Manual processes could not keep up with regulatory changes and competitor information
In every industry, competitive intelligence is a must-have. By analyzing the latest trends, technologies, and competitor activities, organizations can make better decisions about everything from product development and operations to marketing strategy.
However, compiling and reporting this information is a colossal task.
In the consumer healthcare industry, R&D teams must spend countless hours searching through hundreds of online sources for information on new patents, drug launches, drug approvals, warnings, guidelines, claim innovations, and press releases – anything the company would need to better formulate and take products to market.
Once research teams have gathered relevant information, they can spend weeks piecing together reports for in-house regulatory affairs analysts, R&D specialists, and senior leaders.
What's more, healthcare regulators across the globe continuously revise and update their guidelines. As a result, drug development teams need real-time regulatory intelligence to guide their governance process. Failure to comply with the latest policies could delay projects, leading to significant penalties, customer dissatisfaction, and reputational harm.
In short, the healthcare company needed a more agile process to make fast, informed decisions.