There are many benefits to using technology in the pharma industry. Tools like video conferencing, web conferencing and interactive white boards have helped pharma companies to work and collaborate work more effectively, and research and product launches have become smoother, quicker processes because of the integration of such technologies. However, it can sometimes be difficult to work out where the return on investment – ROI – can be seen through such interventions. Here’s a quick guide to some of the ways you can calculate ROI on using technology in the pharma industry.
How to calculate ROI on using technology in the pharma industry
Reduction in travel expenses
With pharma research now taking place on a global scale, travel often comprises a large part of your project budget. In the past, partnerships in the pharma industry involved huge amounts of travel: hours spent driving up and down the country’s motorways, lengthy train journeys or expensive flights to meet global partners. By using technology such as video conferencing and interactive white boards much of the communication that used to require a face-to-face meeting can now be conducted remotely, meaning travel expenses can be vastly reduced. And of course a reduction in travel helps reduce your company’s carbon footprint too.
While some travel methods (such as train journeys) do allow time for work, the pharma industry loses thousands of hours every year to travel. Integrating technology into your business gives you back many hours that you can use more productively.
Improved record taking
In the pharma industry it is vital that accurate, detailed records are taken at every step of a product’s development. Using interactive white boards such as SMART Boards, you can view and annotate documents, save every meeting with your notes embedded into the file and review and share the notes at any point in the future, meaning there is a reduced chance of details being misinterpreted or going missing.
In the past the launch of a new pharmaceutical product could be delayed because the right people weren’t available for sign-off. Technology such as interactive white boards enables you to gain sign-off at every stage of development without the relevant people needing to get together in the same room.
Often schedules overrun because you need to call in experts for consultation, which involves setting up more meetings that are convenient for everyone. If instant communication would be useful to you, you can select conferencing tools that let you invite people to the meeting instantly, wherever they are located and regardless of the platform they are using, be it computer, white board, smartphone or tablet device.
For more information on how to calculate ROI on using technology in the pharma industry call us today on 0118 336 0010. Our team of experts will be able to explain the wide range of communication technology available and advise you on the best solutions for your unique circumstances.