As an industry that faces continual challenges from strict regulations, high spend, and significant cost, leading pharmaceutical companies are embracing digital technology across their business operations to stay relevant and ensure patient safety.
From robots performing surgery to artificial intelligence (AI) or machine learning creating insights for clinical trials or healthcare professionals (HCP), digital technologies are laying new foundations for the pharma industry. Pharma companies are transforming internal processes to create unified operations that improve agility and flexibility, better forecast accuracy, manage regulatory risk, meet stakeholder expectations, and outperform the competition.
In an environment defined by changing patient expectations and new technologies, a performance-driven finance function plays a critical role in supporting strategic decision-making. For example, pharma companies can make smarter decisions when armed with real-time financial information, such as operating expenses or R&D investment, while tying it to patient experiences.
Transforming finance and accounting (F&A) with digital connects the entire organization – across the front, middle, and back offices and with customers, suppliers, and partners as well. For instance, with data analytics and digital capabilities, F&A can enhance patient experiences by enabling cost-effective and efficient service delivery. For example, when robotic process automation can reduce the processing time for tasks in clinical trials, such as processing clinical data management and site payments, and improve data quality for functions, such as accounts payable and spend reporting, it means faster, better, and safer drugs at lower costs for patients.