be the backbone of any Contract Research Organization be it for biopharmaceutical development, commercialization, preclinical research, clinical research, clinical trial management, or pharmacovigilance. Pharmaceutical/ life sciences companies outsource R&D works to CROs for better time management, test data maintenance, and focus on concrete results and help address the current pandemic.

While the role of CROs was not very well defined in the early 2000s, there has been a gradual evolution of CROs moving from being mere project management vendors to strategic partners for life science organizations. Contract work in various steps of the life cycle from R&D to commercialization and sponsored clinical trials have become a necessity for the research and development wings of any biotechnology or pharmaceutical company.

Active engagement with CROs has proven to help in accelerating the process while managing the details efficiently and now these Contract Research Organizations need to be prepared to streamline their project work without a process breakdown.

CROs have evolved from a target-based model to become more a strategic partner to life sciences and biotechnology companies.

market

The global market for clinical trial services to biopharmaceutical, biotechnology, and medical device companies is forecast to grow at 12%

year on year up to 2021.CONTRACT RESEARCH ORGANIZATIONS GLOBAL MARKET REPORT

This stat is quickly becoming obsolete due to the current state of affairs and the need for contract research and development services have already grown tremendously to aid the life sciences companies in their quest to find a vaccine for the pandemic.

FIGURE 1Steps for Right Partner Selection


The growth and general technological disruptions in project management have led to a progressive change in the roles that CROs play while managing the sponsored clinical trials.

What are some of the major areas reflecting this rapid and definite evolution?

End-to-End Strategic Partnership:

Bringing Innovation to the Table:out-of-the-box solutions

FIGURE 2Key Parameters CROs are Assessed on


Being Technologically Ahead:transitioning to cloudonline collaboration tools

All of these above points are leading to a cumulative phenomenon of faster results, lesser errors, better team management, and overall improved communication between the client and the CRO for the entire project life cycle.

Customer Experience and Engagement

A crucial part of Project Management is to actively engage clients on various projects that require constant collaboration. Customer experience and engagement were given less importance in the past and can no longer be ignored. In order to make the strategic partnership a tactical success for both parties engaged in the contract, proper customer experience and engagement has become a crucial step in the life cycle of the project. If we were to take a 2 pronged approach on how customer experience can be handled, one is through the processes and procedures laid out in the engagement, and the other is through the slew of technologies and tools that can be used to make it a seamless experience.

Connect your processes, customer data, and tools with Dynamics 365 and the Microsoft Cloud

Customer Experience (CX) and Customer Engagement (CE) can be made better for a CRO

01.Process and Procedures

Making some minor tweaks in existing processes and procedures is needed to enhance the customer experience and engagement during a project lifecycle. Below are some of the areas to consider for better CX and CE:

Improving team management

Quick onboard of experts for clinical trials

Effective cost management due to tightened budgets

Proactive management of risks in the clinical trial process

Mitigation strategies of probable risks

Project monitoring and reporting with detailed analytics to better understand research data

Effective resource planning to optimize resources for multiple projects.

Simplify milestone-based billing

Improve deviation-tracking methods to remove unknowns that are notified earlier rather than later in the project lifecycle.

There is a need for a next-generation CX/ CE platform in life sciences organizations: a disruptive platform capable of replacing old generation CRM systems to accelerate development and drive demand. Microsoft Dynamics 365 is one such system that offers all tools and capabilities within one comprehensive ecosystem.

The seamless integration between Dynamics 365, robust cloud and AI offerings, and familiar tools such as Office 365 enables companies to rapidly develop a powerful, intelligent platform. It is a class-leading life science customer engagement platform that functions across mobile devices – which is a large market need.

02.Digital Advancement

This point was covered briefly in section 2 and taking it further, companies would absolutely require the below to enhance their customer experience and engagement:

Move from legacy systems to the cloud

advanced analytics

Systematically manage their R&D database with digital applications

Improve collaboration with clients through collaboration tools

Reducing human intervention and semi-automate project management workflows

Customer self-service and supplier self-service portals to better manage the engagement from both the customer and a subcontractor’s end

In-line reporting through key project milestones to customer to build trust and visibility

03.The Inevitable Evolution

The evolution in the role of CRO to manage R&D through project management is leading to greater expectations by their life sciences clients. Pharmaceutical companies are looking for CROs that are not afraid to push boundaries and are adept at the latest tools and techniques. Since pharmaceutical firms are aiming for greater customer satisfaction, use of latest technologies, and overall better project management, they are engaging with CRO’s at an integral level.

Microsoft Dynamics 365 Finance

FIGURE 3How to Create Successful Sourcing Partnerships?


Modernize Finance & Operations: Increase your speed of business with unified processes and predictive analytics

The speed of doing business is increasing. As companies seek to stay competitive, they must rely on technology to provide agility and the capabilities needed to excel. However, many organizations are still running on ERP systems that are complex, inflexible, and impede their ability to innovate and grow.

Microsoft Dynamics 365 F&O helps you to

Elevate your company’s financial performance and streamline its supply chain management

Innovate with connected operations in an extensible platform

Drive HR operational excellence through organizational agility and centralized data

Unify the processes listed above with predictive analytics and intelligence

Track and trace inventory management

End-to-end customer project management




About XcelPros

XcelPros is a Chicago-based company and delivers transformation through technology. We offer business and technology solutions with deep industry experience in Chemical, Pharma, Life Sciences (including Medical Devices, Bio-Medical & Biotech), Insurance, Discrete Manufacturing, Process Manufacturing, Distribution and Food & Beverage.

Office 365

Our mission is to provide integrated technology solutions that amplify impact and empower our customer’s businesses. We believe technology is the key enabler of exponential growth for us and our customers.

Contact XcelPros today to transform your business.

www.xcelpros.com

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