Transcript for the changing dynamics of Life Sciences industry
Host: Welcome John. Can you tell us a little about Birlasoft and the current industry trends within life sciences you see at the moment?
Sure. At Birlasoft, we deliver technology and business consulting services to companies that manufacture and distribute products in a handful of industries. We have an industry business unit dedicated exclusively to understanding the business needs specific to life sciences.
To that end, we've focused our efforts on solutions to help companies address challenges across three primary themes:
First is helping to reduce the cost of healthcare. According to the WHO, in the US we currently spend about 17% of gross domestic product on healthcare. That's up from about 13% 15 years ago. Other developed countries spend between 9 and 11% on their healthcare. These are large numbers and they have been trending upwards for years. We help companies understand where there are opportunities for optimization in their operations to bring products to market at a lower cost.
The second theme is innovation. We help our customers develop innovative products and value-add services to increase top line growth and especially important in this industry to better serve their customers, who are care providers and patients. According to a recent study, over 75% of patients feel it's a responsibility of pharmaceutical companies to provide information and services that complement the products they sell.
And finally, in this industry, the regulatory burden is especially heavy, so we focus on helping companies comply with regulatory mandates in as business efficient manner as possible.
Actually our journey with Birlasoft started a little over three years ago when we were looking to migrate from our legacy ERP systems. We were actually evaluating many ERP systems but we did end up choosing SAP and the journey started after we evaluated multiple vendors for our implementation and we chose Birlasoft as our implementation partner.
Host: You mentioned product and service innovation. Can you give us more details on what Birlasoft is doing to help life sciences companies innovate today?
Certainly. The medical devices of today have taken a quantum leap in capability and complexity compared to just a decade ago due to embedded technology enabling them to be Smart and Connected. To manage the added design complexity, manufacturers have started moving to a platform approach to innovation that ties together not only Application and Product Lifecycle Management, but also other complementary pieces of the innovation process, including supply chain, manufacturing, and service. Birlasoft brings a wealth of experience across all leading PLM, ALM and ERP solutions and their integrations to help companies manage this complex business of modern device innovation.
Host: What can we look forward to in the future? Any new transforming business models that we see?
We try to look into the future of the industry every day and one of the trends we see is leveraging service as a differentiator. This is called servitization and surveys show 70% of manufacturers moving in this direction. They are leveraging connected devices and the usage and performance data they provide as part of the internet of things, and usage-based revenue models are becoming more prevalent as a higher-margin model vs. pure product sales.
In the pharma industry its often called moving "beyond the pill" to offer services that complement the therapeutic products they sell.
Birlasoft is investing in new technologies such as Google Glass-like devices, to help companies make the most effective use of service field forces to keep their products up and performing at their best.
Thank you for the quick insights John. Anyone seeking further information on what we are doing in life sciences, do look up our page under Industries on our website birlasoft.com. More information there on these and more topics along with our customer success stories. Do write us at PointOfView[at]birlasoft[dot]com Thank you all for joining us today, this is Host, Birlasoft Technologies.
The Changing Dynamics of Life Sciences Industry
Listen to this podcast, as John Danese, Senior Director, Life Sciences at Birlasoft, shares insights about current trends within Life Sciences industry, what challenges lie before businesses, and why Birlasoft is uniquely positioned to help navigate through these challenges.
The life sciences industry has seen a radical change in terms of need for cost control, product and process optimization, and regulatory compliance. The medical devices of today have taken a quantum leap in capability and complexity due to embedded technology enabling them to be Smart and Connected. With so much happening in this industry and in the technology space, we clearly see certain trends -
Manufacturers have started moving to a platform approach to innovation that ties together not only Application and Product Lifecycle Management, but also other complementary pieces of the innovation process, including supply chain, manufacturing, and service
Manufacturers are heading towards servitization approach, to help organization leverage the Connected devices and Internet of Things and track usage and performance data to develop usage-based revenue models that further the industry’s growth
Birlasoft brings a wealth of experience across all leading PLM, ALM and ERP solutions and their integration to help companies manage this complex business of modern device innovation. Using embedded technology, Birlasoft supports customers through products and services for a better and healthier tomorrow.
"We provide solutions and services for Life Sciences industry to help reduce cost of healthcare, develop innovative products and value-added services, and better comply with regulatory mandates"
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How Birlasoft can help your organization make the most of servitization and bring faster products to market
How can Birlasoft help
Birlasoft provides a complete set of offerings across the entire value chain of Pharmaceutical and Medical Device companies - from discovery, trials, and production to sales and marketing, field service and support.
Rising Cost of Healthcare
Leveraging technology to help our clients innovate faster to deliver more effective therapeutic products and services, while reducing real-world costs.
Product Service and Innovation
Enabling our clients to understand and improve their customers' experience with their brand by extending "beyond the pill or device" with value-added services to gain new revenue opportunities and better serve their customers.
Helping clients simultaneously address their local and global regulatory compliance needs and achieve business benefits.