Success in the life sciences industry is driven primarily by both accuracy and speed. Businesses within this sector, no matter their size, are constantly on the lookout for ways to streamline and improve their operations to fast-track innovation development while also keeping abreast of IP monitoring and considerations for pipeline products.
The challenges of clinical trials and IP management
Within this process, clinical trials and testing remains one of the most costly and time-consuming stages. The staggered nature of clinical trials means that it often takes years before a product is approved for market release.
Extensive research is required at every stage of clinical trials, from the pre-clinical development phase to the post-market surveillance phase. Outdated, manual research methods aiding clinical trials slow down the process even further, straining budgets and potentially costing millions of dollars in lost revenue.
According to findings from PhRMA, a single product can cost a business up to $500 million to develop throughout its entire research and development lifecycle.
However, delays to the trial process can cost a company anywhere between $600,000 to $8 million per day according to CenterWatch.
When it comes to IP and patenting, dynamics can change fairly quickly, making it essential to monitor emerging IP trends and regulations to anticipate disruptions that could impact current trials and testing. Again, this becomes a mammoth task for research teams manually sifting through thousands of volumes of incoming data, costing businesses IP opportunities.
Time is also of the essence when submitting documentation necessary for IP registration and maintenance, both of which are crucial for protecting licensing and distribution rights for hard-earned innovations. But the process is bogged down by excessive paperwork and documentation.
AI’s role in effective IP and clinical intelligence management
For both clinical trials and IP monitoring, the problem of scale becomes apparent. The larger a business’s IP portfolio, the harder and more expensive it becomes to manage manually. The better the clinical trial intelligence is, the faster and more streamlined the process, the greater the research demands become, and, ironically, the slower the research process ends up being.
The only solution for solving these challenges of scale and cost is to augment and elevate the research process using AI and deep learning.
An AI-powered insights management platform is capable of processing and analyzing vast amounts of incoming datasets from a variety of sources, condensing and presenting them as insights that drive swift, informed action, which can aid and speed both clinical intelligence and IP monitoring processes.
5 things to look for when choosing insights management software
Not all platforms offer the same features that enable the accurate, competitive edge you’re looking for. We’ve compiled some key capabilities below that every insight and innovation management platform worth its weight should have.
Integration capabilities
The provider you opt for should offer seamless integration, offering a “plug and play’’ style of assimilation that allows the platform to integrate within your existing tech stack and other solutions. It should allow you the flexibility to utilize the end-to-end capabilities of the platform within your existing digital ecosystem, enriching your workflows and processes.
Search and responsiveness
An ideal management software solution should eliminate the need for you to constantly be chasing data – it should bring the data you need to you. It should be able to quickly and easily track, collect and analyze various forms of complex datasets and generate comprehensive, yet accessible reports and findings that can be instantly understood.
It should also be responsive and take user feedback into account to tailor its search capabilities to user preferences. For instance, if there’s a source or data set included in your feedback that you don’t find useful, the platform should have a function that recognizes and incorporates your feedback using machine learning.
Ease of use
A solution that’s too complex or time-consuming to use is going to end up being an efficiency drain, no matter how advanced its search and analysis capabilities are. While the platform should be robust and agile, it should still offer an intuitive and user-friendly interface that’s easy and enjoyable to use, producing results within minutes.
Security and performance
With cyberattacks and ransomware becoming more of an ever-present reality, it’s vital to opt for a solution that has robust, up-to-date security compliance procedures protecting your data. Ensure it has a dedicated security team focused on safeguarding your data and actively working to continuously update and improve its security protocols.
Implementation, and ongoing training and support
Any good insight management solution should be dedicated to your success. Onboarding, training, implementation, as well as ongoing support management, should be offered no matter the service bundle you opt for.
However, the ideal tool should be offering more than support and maintenance services, it should be helping you elevate your ROI and maximize its value by offering virtual or in-person meetings where key stakeholders can help you derive more value from your tool’s features and capabilities.
Similari: bringing the clinical and IP intelligence you need to you
At Similari, we bring the competitive intelligence necessary to chase innovation and streamline your development to you. Our extensive, AI-powered platform is comprehensive, sifting through and analyzing millions of datasets from a variety of sources, yet accessible, presenting these findings as intuitive, actionable insights that drive strategic decision-making and optimize performance.
Get the data you need at your fingertips within minutes and tailor your searches according to your feedback and preferences that the platform will recognize and incorporate using deep learning.
Our customer service is unmatched, evidenced by our 95% customer retention rate, meaning we’re dedicated to your success every step of the way.